Millennium Fundraising Haul Tops $4 Billion

Sep 9 2011 | 12:40pm ET

Israel Englander's decision to hire a dedicated marketer last year is paying off. Millennium Management has garnered billions in new commitments this year as it seeks to broaden its business and possibly sell a stake to a private equity firm.

New York-based Millennium has won more than $4 billion in new commitments this year, The New York Times reports. The firm, which managed $14.2 billion before seeing assets drop to $6.9 billion post-financial crisis, is back up to about $12.75 billion.

The turnaround can be credited in part to John Novogratz, who Englander hired last year from Fortress Investment Group to lead fundraising. Prior to Novogratz's arrival, Millennium had no dedicated marketing team.

Earlier this summer it was reported that Englander was in advanced talks to sell a minority stake in Millennium to p.e. shop Foundation Capital Partners, which is led by former Citigroup hedge fund chief Dean Barr. While Englander has denied that he has any plans to retire, Millennium has begun to create a succession plan. In addition, the firm could be building its asset base to make itself more attractive to potential buyers—the firm charges no management fee, so a larger asset base is not an end in itself.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...