SkyBridge Capital, an alternative investment firm co-founded by Anthony Scaramucci, is reportedly launching a real estate investment trust to invest up to $3 billion in qualified opportunity zones.
Scaramucci, who served as the Trump Administration’s communications director for less than 2 weeks, told Business Insider that he plans to launch SkyBridge Opportunity Zone Fund by the end of 2018.
The fund will be structured as a private REIT and will focus on a variety of property types and sizes, including multifamily and office projects. The fund will be sub-advised by EJF Capital, a $10 billion hedge fund.
“This will be a game-changing product for SkyBridge,” Scaramucci told Business Insider. “This will likely be bigger and more important to the firm than our current fund of funds.” He said that the Skybridge fund will require a six-year commitment from investors who have already showed “tons of interest.”
“We don’t want to compete with behemoths,” he said to Business Insider, noting that even a $10 million deal could be considered.
The federal government’s Tax Cuts and Jobs Act of 2017 established the opportunity zone program to stimulate economic development in distressed communities across the country by offering potentially significant tax benefits to investors that make long-term investments in qualified opportunity zones.
SkyBridge Capital is a global alternative investment firm with $9.6 billion in assets under management or advisement. The firm manages multi-strategy funds of hedge funds and customized separate account portfolios, and provides hedge fund advisory services.