Dymon launches private equity fund with Temasek unit's backing


HONG KONG (Reuters) – Dymon Asia Capital is branching out to the private equity world, launching a fund with backing from a unit of Singapore state investor Temasek Holdings, a company email obtained by Reuters shows, indicating an uncommon move by a hedge fund.

The firm aims to raise S$300 million ($246 million) for Dymon Asia Private Equity (DAPE), Keith Tan, Dymon’s managing partner told clients in an email this month.

Tan did not respond to an emailed request for comment.

The new private equity fund is getting S$100 million from Heliconia Capital Management Pte Ltd, a subsidiary of Temasek, the email showed.

DAPE will focus on private and listed small and medium enterprises with revenue of between S$25 million to S$500 million, Tan said in the brief e-mail.

The Singapore-based firm, set-up by Danny Yong, a former founding partner and chief investment officer of Abax Global Capital, is one of the biggest ever homegrown hedge funds in Asia with assets under management of about $2.8 billion.

Dymon’s assets include about $2.5 billion in its macro hedge fund, which has grown from $113 million since its launch in 2008. It is currently closed to fresh investments.

($1 = 1.2209 Singapore dollars)

Reporting by Nishant Kumar; Editing by Robert Birsel