Twenty-six months after its debut, Jain Global 1.0 ended how it started — with a minor loss.
In August, its final month managing cash for outside investors, the hedge fund lost 0.2%, putting 2026 returns at 3.7%, according to a person familiar with the fund.
The fund offers a cautionary tale for those aspiring to launch their own multistrategy fund.
The buzziest launch in years, Bobby Jain’s firm began trading in July of 2024 and lost money in its first two months. Net returns were dragged down by the high costs of starting a new firm with seven different investing businesses, and by the delayed deployment of the firm’s initial $5.3 billion in capital, in part due to lengthy non-compete periods that investment talent had to wait out.
Eventually, Jain — the former co-chief investment officer of Millennium — decided to return outside capital and exclusively manage money for Izzy Englander’s firm.
The firm once counted some of the world’s biggest allocators as backers, including Singaporean sovereign wealth fund GIC and the Abu Dhabi Investment Authority.
Still, despite the change in trajectory, there’s optimism within the New York-based firm, which will operate independently and has more than 400 staffers across its seven offices. The manager is hiring across its different units and was able to retain Adam Wangner, the firm’s head of linear equities risk, after the deal was announced, Business Insider previously reported.
The manager currently has 65 portfolio managers on its roster, a person close to the manager said, and top performers will have the chance to grow their capital quickly via Millennium.
The move should be straightforward internally, in part because Jain’s structure “rhymes” with Millennium’s, Jain told staffers on a phone call in April, when the deal was announced.
“That makes this as smooth a transition as possible,” he said on the call.
