SkyBridge Opportunity Fund: Six Tenders, About 8% Filled Each Time

The six offers in one table

The fund's name has changed twice since the first offer in this table, so the same registrant (file number 811-21190) appears as SkyBridge Multi-Adviser Hedge Fund Portfolios LLC, then SkyBridge Opportunity Fund LLC, then SkyBridge Opportunity Fund. Each offer is a Schedule TO-I filed in late January or late July, expiring about four weeks later, and a final Schedule TO-I/A that reports the result. The price is the net asset value at the valuation date, so the “price” column below is cash paid divided by shares accepted (our arithmetic).

Three things the table shows. First, the fill rate has stayed in a narrow band, 7.35% to 8.36%, because the amount offered tracks the size of the fund: when the fund shrinks, the 5% shrinks with it. The annual and half-year reports give their own figure for each offer, 7.35%, 7.42%, 8.33%, 8.21% and 8.12% for the first five; the only gaps against our division are in the second decimal (7.43% against 7.42%) and in the February 2025 offer (8.36% against 8.33%), where the final amendment's share counts divide to 8.36%. Second, the shares requested fell 22% from 1,017,956.994 to 798,136.375 and the shares accepted fell 18% from 74,829.80 to 61,111.028 (our arithmetic), so the multiple of requests to capacity is about where it was in 2024 (13.6x then, 13.1x now). Third, cash paid moves with the price as well as the shares: it fell from $84.5 million in October 2025 to $57.3 million in April 2026 mostly because the price fell from $1,247.26 to $889.35, while accepted shares fell only from 67,780.427 to 64,378.34.

Totals (our arithmetic): 5,245,452.627 shares tendered, 410,634.306 accepted (7.83%), $433,339,810.73 paid.

What 5% means here: the cap is exact, the request is not

The offer says it will buy “up to 5%” of outstanding shares, and that “the 5% threshold is determined as of the Repurchase Deadline based on the last available unaudited net asset value per Share”. Dividing the net asset value quoted in each offer by its net asset value per share gives the number of shares the fund thought it had, and 5% of that matches the shares accepted to within a few shares in five of the six offers (our arithmetic):

The February 2025 line is the exception: 5.32% is above 5%. The fund paid distributions of $108.78 per share in the year to March 31, 2025 and issued 81,327.638 shares for reinvested distributions, which may explain a larger share count behind the cap than the December 31, 2024 figures imply; the filings do not give the date, so treat that line as an approximation.

The reading that matters for a holder: if you tender, you are in line with holders of 61% to 68% of the fund (our arithmetic), and only about one share in 13 asked for is bought. Nobody outside the fund knows the split of requesters between small and large accounts; the filings give totals only.

The net asset value that was cut off: $865.8594, then about $1,009

The July 30, 2026 Schedule TO-I states the net asset value to date: “As of the close of business on June 30, 2026, the unaudited net asset value of the Company was $1,058,271,255.50 (with an unaudited net asset value per Share of $865.8594).” That is the number a shareholder reading the offer could see. It is not the price: the price is the value at September 30, 2026. The final amendment does not state a September 30 net asset value, but it states the cash paid and the shares accepted, so the value that was paid is $61,668,849.46 divided by 61,111.028 shares, or $1,009.13 per share (our arithmetic). That is 16.5% above the June 30 figure (our arithmetic), so holders who tendered into the August deadline were priced after a quarter in which the fund's value rose, not before one in which it fell. The half-year report for the period to September 30, 2026, due about December 2026, will show the audited-basis figure; if it differs from $1,009.13 the implied figure is wrong.

Two cautions on reading that series. The year to March 31, 2025 includes the $108.78 distribution, so net asset value per share overstates the fall that year; the fund's own total return was 0.22%. And a move of 29% in six months, the fall from $1,247.26 to $889.35 between September 30, 2025 and March 31, 2026 (our arithmetic), is large for something described as a hedge fund portfolio, which is the reason to read what the fund owns.

What the fund owns: a large crypto-linked share

SkyBridge Opportunity Fund invests in other investment funds run by outside managers. Its annual report for the year to March 31, 2026 says its exposures were approximately “Cryptocurrency and Digital Assets 54%, Relative Value 25%, Event Driven 15%, and Directional Equity 6%”, and that “the leading driver of Company performance for the 12 months ended March 31, 2026 was the Cryptocurrency and Digital Assets book”. A year earlier the same line read 65% crypto. The September 30, 2025 half-year report groups the portfolio differently (Macro 69%, with no crypto line), so the series is not like for like.

