Analog Century Management, the New York-based tech-focused hedge fund founded by Val Zlatev, has joined the growing roster of external firms to secure capital from Izzy Englander’s Millennium Management, with the multi-strat major making a $1bn allocation, according to a report by Bloomberg.
The report cites unammed sources familiar with the matter as revealing that Zlatev will manage a market-neutral equities strategy focused on technology through a separately managed account for Millennium, while also overseeing capital for other clients.
Both Zlatev and a representative for Millennium declined to comment on the deal.
The new investment takes Analog Century’s total assets under management to approximately $1.35bn.
Currently, about 10% of Millennium’s 330 investment teams are external, with many exclusively managing capital for the $68.2bn firm. Recently, Millennium also committed $3bn to Diego Megia’s Taula Capital Management, which began trading earlier this year, and is reportedly preparing to back a new firm launched by Aaron Weiner of Coatue Management with a significant investment, as well as Sone Capital Management, former Echo Street Capital portfolio manager George Panos’s new systematic market-neutral hedge fund firm.
Val Zlatev founded Analog Century in 2018 after serving as a partner at Quentec Asset Management, where he specialised in the technology, media, and telecommunications sectors. He was also a senior analyst at Kingdon Capital prior to launching his own firm. Since its inception, Zlatev’s Analog Century Master Fund has consistently delivered double-digit gains annually.
