Chris Hughes, Columnist

Millennium Hedge Fund Is Having Its Goldman IPO Moment

November 10, 2025 at 5:00 AM UTC

Chris Hughes is a Bloomberg Opinion columnist covering deals. Previously, he worked for Reuters Breakingviews, the Financial Times and the Independent newspaper.

Izzy Englander
Photographer: Jonathan Alcorn

Provide news feedback or report an error

Site feedback:

Take our Survey

Every business must eventually detach itself from its founder. When the company is Millennium Management and the founder is Izzy Englander, steps on the journey to separation resonate loudly. Englander this month sold a 15% stake in the preeminent hedge fund at a $14 billion valuation. As a moment in financial history, it feels up there with Goldman Sachs Group Inc. going public in 1999.

Millennium’s success is the envy of the asset-management industry. It runs a single fund, slices of which are allocated to several hundred investment teams running an array of strategies. Its killer app is the command structure sitting on top.