NEW YORK (Diya TV) —
Bobby Jain, former co-chief investment officer at Millennium Management, successfully raised $5.3 billion for his new multi-strategy hedge fund, Jain Global. It’s the largest fundraising effort since ExodusPoint Capital Management’s record-breaking debut.
Jain Global is set to begin trading on July 1, according to sources close to the matter. The fund’s investors include a diverse mix of endowments, foundations, family offices, bank wealth platforms, and sovereign wealth funds.
Over the past year, Jain has been on a whirlwind tour, pitching his fund to potential investors around the globe. Initially, he set a target of raising $10 billion. However, after facing some challenges in reaching that goal, Jain decided to lower client fees to attract more investors and adjusted his target to $5 billion to $6 billion. Despite this adjustment, Jain Global’s launch remains the most significant in the hedge fund industry since 2018.
Jain’s achievement surpasses that of his fellow Millennium alumnus, Diego Megia, whose Taula Capital Management began trading earlier this month with $5 billion in assets. Unlike Megia, who received a $3 billion investment from his former employer Millennium, Jain’s fundraising success is noteworthy given the current market conditions. With elevated interest rates and a slowdown in deals, new hedge funds are facing stiff competition from established multi-strategy funds with proven track records.
The firm has already hired 215 employees, including 42 portfolio managers. Jain Global will launch seven business units on July 1, including an Asia-Pacific business designed to operate as a multi-manager platform, trading six different strategies. The profits from these businesses will feed into the main Jain Global fund.
Michael Gelband’s ExodusPoint still holds the record for the largest-ever hedge fund debut, raising $8 billion in 2018.
