IMA Backer Cohen Buys Millennium Global Stake

Jul 11 2008 | 11:31am ET

Just days after backing the management buyout of fund of hedge funds International Asset Management, the founder of private equity firm Apax Partners is investing in another alternatives firm.

Ronald Cohen, alongside frequent collaborator Jacob Rothschild, has bought a stake in London-based hedge fund Millennium Global. The two City veterans are buying their stakes from minority investors who backed Millennium’s founding 14 years ago, and may increase their stakes in the future.

The price paid for the stakes was not disclosed.

Currency overlay specialist Millennium manages some US$15 billion. Cohen and Rothschild are to serve as special advisers to the firm, with Cohen’s addition a sign that the firm may consider an initial public offering, although founder Michael Huttman says such a move is “years away,” the Financial Times reports.

Cohen left Apax in 2005.

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