Millennium seeks record $20B as hedge fund demand surges

Millennium Management is seeking to raise an unprecedented $20 billion from investors as the firm moves to expand its dominance in the multistrategy hedge fund industry, Bloomberg reported Wednesday.

The capital would be raised in two stages, according to a person familiar with the discussions. Bloomberg previously reported that Millennium was preparing to raise at least $10 billion this year.

If completed, the fundraising would represent the largest capital raise by a hedge fund. Millennium received around $20 billion in investor demand during its previous fundraising campaign in 2024 but ultimately accepted $10 billion.

The new commitments are expected to be callable, allowing Millennium to collect pledges from investors and draw the capital over time as new investment opportunities emerge.

The structure, commonly used in private equity, gives the firm access to additional liquidity without requiring it to immediately deploy the full amount.

Millennium currently manages more than $92 billion across over 340 investment teams that trade a range of asset classes, sectors, and geographic markets.

The firm is also exploring additional agreements that would allow it to provide capital to outside hedge fund managers while replacing their existing external investors, according to Bloomberg.

The initiative is being led by Millennium president Ajay Nagpal and follows the firm’s agreement with Bobby Jain’s Jain Global. Under that arrangement, Jain Global is returning outside investor capital and transitioning to managing money exclusively for Millennium.

Millennium has benefited from growing institutional demand for large hedge fund platforms that spread capital across multiple independent trading teams while applying centralized risk controls.

Global hedge funds averaged a 7% return during the first half of 2026, while nearly half of the institutional allocators surveyed by Goldman Sachs planned to increase their exposure to the sector, according to Reuters.

Millennium gained 4.1% in June, bringing its return for the first six months of the year to 10.5%.

The firm has recorded only one annual loss since it was founded in 1989, falling approximately 3% during the 2008 financial crisis.

A representative for Millennium declined to comment on the fundraising discussions, Bloomberg reported.