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, the one-time 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.
Source: The Real Deal Los Angeles