Singapore’s GIC Pulls $250 Million From Hedge Fund Jain Global

(Bloomberg) — Singapore’s sovereign wealth fund GIC Pte pulled cash from Jain Global, nearly 18 months after backing one of the biggest ventures in hedge fund history.

GIC received $250 million back from New York-based Jain, according to sources with knowledge of the matter. The wealth fund was one of Jain’s early supporters. It will take up to two years for the fund to be fully monetized, said the people, who asked not to be identified because the details are confidential.

GIC is undergoing a separate leadership change in its external manager department, which oversees the sovereign wealth fund’s allocation to hedge funds around the world. Longtime chairman Betty Tay plans to retire from the role and will eventually be replaced by Kwong Hong Huat, who previously led the Asia total returns public equity team.

Dan Fagan, who helped GIC fund Jain Global, left the wealth fund last year to join Blackstone Inc., according to other sources with knowledge of the matter. While GIC does not disclose how much money it has under management, consulting firm Global SWF estimates its assets were worth about $936 billion as of March last year, with about 1.5% of that invested in hedge funds.

Representatives for Jain and GIC declined to comment.

Bobby Jain is trying to establish his eponymous firm in the multi-strategy space dominated by companies such as Millennium Management, Citadel and DE Shaw & Co. Instead of slowly building the business, it launched it as a full-fledged platform in 2024; this was a costly approach that put immediate pressure on performance.

Jain, the former co-chief investment officer of Izzy Englander’s Millennium, made trading profits of about $750 million last year; But investors shared only a quarter of the gain, or 3.7% net after fees, Bloomberg reported. The firm’s front-loaded expenses affected its returns as it gradually distributed the $5.3 billion it raised.

Its fund gained 0.5% in 2024 following its mid-year launch and fell 0.9% in January this year.

Jain launched his hedge fund operation with about a half-dozen strategies and hundreds of employees worldwide; This was a scale of growth that had little precedent in the hedge fund world. The doyen of the industry compared this task to trying to land three planes at the same time.

It started 2025 with nearly $2 billion in deployments and ended with nearly $5 billion invested in 50 trading teams. Approximately 400 people work in the company.

–With help from Bei Hu and Hema Parmar.

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