Dymon Asia Said To Seek Additional $600M For L/S Equities Fund

Oct 20 2017 | 7:53pm ET

Danny Yong’s macro hedge fund Dymon Asia Capital is reportedly planning to raise an additional $600 million for an Asia long/short equity fund currently managing around $400 million in mostly internal capital.

The fund, named the Dymon Asia Equity Fund, also manages some capital for Singapore’s investment management entity Temasek, according to a Bloomberg article citing Dymon president Jay Luo. More than a half-dozen specialist managers make long and short bets in the fund, the article added, which is up nearly 13% so far this year through September. 

The decision to expand Dymon’s equity strategy comes as the firm’s macro fund  has come under pressure, alhough the two are not linked, Luo said to Bloomberg. The firm’s $3.5 billion flagship Dymon Asia Macro Fund is down -4% for the year to date through September after gaining 15% in 2016. Other macro managers, such as Brevan Howard and Rokos Capital Management, have also struggled to consistently make money in their main macro funds this year. 

The equity strategy was started in 2014, the article said, backed by an initial allocation from Temasek and structured as a multi-manager platform similar to Point72 Asset Management or Izzy Englander’s Millennium Management in which fund managers and teams run semi-independent businesses within the firm. When done successfully, investors are able to tap boutique managers with distinct skill sets within the same alternative management framework. 

All the managers on the Dymon equity fund have made money in 2017, the Bloomberg article continued, with a net exposure of 26% and only one down month.

Founded in 2008 by Yong and former Abax Global Capital executive Keith Tan, Singapore-based Dymon was seeded with $100 million from Tudor Investment Corporation. It now manages approximately $5.7 billion in hedge fund, private equity and venture assets.   

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