Millennium Raises $3 Billion With Clients Accepting Strict Terms
- Firm returns profits to investors for the second straight year
- The more stringent fund terms prevent sudden capital flight
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Izzy Englander’s Millennium Management has raised $3 billion, attracting capital even with stringent terms that keep investors from pulling out their money quickly.
The share class open to new investments limits the amount clients can pull to 5% of their money each quarter, meaning it would take them five years to fully cash out. Millennium raised $4.1 billion in 2019, when it opened to new capital for the first time in two years. Now, it expects that to reach $7.1 billion by March, according to a Feb. 12 letter to investors.