Millennium May Sell Stake To Private Equity Firm

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.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...