Key facts
- Millennium Management is in discussions to raise approximately $20 billion in new capital.
- The capital will be raised in two tranches.
- The firm is also pursuing deals to replace external capital from outside managers.
- Ajay Nagpal, president of Millennium Management, is leading the capital-raising initiative.
- Millennium Management achieved a 10.5% gain in 2025.
Millennium Management is reportedly in talks to raise approximately $20 billion in new capital, a substantial increase from its initial fundraising target. The firm plans to secure these funds through two separate tranches. This initiative is being spearheaded by Millennium's president, Ajay Nagpal, and includes efforts to replace external capital from outside managers.
This move by Nagpal echoes a previous arrangement where hedge fund Jain Global, managed by Bobby Jain (a former co-chief investment officer at Millennium), returned investor cash to exclusively manage money for Millennium. The fundraising discussions occur as the broader hedge fund industry anticipates a strong year, with multi-strategy funds experiencing significant capital inflows, according to a Goldman Sachs note.
Millennium Management, founded in 1989 by Israel Englander, is one of the world's largest multi-strategy hedge funds, managing over $92 billion in assets. In November 2025, the firm sold a 15% stake to a group of its institutional investors, marking the first divestment of ownership in its history.