Millennium Management, the $79bn multi-strategy hedge fund led by Izzy Englander, has sold a 15% minority stake in its management company for about $2bn, valuing the firm at roughly $14bn, according to a report by Bloomberg citing unnamed people familiar with the matter.
The sale – the first in Millennium’s 35-year history – marks a significant step in succession planning for one of the industry’s largest and most closely held hedge funds. Until now, Millennium was entirely owned by Englander, 77, and affiliated entities.
Ownership has now been diversified among a mix of large institutional investors, ultra-high-net-worth clients, and Millennium executives, following a private sale arranged with the help of Goldman Sachs’s Petershill unit, which also invested through its funds. Additional capital was raised via wealth platforms at UBS, Morgan Stanley, Bank of America Merrill Lynch, Rockefeller Capital Management, and JPMorgan.
In a note to staff, Millennium said the deal “reinforces the durability of the firm, supports the longevity of our business, and positions Millennium for continued growth.”
The transaction underscores how leading multi-manager hedge funds are evolving their capital structures to ensure long-term continuity and provide liquidity options for founders and key partners.
Founded in 1989, Millennium has grown to more than 330 investment teams, delivering annualised returns of around 14% and doubling AUM since 2019. The firm has also extended client lockups to five years and implemented a fee structure allowing expenses to be passed directly to investors — moves designed to stabilise operations and cash flows.
