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Jain Global, the hedge fund spearheaded by ex-Credit Suisse Manager Bobby Jain, has secured $5.3 billion in commitments ahead of its July launch, including capital from Abu Dhabi.
The firm has secured cash from the sovereign-backed Abu Dhabi Investment Authority, along with tying up with other wealth platforms including HSBC Holdings, Morgan Stanley, Goldman Sachs Group and UBS Group AG, according to a Bloomberg report, citing people familiar with the matter.
Before launching his hedge fund, Jain previously held the position of Co-Chief Investment Officer at Millennium Management, a multi-strategy investment firm based out of New York.
The firm has raised money via a drawdown fund, allowing it to tap cash as needed over a year, Bloomberg stated. Despite not hitting his initial target of raising $10 billion, Jain Global’s haul is still one of the largest for a debut hedge fund, coming close to Michael Gelband’s ExodusPoint launch in 2018 that resulted in $8 billion raised.
Jain Global is expected to start trading July 1.
(Writing by Bindu Rai, editing by Seban Scaria)
