Millennium Management has made its first-ever allocation to a South Korean hedge fund manager, entrusting $250m to Seoul-based Billionfold Asset Management in a separately managed account focused on Korean equities, according to a report by Bloomberg.
The report cites people familiar with the matter as confirming the move which marks a significant step by the $60bn-plus multi-strategy giant, led by Izzy Englander, to deepen its exposure to the Korean public markets via local expertise. The allocation comes amid a powerful rally in Korean stocks, with the Kospi up more than 30% YTD, buoyed by pro-market reforms and improving investor sentiment.
Billionfold will manage the capital independently, deploying it into listed Korean equities, with discretion under a bespoke mandate. Both firms declined to comment on the arrangement.
The allocation underscores Millennium’s tactical positioning in one of 2025’s standout markets. South Korea’s equity market has surged following a wave of reforms introduced by President Lee Jae Myung aimed at enhancing corporate governance, unlocking shareholder value, and encouraging international capital inflows.
In March, authorities lifted a long-standing short-selling ban and extended onshore trading hours for the Korean won, helping to reignite interest from global hedge funds and multi-strategy platforms seeking alpha in Asia.
This renewed flexibility, coupled with rising demand for local partnerships, is prompting more allocators to deploy capital via regional specialists—a trend increasingly evident in both Asia and the Middle East.
Millennium’s decision to tap Billionfold fits a broader pattern of global hedge fund platforms outsourcing capital to local managers in hard-to-navigate but high-potential markets. Billionfold, while less known internationally, has developed a reputation within Korea for its fundamental approach and high-conviction trading in under-researched equities.
The mandate also adds to Millennium’s growing external manager roster, as the firm continues to scale its multi-manager model across geographies, including emerging Asian markets.
