Millennium Management is seeking to raise a record $20bn from investors, underscoring continued institutional demand for large multi-strategy hedge funds as the sector attracts increasing allocations from global investors, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as saying that the fundraising will be conducted in two tranches. The target significantly exceeds earlier reports that the firm planned to raise at least $10bn during 2026 and, if successful, would represent the largest capital raise ever completed by a hedge fund.
The latest fundraising follows Millennium’s previous capital raise in 2024, when investor commitments reportedly reached $20bn, although the firm ultimately accepted $10bn.
Millennium currently oversees approximately $92bn in assets and operates more than 340 investment teams across multiple trading strategies and asset classes. The firm’s diversified investment model has made it one of the principal beneficiaries of growing investor appetite for multi-strategy platforms, which aim to deliver consistent returns through tightly managed risk and diversified portfolios.
Alongside the fundraising, Millennium is also said to be expanding its programme of backing external hedge fund managers. The initiative includes providing capital to emerging firms and replacing outside investors, building on arrangements such as its partnership with Bobby Jain’s multi-strategy fund. The effort is reportedly being led by president Ajay Nagpal.
A spokesperson for Millennium reportedly declined to comment on the fundraising plans.
Unlike many competitors, which have limited fundraising or returned capital to investors in recent years, Millennium continues to benefit from strong demand driven by its long-term performance record. Since its launch in 1989, the firm has recorded only one negative calendar year, during the 2008 financial crisis.
The new commitments are expected to be structured as callable capital, allowing investors to pledge funds that Millennium can draw over time as investment opportunities arise. The approach, commonly used in private equity, provides greater flexibility in managing liquidity while ensuring capital is available when needed.
The firm’s flagship fund has reportedly gained 10.5% through the end of June, further reinforcing investor interest in one of the hedge fund industry’s largest and fastest-growing managers.
