Jain Global will return all capital to its outside investors and continue operating only as an asset manager for Millennium Management under a newly reached agreement, people familiar with the matter said. The decision marks a significant change for the hedge fund started by Bobby Jain after his departure from Millennium.
Jain departed Millennium, where he served as a co-chief investment officer, and launched Jain Global in 2024. At inception the firm gathered $5.3 billion in commitments from investors.
Performance at Jain Global has been modest. The fund posted a 3.7% gain in 2025, its first full year of trading, following a 0.5% net return across the initial six months of trading in 2024, according to a Business Insider report. By comparison, Millennium posted a 10.5% gain in 2025, a performance figure reported earlier this year.
Millennium, founded in 1989 by Israel Englander, manages in excess of $79 billion across a range of asset classes that include equities, fixed income and commodities.
The timing of the agreement coincides with a period of elevated market turbulence. Industry participants have pointed to the U.S.-Israeli war on Iran as a driver of increased volatility. Global hedge funds experienced a notable downturn in March - their worst monthly drawdown since January 2022, according to several top Wall Street prime brokerages.
Representatives for Jain Global and Millennium declined to comment on the arrangement.
Context and implications
The change will see Jain Global return all outside investor money and operate as an allocator or manager exclusively for Millennium under the new terms. The arrangement consolidates management responsibilities and reflects a pivot from running an independently capitalized fund for outside backers to working within the mandate of a major institutional manager.
Performance snapshot
- Jain Global: 0.5% net in first six months of 2024; 3.7% in full-year 2025 (Business Insider report).
- Millennium: 10.5% gain in 2025 (reported earlier this year).