Skybridge Capital's largest fund lost 39% last year due to wrong bets on cryptocurrencies and FTX

SkyBridge Capital is set to lose 39% of its largest fund in 2022 as wrong bets on cryptocurrencies and now-bankrupt FTX prompted investors to demand the firm return more than half of their funds, according to Bloomberg. SkyBridge's largest fund had $1.3 billion in assets at the end of the third quarter of 2022, according to people familiar with the matter. Investors asked to withdraw 60% of the fund’s assets during a Sept. 30 redemption period, but SkyBridge returned only 10%, according to a January regulatory filing. SkyBridge plans to further limit the amount of money clients can withdraw from the fund, and for a redemption period of March 31, SkyBridge said it plans to return no more than 5% of assets, according to a Jan. 27 filing.