Rokos moves to three-year redemption cycle

Rokos Capital Management is adjusting its redemption policy for investors, opting to extend the process over a three-year period. This decision comes after several leading hedge fund managers, such as Millennium Management and DE Shaw, have also begun implementing longer redemption timelines to bolster the stability of their funding base.

According to Bloomberg's report, Rokos has introduced an 8.33% quarterly investor-level redemption limit for a new share class, which will require investors to remain invested for up to three years to fully withdraw their capital, as opposed to the existing structure that allows for a 25% capital redemption each quarter within a 12-month timeframe.

The fund, which manages approximately $22 billion and is currently closed to new investors, is reportedly undergoing a gradual transition towards longer-duration capital commitments. Existing investors in the one-year share class are expected to receive partial capital returns by the end of the year or can choose to transition into the new three-year structure to maintain their investment exposure.

Rokos declined to comment on the move, but it aligns with a broader trend among top hedge funds, including Millennium and DE Shaw, who have also sought to lengthen investor commitments in an effort to stabilize their funding sources. Rokos' flagship hedge fund has reportedly delivered a strong performance, with a 9.4% gain in the first half of 2026, providing investors with a compelling reason to embrace the change.