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GIC Said to Pledge $100 Million to Ex-Employee’s Hedge Fund Firm

  • Sovereign fund backs David Mercurio’s long-short equity fund
  • Lauro Asset Management returned 4.7% in first 4 months of year

GIC Pte has committed up to $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 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 $100 million, capped at 50 percent of the fund’s assets.