Millennium Management is withdrawing its capital commitment from Pamalican Asset Management, the Hong Kong-based hedge fund launched by former Goldman Sachs executive Jamie Goodman, just eight months after the firm began trading, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as highlighting that the move marks an early setback for one of Asia’s most high-profile hedge fund launches of 2023 and is evidence of the swift capital reallocation strategy that large multi-strategy platforms like Millennium employ amid shifting market conditions.
Pamalican, which had been operating exclusively with Millennium’s backing, is now planning to raise capital from new investors to replace the withdrawn allocation. Both firms declined to comment on the development.
Millennium had seeded the fund with $500m, giving Pamalican a substantial launch pad and positioning it as a notable new entrant in the region’s hedge fund landscape. The fund quickly became an active participant in equity capital markets (ECM), taking part in IPOs, follow-on offerings, and block trades across Asia and globally.
Despite that momentum, recent market volatility and diminished deal activity – exacerbated by renewed trade tensions sparked by US President Donald Trump’s tariff announcements – have cast a shadow over ECM-driven strategies. The S&P 500 has fallen 12% since its February peak, while the MSCI Asia-Pacific Index is down about 6%. Meanwhile, the Cboe Volatility Index has surged to a five-year high, underscoring the turbulent environment for equity issuance.
Several anticipated listings, including those of StubHub Holdings, Klarna, and eToro, have been paused, reflecting investor caution and a tougher capital-raising landscape. Regional listings have also been affected, with Cuckoo Holdings delaying its IPO in Malaysia.
Pamalican’s early performance and footprint included serving as a cornerstone investor in prominent Hong Kong IPOs such as Midea Group’s $4.6bn offering and China Resources Beverage’s debut. It also participated in a block trade in South Korea’s Ecopro Materials and in the IPO of US LNG exporter Venture Global.
Founded by Goodman, who spent 17 years at Goldman Sachs – most recently as Head of Equity Capital Markets and Blocks d
Distribution for Asia-Pacific – Pamalican was set up as a global multi-strategy platform with regulatory approval secured in August 2024. Before launching the fund, Goodman also held senior roles at Maven Investment Partners.
Pamalican disclosed $532m in gross assets as of year-end 2024 in a recent US regulatory filing. While the figure may include leverage, the firm had been managing Millennium’s capital exclusively under a typical incubation structure common in large hedge fund seeding arrangements.
