Sidley Austin acted as advisors to Singapore-based asset manager Dymon Asia Capital in receiving a commitment worth $500 million from Temasek Holdings to start a hedge fund seeding venture at a time the Asian industry is starting to recover after six years of sluggish growth.

Reuters reported Temasek will become a minority stakeholder in Dymon as a result of the arrangement.

Sidley partner Han Ming Ho advised on the investment funds aspects of the deal, while partner Greg Salathe advised Dymon on Temasek’s acquisition of its minority interest.

Dymon, set up by Danny Yong, a former founding partner and chief investment officer of Abax Global Capital, is one of east Asia's biggest home-grown hedge fund companies with about $4 billion worth of assets under management.