Sky Fund LLC and the SkyRank System of Hedge Fund Ratings was created in April 2003 as an effort to provide an unbiased and objective rating methodology for the hedge fund industry. A New Jersey Limited Liability Company and Registered Investment Advisor, Sky Fund LLC filed a patent with the USPTO in 2004 which was granted an allowance in December 2008.

SkyRank now rates over 8000 hedge funds, funds of funds and commodity trading advisors utilizing Morningstar's hedge fund database, more than any other service provider in the industry. SkyRank also receives data directly from thousands of hedge funds via its data upload feature on the SkyRank website.

Sky Fund LLC provides free data and ratings to visitors to its website, and sells subscriptions which can be purchased on a monthly or annual basis to all of its data and ratings. Sky Fund LLC is a privately-owned company. Joseph Omansky is the creator and majority owner of the company.