Bobby Jain secures investment ticket from Adia for USD 5.3 bn hedge fund: The Abu Dhabi Investment Authority (Adia) has made an unspecified investment in former Credit Suisse managing director Bobby Jain’s new hedge fund, Jain Global, which raised a total USD 5.3 bn ahead of its launch next month, Bloomberg reports, citing sources familiar with the matter. The fund is set to commence trading on 1 July.

Who else pitched in? The fund also received backing from lenders including Morgan Stanley, Goldman Sachs, UBS, and HSBC. The fund also drew investments from various unnamed endowments, foundations, family offices, and pensions.

About the fund: The firm raised the capital through a drawdown fund, enabling it to access the money as needed over a one-year period. Despite initially aiming to raise USD 10 bn, Jain lowered the target to USD 5-6 bn, reducing client fees to attract investors. The secured investment positions Jain Global as the biggest hedge fund launch since 2018, surpassing Taula Capital Management, which began trading earlier this month with USD 5 bn.

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