Carlyle’s Vermillion Hedge Fund Co-Founders Said to Depart

The founders of Vermillion Asset Management, the commodities hedge fund firm owned by Carlyle Group LP, have left after losses, a person with knowledge of the matter said.

Chris Nygaard and Drew Gilbert, who started Vermillion in 2005, parted ways with Carlyle after assets in Vermillion’s main fund fell to less than $50 million from $2 billion, said the person, who asked not to be named because the moves haven’t been announced. Nygaard and Gilbert referred calls for comment to Carlyle.