Hedge Fund Once Backed by Millennium Gives Up HK Space

Pamalican Asset Management, a Hong Kong-based hedge fund founded by former Goldman Sachs banker Jamie Goodman, has exited premium office space at The Henderson, one of the city's most high-profile buildings, and relocated to Edinburgh Tower in Hong Kong's Central district. According to land registry filings reviewed by Bloomberg, the firm vacated its lease in March 2026, roughly one year after Millennium Management withdrew its seed capital backing and approximately two years before the original lease expiration in 2027.

The firm's trajectory reflects challenges common to newly launched alternative investment vehicles dependent on anchor capital. Pamalican launched in 2024 with approximately $500 million in seed capital from Millennium Management, making it one of the more notable hedge fund startups that year. However, Millennium, the multistrategy hedge fund led by Izzy Englander, pulled its backing within months of the fund beginning trading. This early withdrawal of capital forced Pamalican to seek alternative funding sources and reassess its operational infrastructure, including its commitment to The Henderson's premium office space.

The relocation away from The Henderson—a Zaha Hadid Architects-designed landmark owned by Henderson Land Development Co. with reported occupancy near 95%—represents a strategic cost reduction during a period of capital constraints. The building has historically attracted a range of financial tenants, including hedge funds and alternative asset managers, alongside luxury brands, positioning it as an institutional-grade office location. The early lease exit suggests that maintaining such premium real estate became unsustainable following Millennium's withdrawal.

The move occurs within a broader context of adjustment across Hong Kong's hedge fund industry, where rising real estate costs and shifting capital allocation patterns have prompted alternative asset managers to recalibrate office expenditures. While Pamalican has not commented publicly on the relocation, the decision underscores the operational challenges facing newly established funds that lose anchor investor support during their formation phase. Millennium Management, which maintains approximately $87 billion in assets under management as of May 2026, has continued backing other emerging fund managers, indicating that the firm's retreat from Pamalican reflected specific concerns about that vehicle rather than a wholesale exit from seed-stage investments.