Izzy Englander's Millennium sells a minority stake that values the hedge fund giant at $14 billion

"The sale of a roughly $2 billion equity stake in the fund values Millennium at about $14 billion, according to a person with knowledge of the deal who wasn't authorized to share the information. A Millennium spokesman declined to comment. "We are pleased to announce the successful completion of the sale of a minority, passive equity interest in Millennium's management company. This transaction is the latest step in our evolution and further positions Millennium for the future," the memo reads in part."

"Some of Millennium's largest existing backers participated in the deal, according to the memo. It was executed by Goldman Sachs Asset Management's Petershill unit, which makes minority investments in private-equity firms, hedge funds, and other alternative investment managers. Millennium charges fees and a cut of the fund's performance to manage capital. Englander and other equity holders get a slice of that income stream."

Izzy Englander sold a 15% stake in Millennium Management, raising roughly $2 billion and valuing the firm at about $14 billion. Goldman Sachs Asset Management's Petershill unit executed the transaction, with some of Millennium's largest existing backers participating. Millennium's management company earns fees and performance cuts, and equity holders receive a share of that income stream. Millennium was founded in 1989, employs over 6,400 people across 330 investment teams, and manages about $79 billion in assets. The fund has averaged roughly 14% annual returns since inception and has lost money only once in 35 years, enabling long-term locked-up capital.

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