I wanted to take a moment to Congratulate SkyBridge on its newest investment in Abdiel Capital Management. Abdiel is a concentrated value fund run by Colin Moran, a former partner at Chieftain Capital, and former Goldman banker. SkyBridge is going to apply their value add through aggressive fundraising and business-building support. Thus far SkyBridge has been successful in seeding and fundraising for its first two investments - Westport Capital and Brompton Cross. Both have raised significant amounts of capital in less than a year.
Several weeks ago I mentioned the departure of Andy Klein from SkyBridge. It doesn't appear as if SkyBridge has missed a beat since his departure. Typically when you see a founder leave a company it definitely raises eyebrows. Sometimes the management isn't gelling together, sometimes management can't align well with investors, and other times founders simply move on because they see a greater opportunity. In a rare occasion, a founder will step aside because he feels he is hampering the growth of the business.
In the case of SkyBridge, it appears that Klein has left because he in an entrepreneurial guy and sees great opportunity in Spotzer.
As I mentioned in my last post, it is a great time to be a VC. It is a great time to be an entrepreneur. It is a great time to be a Hedge Fund. As SkyBridge shows, it is also a great time to be a Hedge Fund seeder.