Sunday, 28 December 2014
Last updated 7 hours ago
Jul 25 2011 | 2:31pm ET
Millennium Management is poised to sell a minority stake to a private equity firm led by the former head of Citigroup's hedge fund unit.
Israel Englander, Millennium's founder, and Foundation Capital Partners are in advanced talks about having the latter buy less than 20% of the New York-based hedge fund giant, which has more than $11 billion in assets under management. A deal remains uncertain, although Foundation Capital would pay between $300 million and $500 million for the stake.
If a deal is consummated, it would make 22-year-old Millennium the latest hedge fund to bring on minority owners. Dean Barr, the former Tribeca Global Management CEO and Citi Alternative Investments executive, told The Wall Street Journal that he wouldn't discuss the negotiations, but that Foundation Capital's "purpose is to look at investment opportunities with the top funds in the world."
Greenwich, Conn.-based Foundation Capital has raised about $1.5 billion from sovereign wealth funds in the Middle East and others. The firm hasn't made a major investment yet, and is run by Barr and Whitney Bower, a founder of p.e. firm 3i Group and former Bain Capital venture capital executive.
While a deal with Foundation Capital will reduce Englander's personal stake in his firm, the 62-year-old has no plans to retire, the Journal reports.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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