(Bloomberg) — Singapore’s sovereign wealth fund GIC Pte has pulled money from Jain International, roughly 18 months after backing one of many greatest startups in hedge fund historical past.
GIC has redeemed $250 million from New York-based Jain, in keeping with folks with data of the matter. The wealth fund was one of many earliest backers of Jain. It’s going to take as a lot as two years for it to completely redeem from the fund, the folks mentioned, asking to not be recognized as a result of the small print are personal.
GIC is individually going by way of a management change in its exterior supervisor division, which oversees the sovereign wealth fund’s allocations to hedge funds around the globe. Lengthy-time head Betty Tay plans to retire from the position and can finally get replaced by Kwong Hong Huat, who beforehand led its Asia complete returns public equities staff.
Dan Fagan, who helped GIC put cash with Jain International, left the wealth fund final yr to hitch Blackstone Inc., in keeping with different folks with data of the matter. Whereas GIC doesn’t reveal how a lot it has below administration, consulting agency International SWF estimates its belongings have been value about $936 billion as of March final yr, with round 1.5% of that positioned with hedge funds.
Representatives for Jain and GIC declined to remark.
Bobby Jain is attempting to determine his eponymous agency within the multistrategy area dominated by the likes of Millennium Administration, Citadel and D.E. Shaw & Co. As an alternative of regularly constructing the enterprise, he launched in 2024 as a fully-fledged platform — a high-cost strategy that has put quick stress on efficiency.
Jain, the previous co-chief funding officer of Izzy Englander’s Millennium, generated about $750 million in buying and selling income final yr — however traders shared solely a couple of quarter of the positive aspects or a internet 3.7% after charges, Bloomberg reported. The agency’s front-loaded bills impacted its returns because it regularly deployed the $5.3 billion it raised.
His fund made 0.5% in 2024 after its mid-year launch, and was down 0.9% in January this yr.
Jain kicked off his hedge fund operation with a couple of half-dozen methods and a whole bunch of staffers globally, a scale of buildout with little precedent within the hedge fund world. The trade veteran has himself likened the duty to attempting to land three airplanes directly.
He started 2025 with about $2 billion deployed and ended with about $5 billion invested throughout 50 buying and selling groups. The agency employs about 400 folks.
–With help from Bei Hu and Hema Parmar.
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