Jefferies fund reviews Radiant World exposure under $300m

Jefferies’ Point Bonita fund has opened a review of its exposure to iron ore trader Radiant World after payments to the fund slowed. Exposure is now below $300 million.

Jefferies launched the review after identifying discrepancies in paperwork for some financing tied to Radiant World. The bank continues to regard the underlying commodity trades as legitimate while it examines supporting documents.

Point Bonita began returning capital to investors in late 2025 after heavy redemption requests tied to losses from auto supplier First Brands Group. The strategy once managed about $3 billion.

Investor communications previously identified Glencore and Cargill as counterparties. Point Bonita’s direct exposure came through receivables purchased from Radiant World rather than through direct trades with those firms.

Several large commodities firms halted trading with Radiant World earlier amid questions about invoices and other paperwork. Radiant World rejected the allegations and maintains its trading relationships remain unaffected. Jefferies declined to comment publicly.

The review follows other challenges at Jefferies’ Leucadia Asset Management unit, including litigation tied to First Brands, losses on Water Station investments and disputes involving other alternative strategies. Leucadia manages about $65 billion in assets across public and private markets.

Jefferies is reviewing the Radiant World position to resolve documentation questions while managing investor redemptions and the wind-down of the strategy.