Anthony Scaramucci and EJF Capital split on $3B Opportunity Zone fund

Skybridge Capital plans to move forward on the fund with a new partner

New York /
Jan.January 15, 2019 06:44 PM

Anthony Scaramucci and Manny Friedman

Anthony Scaramucci’s SkyBridge Capital has split up with EJF Capital on the firms’ planned $3 billion Opportunity Zone fund.

The reasons for the split were not immediately clear, and SkyBridge plans to move forward on its fund with a new partner, according to sources familiar with the two companies. Scaramucci’s company is currently looking for the new partner.

The Opportunity Zones program, part of December 2017’s tax overhaul plan, offers tax deferrals and benefits to investors who park their money in assets located within designated low-income neighborhoods.

Scaramucci, who lasted just 11 days as White House communications director, announced plans to launch the fund late last year. He planned to set it up as a real estate investment trust and have EJF act as the sub-adviser.

The entity had been soliciting money from a “small batch” of clients and friends, but opened investment up to “everybody” who wants in, Scaramucci said on a conference call last month.

He previously said it would demand a minimum commitment of six years and invest in real estate projects of all sizes.

The move to raise such a massive fund comes as other real estate companies, like New York-based developers Youngwoo & Associates and RXR Realty, have looked to raise up to $500 million.

EJF and Skybridge could not immediately be reached for comment. Scaramucci, meanwhile, could not be reached because he is currently appearing as a contestant on Celebrity Big Brother.


Related Articles

arrow_forward_ios
Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)
How a small stretch of land on the Far West Side became an Opportunity Zone
How a small stretch of land on the Far West Side became an Opportunity Zone
CrowdStreet CEO Tore Steen and vice president Darren Powderly (Credit: CrowdStreet and iStock)
Crowdfunding platform launches $20M Opportunity Zone fund
Crowdfunding platform launches $20M Opportunity Zone fund
From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)
“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones
“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...