Goldman Sachs offers Millennium Management stakes to investors for $1 million minimum commitment.

Goldman Sachs is offering clients a stake in Millennium Management, a hedge fund led by Izzy Englander, with a minimum commitment of $1 million and a maximum of $20 million. The deal is being circulated by the bank, but details of the offer are not yet clear.

Goldman Sachs is extending an invitation to investors, presenting an opportunity to acquire a stake in Millennium Management, a prominent hedge fund led by Izzy Englander. The minimum commitment required is $1 million, with a maximum of $20 million, according to documents circulated by the bank [1].

Millennium Management, which oversees over $78 billion in assets, is seeking buyers for a 10% to 15% equity stake in the firm. At the higher end of the valuation range, this would amount to a $2 billion money raise. Approximately half of this raise is expected to come from Goldman Sachs' Petershill Partners unit, with the remaining funds to be sourced from large institutions and existing sovereign-wealth fund clients [1].

The Goldman Sachs team has been actively reaching out to potential investors, including high-net worth individuals and employees of Millennium's competitors, according to sources familiar with the matter [1]. This strategy indicates an effort to diversify the pool of investors from institutional buyers to wealthy individuals.

The special-purpose vehicle set up by Petershill will charge clients a 1% management fee and 10% of the carried interest from the investment vehicle. Institutions buying stakes directly in Millennium will not be subject to these additional fees [1].

Millennium Management's track record of consistent returns may attract investors. Since 1990, the hedge fund has experienced only one year of losses, in 2008, when it fell by 3.5%. Over the years, it has achieved returns of 10% or more in all but nine years. Additionally, clients' funds are locked up for five years, reducing the likelihood of sudden outflows [1].

Founded in 1989 by Izzy Englander, Millennium Management has grown to include over 320 investment teams. The company has expanded so significantly that it has begun delegating some of its capital to other hedge funds for management [1].

This offering marks a significant shift in the strategy of large hedge funds, as Millennium Management would be the first to tap a broader range of buyers. Previous examples include Verition Fund Management, which sold a minority stake to Affiliated Managers Group, and Ken Griffin, who has expressed openness to selling a minority stake in Citadel [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-08-14/goldman-dangles-millennium-hedge-fund-stakes-for-just-1-million