SkyBridge Capital, a provider of strategic capital to new and early-stage hedge funds, has committed to invest in Union Avenue Advisors, a New York-based investment management firm.
In addition to providing Union Avenue with long-term strategic capital, SkyBridge Capital will seek to enhance its investment in Union Avenue by providing business-building support.
SkyBridge Capital’s investment is being made from its SkyBridge Capital fund. In aggregate, SkyBridge Capital and its underlying managers currently have approximately $1.5 billion under management.
Anthony Scaramucci, managing partner of SkyBridge Capital, said: Tom Grossman is a proven emerging market investor, who has delivered strong performance in a range of market environments. We believe Tom and the Union Avenue team possess an unmatched information network and are well positioned to capture opportunities as market inefficiencies have increased and a number of market participants have de-levered and de-risked.
Mr. Grossman, founder of Union Avenue, said: As we build Union Avenue, SkyBridge Capital, one of the leading strategic investors in new hedge fund managers, is an ideal partner. The firm has unmatched business-building and investment-support capabilities, including an exceptional risk management capability and a growing distribution platform. With the comprehensive operational footprint provided by SkyBridge, we are able to focus even more on the substantial market opportunities that exist.
