Summer Zhen
HONG KONG (Reuters) – Arrowpoint Investment Partners, one of Asia’s largest hedge funds launched this year, said on Friday it had received investment from the Canada Pension Plan Investment Board (CPPIB) and a unit of Singapore’s Temasek Holdings.
These sovereign wealth funds follow Blackstone (NYSE:), which has already launched a new Singapore fund.
“Blackstone, Temasek and CPPIB have confirmed their support as our initial backers,” said Joo Li, co-founder and CTO of Arrowpoint, in a Linkedin Post.
Bloomberg previously reported on the fundraising and said Seviora Capital, a wholly owned unit of Singapore state investor Temasek, was one of the participants.
Arrowpoint was founded by Jonathan Xiong, the former co-CEO of Millennium Management in Asia, a multi-manager hedge fund giant. He left the firm in September last year, according to regulatory filings.
The fund is expected to begin trading in July and will have more than 15 portfolio managers. The company has also hired employees in Hong Kong, according to people familiar with the matter.
In February, Reuters reported that the fund had raised about $1 billion.
Arrowpoint did not respond to a request for comment.
In recent years, investors have increasingly favored multi-strategy funds due to their relatively low volatility and risk diversification.
The launch of Arrowpoint will intensify competition for talent in the region, challenging existing major hedge funds such as Polymer Capital Management and Dymon Asia Capital, market participants say.