Key facts
- Jain Global, a hedge fund launched in July 2024, is returning outside capital.
- The fund lost 0.2% in August, its final month managing external investors' money.
- The firm's 2026 returns were 3.7%.
- Jain Global will now exclusively manage money for Izzy Englander's firm, Millennium.
- The firm had $5.3 billion in initial capital and over 400 employees.
Jain Global, the hedge fund founded by Bobby Jain, is returning outside capital after a challenging initial period. The fund, which launched in July 2024 with $5.3 billion, lost 0.2% in August, its final month managing money for external investors. This brought its 2026 returns to 3.7%.
The firm's debut was marked by high startup costs and delays in deploying capital, partly due to non-compete periods for investment talent. Jain Global, once backed by major allocators like Singapore's GIC and the Abu Dhabi Investment Authority, will now exclusively manage money for Izzy Englander's firm, Millennium.
Despite the shift in strategy, the New York-based firm, which operates independently with over 400 employees across seven offices, remains optimistic. It is hiring in Asia and has retained key personnel, including Adam Wangner, head of linear equities risk. The firm currently has 65 portfolio managers, with top performers expected to grow their capital quickly at Millennium.