Millennium Management’s assets have reached $97 billion, more than double their level six years ago, putting founder Izzy Englander’s firm among the few hedge funds to approach $100 billion. The firm will close on $22 billion of new commitments on Oct. 1, initially calling $2 billion and drawing the remainder over four years, while considering an additional $3 billion for a less-liquid credit fund. With annual returns typically above 10%, its assets could exceed $130 billion in the next few years. Millennium’s pod-shop model, built around independent trading teams supported by a centralized platform, has allowed it to scale while targeting steady returns. The firm has seeded dozens of smaller hedge funds, including Jain Global and Albar Capital Partners, and expects to pursue more such arrangements. Millennium has posted annualized returns of about 14% since inception, with only one losing year, 2008, when it fell 3.5%. Its assets rose from roughly $76 billion to $79 billion in 2025 before reaching the previously reported $92 billion level and then the current $97 billion. The firm also raised $10 billion in 2024 and deployed the final $5 billion of that pool in August. Englander, 77, has an estimated $32 billion fortune and ranks No. 75 on the Bloomberg Billionaires Index as of Sept. 4. The growth reflects a broader expansion of the hedge fund industry, whose assets reached $5.6 trillion at midyear, while investors and regulators remain concerned that concentrated capital among large, similarly positioned firms could amplify market stress.