Moving on: Anthony Scaramucci taps new partner for $3B Opportunity Zone fund

The Mooch's hedge fund SkyBridge split with its former partner EJF earlier in January

TRD NATIONAL /
Jan.January 28, 2019 03:55 PM

Anthony Scaramucci (Credit: Getty Images)

Well that was fast.

Anthony Scaramucci’s SkyBridge Capital has found a new partner for its $3 billion Opportunity Zone fund, less than two weeks after ending its venture with EJF Capital.

The Mooch’s hedge fund is bringing on Westport Capital Partners, an investment management company with offices in Connecticut, California, Montana and the United Kingdom, SkyBridge announced Monday.

Westport Capital Partners’ Russel Bernard (Credit: SALT Conference)

SkyBridge previously partnered with Manny Friedman’s EJF Capital on the project, but the firms split up earlier this month. At the time, SkyBridge cited concerns from its distribution partners about the lack of experience EJF had managing real estate funds.

It appears that this will be less of an issue with Westport. The firm boasts on its website that its team of principals “collectively have over 100 years of real estate investment management, operating, consulting, and brokerage services experience.” It had about $2 billion of assets under management as of the end of September, and its recent moves include breaking ground on a 450,000-square-foot industrial park near Savannah and selling an 89-unit multifamily building in Santa Barbara for $56.2 million, according to the company.

Westport declined to comment on the partnership.

SkyBridge and Westport already had a longstanding relationship prior to partnering on the fund, according to SkyBridge president Brett Messing. He described the firm and its founder Russel Bernard as “a perfect fit for this.”

“He’s got a great track record,” Messing said of Bernard. “He’s done significant amounts of development and redevelopment which, as you’re aware, is what’s required under the Opportunity Zone regulations, and he specializes primarily in distressed real estate throughout the country.”

Westport should alleviate the concerns from distribution partners about SkyBridge’s sub-adviser not having a track record, according to Messing. The Opportunity Zone fund, which is structured as a REIT, will not change apart from the new partner, he said.

“The REIT just sort of continues on,” he said. “Same structure, same terms, same mission.”


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
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
arrow_forward_ios

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

Loading...