Charles Esther
Joon Park, a cofounder of Kodai Capital, is taking a major step in his hedge fund career by joining Balyasny Asset Management, a $23 billion multistrategy firm founded by Dmitry Balyasny in 2001.
Park will serve as Chief Operating Officer of Equities and will report directly to Balyasny himself, who oversees the firm’s equities group alongside top executives like Steve Schurr and Archana Parekh.
Kodai Capital to Shut Down After Performance Struggles and Park’s Exit
Kodai Capital, launched in 2020 with seed funding from Millennium Management, has announced that it is returning capital to investors.
Three sources with knowledge of the matter stated that Park’s impending departure played a key role in the decision to shut down operations.
Additionally, the hedge fund experienced disappointing performance, losing money in 2024 and continuing into the volatile first quarter of 2025.
While the exact losses are unknown, these factors combined made the business unsustainable in its current form.
The Rise and Fall of Kodai Capital
Founded by Park and Neville Shah, a former Citadel portfolio manager, Kodai was one of the more prominent startups to emerge from Millennium’s initiative to fund talented managers.
The firm grew quickly over four years, expanding its investor base beyond Millennium and building a team that included 21 investment professionals, according to regulatory filings.
Despite this strong foundation, the firm couldn’t overcome market challenges and internal shifts in leadership.
Park’s Operational Expertise Traced Back to Citadel and Alyeska
Unlike typical hedge fund leaders who focus on investments, Park has always played an operational role.
Before launching Kodai, he held senior roles in operations at firms like Citadel and Alyeska Investment Group.
His strengths in building infrastructure and managing teams were instrumental in getting Kodai off the ground, even if the firm didn’t ultimately succeed.
At Balyasny, those same skills will now support one of the most influential hedge fund platforms in the world.
Dmitry Balyasny Strengthens His Equities Team
Founded in 2001, Balyasny Asset Management has evolved into a major multistrategy powerhouse.
The firm has continually adapted to market shifts and scaled its operations, often by attracting seasoned talent.
The hiring of Joon Park is a strategic move that reflects Balyasny’s continued investment in leadership and operational excellence within its equities division.
Industry Implications and the Millennium Model
The Kodai story also highlights the growing trend of large hedge funds like Millennium backing startups to expand their asset base.
Billionaire Izzy Englander’s Millennium has increasingly used this model to identify and launch promising managers.
While some have succeeded, Kodai’s closure serves as a reminder that not every seeded fund makes it through market turbulence.
