Source: Wall Street
On the White -led Wall Street, Indian Bobby Jain raised $ 5.3 billion in high -profile funds, setting a record of the largest fundraising scale of hedge funds since 2018.
Wall Street has never been short of DRAMA, but this "sky -consuming fundraising" drama led by Bobby Jain, the investment boss Bobby Jain, really can’t sit still in the global financial circle.
Not long ago, Jain Global, a hedge fund, founded by the global top -level hedge fund Millennium, founded by Bobby Jain, became the largest case of hedge fund starting cases since 2018 with its amazing amount of $ 5.3 billion.
It is reported that the fund has been launched in early July and is currently undergoing commodity derivatives, and will be involved in physical transactions.
At present, the global financial market is changing, and the days of hedging funds are generally difficult to get better, especially in the United States. In the first half of the year, the performance of hedge funds in the first half of the year has greatly infussed the S & P 500 Index, but Jain Global has successfully raised such huge amounts of funds in such a difficult market environment.Essence
This can’t help but think: What did investors fancy?
Indians conquer Wall Street?
Unlike the Silicon Valley dominated by Indians, Wall Street is still a white world, and Jain’s Indian identity is particularly prominent here.
Jain grew up in Queens in New York, his parents were Indian immigrants, his mother was an accountant, and his father was an engineer. In the eyes of outsiders, he belonged to the typical "Numbers People".
Obviously, Jain is also proficient in numbers.The 53 -year -old Jain has nearly 30 years of financial experience.
However, he was not born in the financial science class. Instead, he learned the political science that could not be hit by eight poles.
In 1992, Jain graduated from Cornell University and received a bachelor’s degree in political science and government academic degrees.During the school, he also operated an advertising agency company in school.
Four years later, he officially set foot in the financial industry.
This choice may look strange, especially for a young man who does not even know, but "all smart children are entering the financial industry," said Jain, who has now become famous, saying "this isMy belonging ""
Jain’s career began with Chicago trading company O”Connor and Associates. In the era when he was still shouting for transactions, he showed extraordinary trading talents.
In 1996, Jain successfully changed credit.
In this global top -level investment bank, Jain has been steadily fighting. It took 20 years to climb from ordinary traders to the position of the global asset supervisor of Credit.Surat Investment
This experience not only allowed him to accumulate rich financial knowledge and experience, but more importantly, he met countless big guys on Wall Street here and paved the way for future entrepreneurship.
In 2016, Jain’s career ushered in a major turning point -joining the global top hedge fund Millennium and served as co -chief investor.
In the seven years of Millennium, Jain improved the company’s core risk control system, closely monitoring more than 320 investment teams inside, forcing the manager to reduce the poor performance, and allocate more funds to the well -performed teams.
During his tenure, Millennium’s asset size doubled from $ 30 billion to $ 60 billion.In 2020, which was impacted by the epidemic, Millennium achieved a return rate of 25.8%, much higher than the average return rate of 11.6%of the global hedge funds in the same year, and the S & P 500 index of 16%.
Jain was once regarded by many industry insiders as the founder of Millennium, and the successor of legendary investment big name, Izzy Englands, but unexpectedly, he suddenly resigned in 2022.
Some people speculated that the accident had an accident, making Jain realized that he had come to an end in Millennium’s career and began to prepare his own fund company Jain Global.
Right up to 5.3 billion yuan, relying on the "volume low price"Varanasi Wealth Management?
Jain Global raised funds since September last year.
Jain’s appetite is very large, and its initial goal is to raise $ 800-10 billion for Jain Global.If this scale, Jain Global will set the highest record of global hedge funds in history.
Although Jain has the top word -of -mouth and connections in the industry, Jain Global’s fundraising road is not smooth.
The financial market in 2023 is not quite flat.High inflation, soaring interest rates, turbulence in the stock market, various "gray rhinos" and "black swan" gathered together.
In this case, investors have become more cautious, and hedge funds are no longer the "fragrant" in their eyes.The Millennium Fund was also affected, and the return rate fell to about 10%last year.Mumbai Wealth Management
Faced with the unfavorable situation, Jain had to cut off the goal by half to raised $ 5 billion to $ 6 billion.
What makes him even more headache is that due to the restrictions on the former owner competition agreement, Jain Global’s customers who cannot contact Millennium cannot be exposed to Millennium after the subscription.This means that a large part of the customer resources he had accumulated in this fund giant could not play a role.
In such a challenging environment, Jain’s personal brand and past performance are not enough to persuade investors to prove that Jain Global is a more wise choice than the old fund giant.
As a response, Jain took out a preferential policy full of sincerity -directly lowered the proportion of fund commission, and it was permanent.
Traditional hedging funds usually adopt the "two -eight score" model, that is, the fund obtains 20%of the commission, and the remaining 80%to customers.
Jain Global greatly reduces the commission ratio. For large customers who subscribe for more than $ 250 million, they promise to permanently reduce the commission to 10%; for small customers of less than US $ 100 million, it will be 15%, and between the two between the two, and the two between the two are between the two, and the two between the two are between the two, and the two are between the two, and the two are between the two.The medium -sized customers are 13%.
It is also more flexible in redemption. It is only two years during the lock -up period, which is much shorter than competitors such as Millennium.
Under a series of preferential policies and Jain’s "charm offensive", the "fundraising marathon" for a year has finally come to the sprint stage. Jain Global received about $ 1 billion of funds from some key investors, of whichIncluding the Middle East Sovereign Fund Fund.
The joining of the local tyrants in the Middle East not only supported Jain Global to "raise funds", but also gave other investors a psychological agent.
