GIC pledges US$100m to ex-employee's hedge fund: sources

Singapore

GIC has committed up to US$100 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 Mr 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 per cent of the fund's assets.