Millennium Management, one of the world’s largest multi-strategy hedge funds, is exploring a potential minority stake sale in its management company and is in discussions with Goldman Sachs’ Petershill Partners to assist in the process, according to a Financial Times report.
The report cites unnamed sources familiar with the matter as revealing that the talks, which remain preliminary, would see Petershill – Goldman’s investment platform for acquiring passive stakes in alternative asset managers – help identify potential buyers with. Prospective investors could include some of Millennium’s largest existing LPs, according to the sources.
While the engagement with Petershill, which has previously invested in Caxton Associates and Winton Group, signals an intention to test market appetite, the report notes that Millennium may ultimately opt against proceeding with a deal.
This follows earlier reporting from Reuters in November that BlackRock had been in early-stage talks with Millennium about a possible strategic investment, which may have also involved acquiring a non-controlling interest in the firm.
Founded by Izzy Englander, Millennium oversees more than $73bn in assets under management.
Neither Goldman Sachs nor Millennium commented on the report.
