Bobby Jain raises $5.3 billion in mega hedge fund debut

NEW YORK: Bobby Jain has gathered $5.3 billion in commitments for his new multi-strategy hedge fund, marking the biggest fundraising haul since ExodusPoint Capital Management's record debut.

Jain Global will start trading July 1, according to people familiar with the matter. Investors include endowments, foundations, family offices, bank wealth platforms and sovereign wealth funds.

The premiere caps a busy year for Jain - former co-chief investment officer at Millennium Management - who has travelled the world pitching his fund. He initially aimed to gather as much as $10 billion. But after struggling to hit that goal, he cut client fees to entice investors and reduced his target to between $5 billion and $6 billion.


A representative for the firm declined to comment.

Even with the revised goal, Jain Global is the biggest launch since 2018. Jain topped fellow Millennium alumnus Diego Megia, whose Taula Capital Management began trading this month with $5 billion. Megia spun out his macro pod from Millennium and received $3 billion from his former employer. Jain has been raising money in a challenging environment, as interest rates remain elevated and deals have slowed to a trickle.