Singapore sovereign wealth fund GIC has redeemed around $250m from Jain Global, less than two years after backing one of the hedge fund industry’s largest-ever launches, according to a report by The Business Time citing sources familiar with the matter.

GIC was among the earliest investors in the New York-based multi-strategy firm and is expected to take up to two years to fully exit its remaining exposure. The redemption comes as the wealth fund undergoes internal leadership changes within its external manager group, which oversees hedge fund allocations globally.

Neither GIC nor Jain Global commented on the move.

Founded by former Millennium co-CIO Bobby Jain, Jain Global launched in 2024 as a fully built-out multi-strategy platform rather than scaling gradually — an approach that required heavy upfront investment in talent, infrastructure and technology.

The firm generated roughly $750m in trading profits in 2025, but investors received only about a quarter of those gains after fees, equating to net returns of approximately 3.7%, according to previously reported figures. High front-loaded costs weighed on performance as the firm gradually deployed the $5.3bn it raised at launch.

Jain Global returned around 0.5% in its launch year and was down 0.9% in January 2026. The platform now runs about 50 trading teams, employs roughly 400 staff globally and ended last year with close to $5bn invested, up from around $2bn at the start of 2025.