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

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...