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Scaramucci to Launch Multi-Billion Dollar Opportunity Zone Fund

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Anthony Scaramucci and his hedge fund want to cash in on an opportunity that it says is possible through decisions that the Trump administration made.

Skybridge Capital wants to start an Opportunity Zone fund, to be organized as a real estate investment trust, and do so before next year already, according to Business Insider. On board as sub-advisor is EJF Capital, Business Insider adds.

“This will be a game-changing product for SkyBridge,” Scaramucci said in an interview with Business Insider. “This will likely be bigger and more important to the firm than our current fund of funds.”

Scaramucci’s firm has done well since its founding in 2005, managing $9.6 billion in assets according to their recent claims, The Real Deal reports. He’s probably best known to people outside of the business world from his short but memorable time spent working in the White House last year.

The tax cut law passed last year makes the investment program possible and does so with incentives for investments in low-income neighborhoods. The program aims to keep that money invested in these cash-strapped areas for as long as possible by increasing the incentives for investments over time, almost like a savings account with a steadily growing interest rate. The fund being set up by Scaramucci’s hedge fund wants investors to lock in for at least six years as a result.

“We don’t want to compete with behemoths,” he said to Business Insider and also said he received “tons of investor interest.”

Scaramucci is on the forefront of taking advantage of this program but isn’t the only one. The U.S. Treasury Department recently releasing guidelines for the program spurred on a number of other firms to start preparing to take advantage of the program.

The Jewish Voice has reported about the former White House staffer. He recently wrote a book about his short time in the White House, titled “Trump: The Blue-Collar President.”

Since leaving the White House in July 2017, Scaramucci, a New York native and Harvard business school graduate widely known as “the Mooch,” has been all over television and back on Wall Street.

Scaramucci made his millions with hedge funds, but he’s still looking out for the little guy. The hedge fund he runs, SkyBridge, has a stake in a company which made an investment in debt held by the once-giant kids’ retail store Toys ‘R’ Us, but at the same time he stands to make money from the situation, Scaramucci is making sure former employees of Toys ‘R’ Us get severance payments from their old employer. The money would be put in a special hardship fund and would ensure that the workers aren’t forgotten and caught up in the bankruptcy. The money will also help keep these people on their feet as they search for a new job.

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