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Jain Global returns outside capital as it shifts assets to Millennium

Jain Global is set to return all external investor capital by end of September and replace more than $5bn with Millennium Management capital under an April arrangement.

Reported · Written up by our desk · Hedge Funds

Bobby Jain’s hedge fund platform, Jain Global, generated about $1.8bn in gross trading profits during its first two years managing external capital, before completing a shift toward managing money exclusively for Millennium Management, according to a report by Bloomberg carried by Hedgeweek.

Under an agreement reached in April, Jain Global will return capital from its other investors and replace more than $5bn of that money with Millennium capital, as described by people familiar with the arrangement. Jain Global will return all external investor capital by the end of September, while continuing to operate with its existing workforce and balance sheet.

The transition reflects both performance and the scaling challenge for new multi-strategy managers, the report said. Investors received about 8.4% in net gains over the period, while gross gains since launch equate to roughly 34% of capital raised, with performance improving over time.

Jain Global reported gaining approximately 0.5% during its first six months after launching on 1 July, 2024, then posting a 3.7% return in 2025, and it is up around 4% so far this year. The firm said a key constraint was the pace of deploying capital, which took roughly 20 months to fully deploy the launch capital, while the report also cites gross returns around 41% based on capital actually called and deployed.

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