Key Takeaways
- • Millennium Management is preparing to raise at least $10bn for its flagship fund later in 2026, according to Bloomberg, as investor demand for multistrategy hedge funds remains strong.
- • The new capital is expected to be raised through callable commitments, the same structure used in the firm's previous fundraising in 2024.
- • The New York-based firm manages approximately $89bn in assets and declined to comment on the raise.
- • Co-chief investment officer Paul Russo is set to retire at the end of the year, following the appointment of former Goldman Sachs executive Erdit Hoxha to the chief investment office earlier this year.
- • Millennium returned 2.4% in May, bringing its year-to-date gain through May to 6.1%.
Summary
Millennium Management is preparing to raise at least $10bn for its flagship fund later this year, seeking to capitalize on continued investor demand for multistrategy hedge funds, according to Bloomberg. As with the firm's previous fundraising in 2024, the new capital is expected to be raised through callable commitments, which allow investors to pledge capital that Millennium can draw down over time as required.
The New York-based firm, which manages approximately $89bn in assets, declined to comment. Investor appetite for multistrategy managers has remained strong as firms including Millennium, Citadel, Point72 and D.E. Shaw continue to attract allocations on the back of relatively consistent returns. Some of the industry's largest platforms have also limited asset growth by returning capital or profits to investors.
Beyond its internal investment teams, Millennium is a significant allocator to external hedge fund managers and recently agreed an exclusive capital partnership with Bobby Jain's Jain Global.
The fundraising comes amid changes in Millennium's senior investment leadership. Co-chief investment officer Paul Russo is set to retire at the end of the year, following the firm's appointment of former Goldman Sachs executive Erdit Hoxha to its chief investment office earlier this year.
Performance remained positive, with Millennium returning 2.4% in May and taking its year-to-date gain through the end of May to 6.1%.
The New York-based firm, which manages approximately $89bn in assets, declined to comment. Investor appetite for multistrategy managers has remained strong as firms including Millennium, Citadel, Point72 and D.E. Shaw continue to attract allocations on the back of relatively consistent returns. Some of the industry's largest platforms have also limited asset growth by returning capital or profits to investors.
Beyond its internal investment teams, Millennium is a significant allocator to external hedge fund managers and recently agreed an exclusive capital partnership with Bobby Jain's Jain Global.
The fundraising comes amid changes in Millennium's senior investment leadership. Co-chief investment officer Paul Russo is set to retire at the end of the year, following the firm's appointment of former Goldman Sachs executive Erdit Hoxha to its chief investment office earlier this year.
Performance remained positive, with Millennium returning 2.4% in May and taking its year-to-date gain through the end of May to 6.1%.
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