Millennium Management is seeking to raise roughly $20 billion from investors, effectively doubling its original target of at least $10 billion. The capital raise, structured in two tranches and led by president Ajay Nagpal, aims to replace capital currently managed by external managers and consolidate the firm’s in-house control. Millennium already manages over $92 billion and posted a 10.5% gain in 2025. Founded by Israel Englander in 1989 with $35 million, the fund now employs over 6,800 people globally and sold a 15% stake to institutional investors in November 2025. This massive fundraise comes as the hedge fund industry experiences its most significant wave of capital inflows in five years, with multistrategy funds attracting institutional allocators at record levels.
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