Singapore-based hedge fund manager Dymon Asia Capital has secured a commitment of about $1bn from Abu Dhabi Investment Council (ADIC), providing fresh capital for an expansion that spans commodities, London and several Asian markets, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the investment is expected to be deployed in tranches. For ADIC, the allocation forms part of a broader push to increase its exposure to hedge funds as it seeks diversification and stronger risk-adjusted returns.
ADIC has previously said it continues to see value in hedge fund strategies that can offer diversification, downside protection and attractive risk-adjusted returns through different market conditions.
Dymon’s growth has significantly outpaced its previous expectations. The firm had anticipated managing about $5bn by the end of 2026, but assets had almost doubled that target to $9bn as of 31 July, making it one of Asia’s larger hedge fund managers.
Its flagship Dymon Asia Multi-strategy Investment fund has returned 7.5% so far this year, despite losing 6.5% during July’s broad market selloff.
Commodities are set to be a major focus of Dymon’s next phase of growth.
The manager recently hired Amir Ravan from Jain Global as its head of commodities. Ravan was a senior portfolio manager at the US hedge fund and was among its strongest contributors to returns last year.
Dymon has also recruited Jay Radia from BlueCrest Capital Management as chief operating officer for its commodities business, according to people familiar with the appointment.
The firm is simultaneously building out its London operation. It recently hired Manas Baveja from Schonfeld Strategic Advisors, where he was a senior macro trader. Baveja will work alongside Bernie Ahkong, who was named head of Dymon’s London operation in May.
The expansion extends beyond London and Singapore, with Dymon also adding staff across offices including Hong Kong, South Korea and India.
The allocation to Dymon comes as ADIC steps up its investment in the global hedge fund industry.
The Abu Dhabi sovereign investor has already committed capital to managers including ExodusPoint Capital Management and London-based Deem Global, while it is considering building a hedge fund portfolio worth as much as $15bn, according to people familiar with the matter.
