Jain Family Institute (JFI) is a left-of-center policy research organization. ¹

It researches and helps create left-of-center financial initiatives, helping countries and cities establish universal basic income (UBI) systems and income-driven student loan repayment schemes. ²

Background

Jain Family Institute was founded in 2014 by Bobby Jain, an activist investor who previously worked at Millennium Management and Credit Suisse. ¹

Activities

Jain Family Institute was instrumental in the creation of income share agreements (ISA), or student loans with repayment schemes based on the student’s future income. They are usually backed by private capital. ³ JFI designed the first successful ISA with Purdue University. In 2020, JFI joined forces with about nine historically Black colleges and universities to launch the Student Freedom Initiative, the largest ISA program in the nation at the time. ¹

JFI has advised on the research and implementation of a large amount of legislation in the United States and elsewhere, including the universal basic income (UBI) programs Compton Pledge and Citizens’ Basic Income in Marica, Brazil. ¹ JFI has also advised American lawmakers on the federal Child Tax Credit (CTC). The Institute advocates UBI and other forms of guaranteed income to “help address our nation’s deepening inequality.” ²

Besides education and economic policy, JFI has produced work on climate change, non-traditional energy sources like wind and solar, decarbonization, digital ethics, AI regulation, and criminal justice policy. ¹

Financials

In 2022, Jain Family Institute had a total revenue of $5,246,560, total expenses of $6,157,170, and net assets of $147,250. ⁴

Leadership

Bobby Jain is the founder and chairman of Jain Family Institute. Prior to creating JFI in 2014, Jain was the co-chief investment officer of Millennium Management, an alternative investment firm. He had worked at Credit Suisse for 20 years before joining Millennium. Jain is a member of the board of the Harvard Management Company and Cornell University’s board of trustees. He is the chief investment officer and chief executive officer of Jain Global, an investment management firm that was as of January 2024 set to launch in July 2024. ¹

In 2022, Carola Jain was listed as a director of the organization. ⁵ Carola is on the board of the Peggy Guggenheim Advisory Board and is a member of the Dean’s Council at Harvard’s Graduate School of Design. She fundraises for City Harvest, a nonprofit charity group in New York City. ⁶

1. “Bobby Jain.” Jain Family Institute. Accessed January 21, 2024. https://jainfamilyinstitute.org/our-team/bob-jain/.
2. “Guaranteed Income.” Jain Family Institute. Accessed January 21, 2024. https://jainfamilyinstitute.org/initiatives/guaranteed-income/.
3. Lane, Ryan; Beresford, Colin. “Income Share Agreements: What Are They, and How Do They Work?” NerdWallet, January 12, 2024. Accessed January 21, 2024. https://www.nerdwallet.com/article/loans/student-loans/income-share-agreements-what-students-should-know-before-borrowing.
4. Return of Organization Exempt from Income Tax (Form 990). Jain Family Institute. 2022. Part I, lines 12, 18, 22.
5. Return of Organization Exempt from Income Tax (Form 990). Jain Family Institute. 2022. Part VII – Compensation of Officers.
6. “Carola Jain.” Jain Family Institute. Accessed January 21, 2024. https://jainfamilyinstitute.org/our-team/carola-jain/.