SkyBridge Opportunity Fund Fills Just 7.66% of Tendered Shares in Oversubscribed Buyback

Investors who did not get out will have to wait until at least January 2027 for the next window.

September 22, 2026

SkyBridge Opportunity Fund has told shareholders that its latest tender offer was oversubscribed and that it will repurchase only about 7.66% of the shares each investor submitted, according to an amended shareholder letter dated September 21, 2026.

The offer, launched July 30, covered up to 5% of the fund’s outstanding shares of beneficial interest, with an estimated maximum aggregate purchase price of roughly $52.9 million. Shareholders had until August 26 to submit notices of intent to tender. Because demand exceeded the cap, the fund is prorating across all tendering accounts rather than accepting any in full.

Pricing and Payment

Repurchases will be priced off the fund’s net asset value as of September 30, 2026, the valuation date for the offer. The most recent NAV available to shareholders before the tender deadline was the figure reported in their July 31 account statements, meaning investors committed to selling without knowing the final price they would receive.

Rather than cash at the valuation date, tendering shareholders have been issued notes held with the fund’s transfer agent. The fund expects to wire cash in settlement of those notes no later than October 30, 2026. That timeline can slip if the valuation date changes, or if the fund has requested withdrawals from the underlying investment funds it holds and has not yet received at least 90% of those proceeds. Payment also depends on the shareholder’s account retaining the required minimum balance, and placement agents may take up to two additional business days to credit investor accounts once funds arrive.

What Happens to the Rest

Shareholders can still withdraw their tender at any time before the September 30 valuation date. Shares not accepted in this round are not carried forward; investors seeking liquidity for the remainder must re-tender in a future offer. The fund said the next tender period is expected to open in January 2027, subject to board authorization.

The proration level is steep for a registered closed-end fund running a periodic tender program. Vehicles of this type typically cap each repurchase window at a small percentage of net assets, and heavy oversubscription in a single window signals that a meaningful share of the investor base is seeking the exit at the same time. The letter did not disclose the total number of shares tendered or the dollar value of repurchases accepted.

Raymond Nolte, president and trustee, signed the amendment on behalf of the fund. SkyBridge Capital II, LLC serves as the fund’s adviser.