SkyBridge Capital, an alternative investment firm co-founded by Anthony Scaramucci, has reportedly chosen Westport Capital Partners as the new sub-advisor to its $3 billion opportunity zone fund, according to a report by The Real Deal.
Skybridge and former sub-advisor EJF Capital, a hedge fund and private equity fund manager, launched SkyBridge-EJF Opportunity Zone REIT, a private REIT that plans to invest in certain low-income communities designated as opportunity zones.
Weeks after its initial launch, Skybridge announced the split with its EJF Capital, with president Brett Messing citing “concerns from distribution partners about EJF’s lack of experience managing real estate funds” as the reason for the split.
Separately, in September 2018, EJF registered the EJF OpZone Fund I L.P, an $500 million opportunity zone fund, that at the time had raised nearly $10.4 million from 16 investors.
Opportunity Zones were passed into law with bipartisan support as part of the Tax Cuts and Jobs Act of 2017. The program was established 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.
Westport Capital Partners was founded in 2005 and specializes in opportunistic real estate investing.