Anthony Scaramucci 's SkyBridge is backingRay Dalio ,Howard Marks , and Dan Loeb to the tune of $290 million.- "The Mooch" is betting on the veteran investors' hedge funds —
Bridgewater Associates ,Oaktree Capital , and Third Point — to turn around SkyBridge's Series G fund, which is down about 24% this year. - "These large, well-known managers have built their track records by capitalizing on substantial market dislocations, and we are excited to add them to Series G's portfolio," Scaramucci said in a client letter on Monday.
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Anthony Scaramucci is betting on Ray Dalio, Howard Marks, and Dan Loeb to revitalize his SkyBridge investment firm's fortunes after it suffered heavy losses during the coronavirus sell-off.
Scaramucci said in a client letter on Monday that SkyBridge has plowed a total of $290 million into the hedge-fund managers' respective funds: Bridgewater Associates, Oaktree Capital, and Third Point.
SkyBridge, which managed about $5.9 billion in client assets at the end of January, handed $100 million to both Bridgewater and Oaktree, and added $90 million to an existing wager on Third Point.
Scaramucci also revealed in the letter that SkyBridge's flagship fund, Series G, is down about 24% this year. He blamed investments in credit hedge funds that soured during the market meltdown.
"We learned hard lessons in March, and we are taking decisive corrective action," Scaramucci said in the letter.
"These large, well-known managers have built their track records by capitalizing on substantial market dislocations, and we are excited to add them to Series G's portfolio," he added.
Scaramucci is best known outside of the hedge-fund industry for lasting just 11 days as White House communications director in 2017.
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