Rokos Capital Management is moving to lengthen the time investors need to fully withdraw their capital, joining a growing group of major multi-strategy and macro hedge fund managers seeking greater stability in their funding base, according to a report by Bloomberg.
The London-based firm is introducing an 8.33% quarterly investor-level redemption limit for a new three-year share class, according to people familiar with the move. The change means investors could take as long as three years to exit their positions, compared with the current structure under which 25% of capital can be redeemed each quarter, allowing a full exit within 12 months.
Rokos, which manages about $22bn and is currently closed to new investors, is understood to be seeking a gradual transition towards longer-duration capital.
Under the new arrangement, investors in the existing one-year share class are expected to receive a portion of their capital back towards the end of the year unless they elect to transfer into the three-year structure. For most existing investors, switching share classes will be the route to maintaining their exposure to the fund.
Rokos Capital Management reportedly declined to comment.
The move reflects a broader shift among some of the world’s largest hedge funds towards longer investor commitments.
Managers including Millennium Management and DE Shaw have introduced or expanded structures designed to reduce the pace at which clients can withdraw capital. DE Shaw is extending redemption periods for two of its largest funds, while Millennium has introduced a share class requiring investors to remain invested for at least five years before they can fully exit.
Rokos’ recent performance has provided investors with a strong incentive to accept the change, with the firm’s flagship hedge fund gaining 9.4% during the first half of 2026.
