Bobby Jain has raised $5.3bn in commitments for his new multi-strategy hedge fund, marking the largest hedge fund launch since ExodusPoint Capital Management’s 2018 debut, according to a report by Bloomberg.  Set to begin trading on 1 July, Jain Global has so far attracted investments from endowments, foundations, family offices, bank wealth platforms and sovereign wealth funds.  Jain, Millennium Management’s former co-CIO alongside Izzy Englander, initially targeted up to $10bn for his fund. However, after facing challenges in meeting this goal, he adjusted his strategy by reducing client fees and lowering the target range to $5bn to $6bn.  Despite the reduced target, Jain Global's launch stands out as the largest since 2018, surpassing the $5bn debut of Taula Capital Management, founded by fellow Millennium alumnus Diego Megia earlier this month. Megia’s fund, a macro strategy spinoff from Millennium, received a substantial $3bn investment from his former employer.   Jain Global has so far recruited 215 employees, including 42 portfolio managers. The firm will kickstart seven businesses on 1 July, including a multimanager platform in the Asia-Pacific region that will trade six strategies, with profits contributing to the main Jain fund.  The capital was raised through a drawdown fund structure, allowing Jain Global to access the funds as needed over the course of a year.  Michael Gelband’s ExodusPoint still holds the record for the largest-ever hedge fund debut, having raised $8bn in 2018 for a multi-strategy fund with fixed-income and equity businesses.