Fundraising for Bobby Jain's much anticipated hedge fund launch later this year has reached $3bn, roughly half of the revised target for the new fund, which is expected to begin trading in July, according to a report by Bloomberg.

The report cites people familiar with the matter as confirming that Jain Global's commitments, which came from pensions, endowments and sovereign wealth funds, including from the Middle East, were all agreed before the end of January, the deadline for investors to benefit from a range of fee incentives.

The firm is planning to launch with between $5bn and $6bn in assets, having lowered its fundraising target from an initial $8bn to $10bn last month, which would have put it in line to beat the $8bn industry launch record set by ExodusPoint Capital.