In the end, Jain Global successfully raised $ 5.3 billion. Although it failed to achieve the initial set of US $ 80-10 billion in fundraising targets, it still set the largest hedge fund fundraising record since 2018.
Multi -strategy hedging -the hottest fund track of Wall Street today
Given the close relationship between Jain and English, there are naturally many Millennium shadows on Jain Global, such as multi -strategic hedging.
In recent years, multi -strategic hedging has become one of the most popular fund tracks in Wall Street.
Unlike traditional funds, multi -strategic hedge funds are not limited to a single investment method, but also use a variety of strategies at the same time to achieve stable returns in different market environments.
In simple terms, it is not to put eggs in a basket. Stocks, bonds, goods, foreign exchange, and derivatives. As long as they can make money, multi -strategic hedge funds are willing to be included in the investment portfolio.
The benefits of this model are also obvious: the risks are scattered and the income is significant, so investors who are deeply disgusted.
The global hedge funds like Citadel and Millennium have adopted multi -strategic hedging risks, and have made a lot of money in recent years.
According to Goldman Sachs data, from 2018 to 2022, the assets managed by Multi -Strategic Fund increased amazing 150%, far away from the 13%growth rate of the entire hedge fund industry at the same time.Simla Wealth Management
In addition, Barclays previously showed that in the past 5 years, 42 hedge funds with multiple strategies have an average annual return rate of 8.1%, which is 2 percentage points higher than other companies in the industry.
Jain Global also adopts multi -strategic hedge fund model, and has seven strategies in one breath: fundamental stocks, commodities, credit strategies, quantitative transactions, arbitrage strategies, macro strategies, and special Asia -Pacific strategies.
Focusing on a "Manchu Man".
In addition, Jain Global is building a single platform to start all strategies.
It is evaluated in Jain’s own words that "this is a rare feat in the industry."
Jain wrote in an investor document: "We are building a single, cross -assets, modern operation platform. Although this is more dense at the time of release, it avoids the inherent challenges, complexity and complexity and complexity in continuous construction.cost."
A modern multi -strategic hedge fund usually attaches great importance to technology and risk management.Therefore, Jain is likely to use his experience accumulated in Millennium.
Millennium is known for its strict risk control. It will closely monitor the performance of each investment team, quickly reduce the loss of losses, and at the same time allocate more funds for outstanding teams.
The big recruitment of soldiers and horses, investment managers are mostly born in Wall Street Giant Investment Bank
In all strategies, fundamental stocks may be one of Jain Global’s most important strategies.
To this end, Jain invited Townie Wells as chief investment officer of the American fundamentals. Wells had previously served as an investment portfolio manager in the CITADEL stock department Ashler Capital Fund for two years.
The commodity strategy is also a highlight. It is reported that it has obtained the capital configuration of the Jain Global dual -digit double -digit.
Behind this configuration, Jain may see the increasing volatility of the recent commodities, especially the price of goods such as gold and cocoa.
In terms of corporate debt strategy, Jain Global hired Jeff Bersh from the hedge fund giant Venor Capital and former Man Group quantitative credit strategy director Richard Martin. Both were experienced corporate debt traders.
As for more complicated quantitative transactions, Jain Global invited former director of the director Peter Bolland to sit in the town as chief investor of quantitative strategy.
In addition, the macro strategy and the Asia-Pacific strategy will be led by Gerhard Seebacher, the co-head of the pre-fixed income transaction, and Sam Kellie-Smith, the former managing director of Morgan Stanley.
As of startup, Jain Global has at least 150 employees, including more than 40 investment portfolios.
These talents come from the industry’s top institutions, including CITADEL, BALYASNY Asset Management, Brevan Howard, and Wall Street large investment banks.
Jain also promises to give outstanding employees a chance to start a business in the future. In the future, if these employees start a hedge fund, Jain Global will bet on it.
How to satisfy the high expectations of high -profile fundraising?
Jain Global’s ambitions are obvious. It must not only become a successful multi -strategic hedge fund, but also challenge the status of industry giants such as Citadel and Millennium.Pune Wealth Management
However, fundraising is just the first step, and the "new life" Jain Global still faces many challenges.
The current hedge fund industry is staged a fierce battle for talents, and the signing bonus and performance costs have reached the highest level of history.
How to provide competitive salary for these top talents in the case of increasingly overdrawing in the future will be Jain first that Jain first needs to weigh carefully.
In the current environment of high interest rates, swelling, and geopolitical conflicts, hedge funds are facing huge performance pressure. Jain Global needs to prove that it can continue to create excellent returns in various market environments.It will face the pressure of redemption.
At the same time, managing multiple strategies and a large number of investment portfolios has brought huge operating challenges. Jain needs to establish a strong infrastructure and management system.
How to find a balance between diversification and professionalism, and how to coordinate the distribution of resources between different strategies is a problem that Jain needs to face.
High -profile fundraising inevitably brings high expectations.Jain Global needs to show its value proposition in the short term and make excellent results to maintain investor confidence.
In addition, Citadel and Millennium have management assets at $ 60 billion and have thousands of employees.Their investment in technology and data analysis is as high as tens of millions of dollars.
Jain Global wants to catch up, and there is a long way to go.
Regardless of the results, Jain Global’s "Time Raise" drama has become one of the hottest topics of Wall Street in 2024.
In the future, everyone will stare at Jain, the ambitious "disabler" to see if he can kill a bloody road on the competitive Wall Street and become the next Wall Street legend.
New Delhi Stock Exchange
