TechFlow news — Following significant declines in stocks and cryptocurrencies, Skybridge Capital has paused redemptions for one of its funds, according to知情人士. One of the知情人士 said the suspension at Legion Strategies is due to harder-to-sell private companies now accounting for around 20% of its portfolio. Legion Strategies is one of Skybridge’s smaller funds, with most of its approximately $230 million in assets allocated to hedge fund managers. The crypto exchange FTX was among the fund’s investments.
According to a regulatory filing, Legion Strategies gained exposure to digital assets through other funds managed by Skybridge, including vehicles focused on Bitcoin, Ethereum, and Algorand. As of February 28, nearly a quarter of Legion’s net assets were invested in these funds.
Another document shows Skybridge operates a larger fund series called Multi-Adviser Hedge Fund Portfolios, which managed about $2 billion as of March 31 and declined approximately 5.5% over the prior year ending on that date.
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