Bobby Jain's new multi-manager hedge fund firm Jain Global may come up short in its bid to be crowned the industry's largest ever launch, with the fund struggling to reach its original $8bn to $10bn fundraising target, according to a report by the Financial Times.

The report cites investors in the firm as revealing that the former Millennium Management Co-Chief Investment Officer is now targeting a July launch for Jain Global with $5bn to $6bn in assets.

One 'big' investor is quoted as saying that: “Bobby let the expectation get set at too high a level. Now he has to reel it back.”

Jain has already offered significant fee discounts to investors who sign up before the end of this month, according to sources familiar with the matter, with those who commit $250m or more paying a performance fee of only 10% indefinitely — half the traditional industry standard. Accounts of between $100m and $250m meanwhile, will pay a 13% performance fee, while those investing less than $100m will pay 15%.