Millennium Management to Seek Record $20 Billion Capital Raise

Hedge fund Millennium Management is in talks to raise roughly $20 billion in new capital, about double its earlier target of $10 billion. The raise will be structured in two tranches and is being led by the firm’s president, Ajay Nagpal, who also aims to replace capital currently managed by external managers. Founded in 1989 by billionaire Israel Englander with $35 million, Millennium now manages more than $92 billion in assets, employs over 6,800 staff worldwide, and posted a 10.5% gain in 2025. In November 2025 the firm sold a 15% stake to institutional investors, its first ownership divestiture. The move comes as the hedge‑fund industry experiences its strongest inflow of capital in five years, driven by strong demand from institutional allocators and an AI‑boosted performance across strategies.