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GIC said to pledge US$100 mil to ex-employee's hedge fund

Bloomberg Published on Tue, Jun 13, 2017 / 3:49 PM GMT+8

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SINGAPORE (June 13): GIC has committed up to US$100 million ($138 million) to a hedge fund started by David Mercurio, a former employee who worked at the Singaporean wealth fund for a decade, according to people familiar with the matter.

GIC has backed Lauro Asset Management, a long-short equity fund founded by Mercurio, who left the wealth fund in 2011, according to the people, who asked not to be identified because the matter is private. GIC will invest as much as US$100 million, capped at 50% of the fund's assets.

Lauro had US$35 million under management as of April, according to documents obtained by Bloomberg. Mercurio's Singapore-based fund returned 4.7% in the first four months of this year, in line with the average 4.5% gain for equity long-short funds, according to data provider Eurekahedge.