The N-PORT for June 30, 2026, the latest holdings filing, lists 31 positions. The ten largest by value:

At June 30, 2026 net assets were $1,058,271,255.51 against total assets of $1,061,211,447.52 (N-PORT). The annual report warns that “Investing in digital assets is currently unregulated, highly speculative, and volatile.” The fund also carried a $36,000,000 loan payable at March 31, 2025; the March 31, 2026 balance sheet shows no loan.

Costs: the adviser charges a management fee of 0.10% a month (1.20% a year) and an administration fee of 0.25% of average net assets; the expense ratio for the year to March 31, 2026 was 3.02%, and the report's footnote says the ratios exclude the expenses and incentive fees of the underlying investment funds, so a holder's total cost is higher (the filings do not give a combined figure).

How the tender works, and why it takes about two months

Shares are not traded. The offer states that “there is no established trading market for the Shares”, so a tender offer is the only exit the fund provides. The mechanics, from the July 2026 Schedule TO-I:

Because the cap is set at the deadline but the price is set five weeks later, the offer itself warns that the value “could result in more or less than 5% of the outstanding Shares being purchased on the Valuation Date”. It also says payment may come from “cash on hand, the proceeds of the sale of portfolio securities held by the Company, the withdrawals of capital from the investment funds in which the Company has invested, or by borrowings”. Between the August 26, 2026 deadline and the October 29, 2026 payment were 64 days (our arithmetic), one day inside the 65-day outer limit.

The worked example (our arithmetic)

At the August 2026 fill of 7.66% and the implied price of $1,009.13 per share, a holder who tendered 100 shares:

The same arithmetic at the February 2026 fill of 8.12% and a price of $889.35 would have paid about $7,223 for 100 shares (8.12 shares x $889.35) tendered. In both cases the unfilled shares remain in the fund and can be tendered again in the next offer, which the fund's pattern puts in late January 2027; it has not filed one. The fund says that the Adviser “expects that it typically will recommend to the Board of Trustees that the Company offer to repurchase 5% to 25% of total outstanding Shares from Shareholders semi-annually”, and so far every offer has been the 5% minimum.

Tax: the repurchase is a sale of shares, and our guide to wash sales around fund tender offers covers one trap; whether a given repurchase is a sale or a distribution for tax purposes is a question for a tax preparer, and the filings do not answer it for any individual.

Timeline

What a reader can do with this

• If you hold the fund and are thinking of tendering: the fund's own results say to expect about 8% of a request to be filled, so a plan that needs cash from this holding has to assume several rounds, each 6 months apart, and a price you will not know until after the deadline. Ask your placement agent or the transfer agent named in the offer for the estimated net asset value before the deadline; the offer says that estimate is “provided to Shareholders for convenience only”.
• If you are not tendering: you stay in a fund that has paid out $433.3 million in six offers (our arithmetic) while net assets fell from $1.59 billion to $1.06 billion between March 2024 and June 2026. Part of that fall is performance and part is repurchases; the filings do not split it.
• If you are comparing it with other interval and tender-offer funds: this fund's requests of 12 to 14 times capacity are the figure to compare. Our tender-offer census explains how to read these filings, the private credit redemptions tracker shows funds in the same position, and the Blackstone multi-strategy fund page is the closest hedge-fund-of-funds comparison.
• If you are checking whether you can buy in: the fund is registered under the Investment Company Act of 1940, but the minimum account balance and the way shares are sold (through placement agents) are set out in the offering documents; see qualified purchaser vs accredited investor for the usual thresholds.
• What would change the picture: a lower share of requests (fill above 20%), an offer above 5%, a half-year report that does not match the implied $1,009.13, or a change in the crypto share of exposure.

FAQ

All figures are from the fund's filings on EDGAR (CIK 1181848), read on November 3, 2026: the Schedule TO-I filings of January 26, 2024, July 30, 2024, January 27, 2025, July 30, 2025, January 27, 2026 and July 30, 2026; their Amendment No. 1 and final amendments (the last filed November 2, 2026); the N-CSR reports of June 6, 2024, June 4, 2025 and June 5, 2026; the N-CSRS reports of December 6, 2024 and December 5, 2025; and the N-PORT filings for September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026. The price per share paid, filled shares, multiples, implied share counts, the implied September 30, 2026 net asset value, totals and the worked example are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.