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Hedge Fund Seeder Seeing Blue Skies

Date: Wednesday, October 8, 2008
Author: FINalternatives

New York-based fund of emerging hedge fund managers SkyBridge Capital held a first close in July of its Skybridge 2 Fund, which will invest in as many as 15 underlying managers.

A source close to the fundraising declined to comment specifically on the amount riased but said the firm is gearing up for another close in December.

Earlier this year, sources close to the firm said Skybridge was looking to raise up to US$700 million for the offering and already had $400 million in commitments from Asian and European investors.

Like its predecessor SkyBridge Capital Partners and SkyBridge Capital funds, which raised a combined $330 million, the new offering will invest between $25 million to $50 million per manager. Sources say that the new fund may invest in an asset-backed securities hedge fund, an Indian-focused hedge fund and two other managers based in London and China.

Skybridge 2 charges a 1.25% management fee and a 15% incentive fee with a $2.5 million minimum investment requirement. The fund sports a three-year lockup period.