Temasek, Singapore’s state-owned company, has committed to initially investing US$500 million ($625 million) that will be managed by Dymon, a hedge-fund manager based in the island-state, according to Dymon President Jay Luo. Luo and Dymon Managing Director Ben Freischmidt will be leading and managing the new venture for Dymon, according to an e-mailed statement.

 

Dymon, one of Asia’s largest hedge funds, is adding to its traditional business of running macro funds by providing non- investment services to help managers start their own pools. The venture’s first investment will be in a global equity long-short hedge fund focused on the Asia-Pacific region led by Carl Vine, a former SAC Capital Advisors manager, that plans to start in the third quarter, according to Luo.

 

“We are very excited to establish this relationship with Temasek,” Luo said in the statement. “We share a long-term vision of working with the best managers and believe our proposition to managers and investors is unique.”

 

Temasek spokesman Stephen Forshaw confirmed the partnership in an e-mail.

 

Dymon’s macro fund in 2011 had a more than 20 percent return, the most in Asia among hedge funds with assets of more than US$1 billion, according to data compiled by Bloomberg. It started trading in August 2008 with US$113 million of initial capital from Paul Tudor Jones’s Tudor Investment Corp., the Greenwich Connecticut-based hedge fund, as well as partners and employees. The firm manages more than US$4 billion across various alternative strategies.

 

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