The hedge fund is pursuing the fundraising in two phases as investor demand for multistrategy strategies improves and industry inflows turn positive for the first time in five years.
Millennium Management is discussing raising about $20 billion in fresh capital, up from an earlier plan of at least $10 billion for 2026, in a sign that appetite for large multistrategy hedge funds remains strong. The fundraising would be carried out in two phases, with President Ajay Nagpal overseeing the effort as well as capital swaps involving external fund managers. Millennium, which manages more than $92 billion, returned 10.5% in 2025. The push comes as Goldman Sachs said major hedge fund strategies recorded net inflows in the first half of 2026 for the first time in five years, underscoring a broader improvement in investor demand for the sector.