Originally, the hedge fund launched by Bobby Jain was expected to raise around $10 billion from investors. Now, it will proceed with a significantly reduced budget.
«Jain Global,» the hedge fund spearheaded by ex-Credit Suisse manager Bobby Jain, is slated to commence operations in early July. «Bloomberg» reported this development on Monday, citing sources familiar with the matter.
Jain has successfully garnered $5.3 billion in investor commitments, attracting a diverse range of backers including foundations, family offices, banking wealth platforms, and sovereign funds. This achievement marks the largest fundraising since the debut of ExodusPoint Capital Management.
Promoting the hedge fund for nearly a year, Jain previously held the position of Co-Chief Investment Officer at Millennium Management. He is no stranger to the Swiss banking sector, having dedicated 20 years to Credit Suisse before his departure in 2016.
Navigating a Tough Market
Jain initially set an ambitious target to raise $10 billion. After falling short, he opted to reduce client fees to entice investors, adjusting his goal to $5-6 billion dollars.
The high-interest-rate environment has posed significant challenges.
Starting operations with a robust team of 215 employees, including 42 portfolio managers, Jain Global will operate across seven divisions. One notable segment is the Asia-Pacific division, which will function primarily as a multi-manager platform.
The fund's capital was secured through a drawdown mechanism, allowing the firm to call upon funds as needed over the course of a year.
