Millennium's $14 Billion Valuation Hinges on Scarcity
The iconic firm’s mooted valuation is high relative to its managed assets. But just think of the dividends from the performance fees if history repeats itself.
Izzy Englander, founder of hedge fund goliath Millennium, is seeking to sell a stake at a lofty valuation.
Photograph: Bloomberg
Investors have been waiting years for the chance to buy a stake in hedge fund Millennium Management. The snag — and the appeal — is that there aren’t many listed firms to compare it with as founder Izzy Englander prepares to do a deal.
Millennium is an eminent multi-strategy fund manager. The model involves running an array of investment teams with expertise across equities, fixed-income, commodities and so on. Each gets a slice of a single pool of capital. The firm is brutally meritocratic – the so-called pods must perform to survive. Average investment performance is around 14% annually since inception, according to Bloomberg News.