Rokos limits redemptions with three-year share class

Rokos Capital Management, a London-based firm that manages about $22 billion and is closed to new investors, is introducing a three-year share class that limits investor redemptions to 8.33% each quarter. The structure extends a full withdrawal period from the current 12 months to 36 months.

Under the existing one-year share class, investors can redeem up to 25% of their capital each quarter, allowing a complete exit within four quarters. The new three-year share class reduces the quarterly redemption allowance to 8.33%, so a full redemption would be executed over 12 quarters.

People familiar with the arrangements provided details that most current investors will be offered the option to move into the three-year share class to keep their exposure. Holders of the one-year vehicle are scheduled to receive a portion of their capital back near the end of the year unless they elect to transfer into the longer-dated share class.

Rokos is seeking a gradual transition to longer-duration capital. The firm declined to comment on the changes.

Other large multi-strategy and macro managers have adopted similar measures. One manager has introduced a share class requiring investors to remain invested for at least five years before a full exit is possible, while another is extending redemption periods for two of its largest funds. Managers have argued that longer investor commitments can align investment horizons with strategy execution and reduce liquidity pressure when many clients seek redemptions at once.

Rokos’ flagship hedge fund returned 9.4% in the first half of 2026. Most existing investors are expected to switch share classes if they wish to maintain their positions, with periodic distributions planned for investors who remain in the one-year vehicle later in the year.