Key Takeaways
- • Millennium Management, led by Izzy Englander, is backing a new hedge fund startup founded by portfolio manager Javier Velazquez, according to four people familiar with the matter.
- • Albar Capital, the new fund, will be London-based and employ a long-short equity investment strategy.
- • Velazquez was appointed as director at Albar Capital on July 6, 2017, with registered offices at 1 Smart's Place, Ground Floor, London.
- • Since January 2017, at least six traders have departed Millennium Management's London office to join Albar Capital, signaling meaningful talent migration from the multi-billion-dollar hedge fund.
- • The backing from Millennium represents a significant institutional validation for Velazquez's new venture and reflects confidence in his portfolio management capabilities.
Summary
Izzy Englander's Millennium Management is providing capital support to Albar Capital, a newly launched hedge fund founded by Javier Velazquez, a former Millennium portfolio manager. According to four sources familiar with the arrangement, Millennium's backing represents a strategic commitment to the London-based long-short equity fund, though the specific capital commitment amount was not disclosed.
Velazquez officially established his role as director and founder of Albar Capital in early July 2017, with the fund registered at a central London address. The timing of this startup coincides with what appears to be a notable outflow of investment talent from Millennium's London operations. Since the beginning of 2017, at least six traders have departed Millennium Management to join Albar Capital, suggesting the new fund has successfully recruited experienced personnel from its parent backer.
This development reflects a broader dynamic within elite hedge fund management: established firms increasingly back promising portfolio managers in launching satellite or spin-off funds, allowing proven talent to operate with greater autonomy while maintaining strategic capital relationships. Millennium's willingness to back Velazquez's venture underscores confidence in his investment acumen and suggests the arrangement may provide operational or strategic benefits to both entities. The long-short equity strategy employed by Albar Capital positions it within a traditional hedge fund framework that has remained popular among institutional investors seeking market-neutral or directional equity exposure with downside protection mechanisms.
Velazquez officially established his role as director and founder of Albar Capital in early July 2017, with the fund registered at a central London address. The timing of this startup coincides with what appears to be a notable outflow of investment talent from Millennium's London operations. Since the beginning of 2017, at least six traders have departed Millennium Management to join Albar Capital, suggesting the new fund has successfully recruited experienced personnel from its parent backer.
This development reflects a broader dynamic within elite hedge fund management: established firms increasingly back promising portfolio managers in launching satellite or spin-off funds, allowing proven talent to operate with greater autonomy while maintaining strategic capital relationships. Millennium's willingness to back Velazquez's venture underscores confidence in his investment acumen and suggests the arrangement may provide operational or strategic benefits to both entities. The long-short equity strategy employed by Albar Capital positions it within a traditional hedge fund framework that has remained popular among institutional investors seeking market-neutral or directional equity exposure with downside protection mechanisms.
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