Bobby Jain, former co-chief investment officer at Millennium Management, has successfully raised $5.3 billion for his new hedge fund, Jain Global. This achievement marks the largest fundraising effort since ExodusPoint Capital Management’s record debut.
Scheduled to commence trading on July 1, Jain Global has garnered commitments from a diverse group of investors, including endowments, foundations, family offices, bank wealth platforms, and sovereign wealth funds.
Despite initially targeting up to $10 billion, Jain adjusted his goals amid challenges in fundraising. He reduced fees and scaled back expectations to between $5 billion and $6 billion, ultimately securing $5.3 billion. This launch surpasses recent notable debuts such as Diego Megia’s Taula Capital Management, which started with $5 billion.
Jain’s fundraising efforts took place in a tough economic climate characterized by elevated interest rates and a sluggish deal-making environment. Competing with established multistrategy funds, Jain Global distinguishes itself with an ambitious team of 215 staff members, including 42 portfolio managers.
The firm will operate seven distinct businesses from its inception, incorporating strategies from its Asia-Pacific operations into its core fund structure.
The fund raised capital through a drawdown structure, enabling it to utilize funds progressively over a year as needed.
Despite being overshadowed by Michael Gelband’s ExodusPoint, which raised $8 billion in 2018 for its multistrategy fund, Jain’s tenure at Millennium underscores his deep experience and leadership in expanding the firm’s assets and capabilities.
Before Millennium, Jain spent over two decades at Credit Suisse Group AG in various senior roles, including head of global proprietary trading and global head of asset management.
His departure from Millennium marked the start of his independent venture, reflecting his ambition to leverage his extensive industry knowledge and network in establishing Jain Global as a prominent player in the hedge fund landscape.
