Former White House communications director Anthony Scaramucci reportedly seeks to raise as much as $3 billion for a new investment fund that will benefit low-income neighborhoods.
Scaramucci's alternative investment firm, SkyBridge Capital, is creating a new product focused on economically depressed areas, he recently told Business Insider. Scaramucci plans to launch SkyBridge "Opportunity Zone" Fund, a nontraded real-estate investment trust, by year’s end. The firm intends to raise up to $3 billion from investors.
About 8,700 “opportunity zones” have been set up in all 50 states to lure investors and developers with tax breaks, the Associated Press reported.
Administration officials say the goal of the program, established by the new tax law enacted last December, is to create businesses and jobs in low-income areas and lift residents out of poverty. Treasury Secretary Steven Mnuchin predicts that $100 billion in private capital will be invested in the new zones.
"This will be a game-changing product for SkyBridge," Scaramucci said. "This will likely be bigger and more important to the firm than our current fund of funds."
Scaramucci, who spent 10 days as the White House communications director last year, said his firm has "tons of investor interest" in the fund, Business Insider explained.
Scaramucci said Skybridge’s opportunity zone fund will demand a minimum six-year commitment and will be investing in real estate projects of all sizes, the Real Deal reported.
“We don’t want to compete with behemoths,” he told Business Insider, adding that even a $10 million deal could be of interest.
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