Millennium Raises Nearly $4 Billion for New Share Class

The multistrategy firm’s new five-year share class will only permit investors to redeem 5 percent of their capital each quarter.

Israel Englander (Jonathan Alcorn/Bloomberg)

Israel Englander

(Jonathan Alcorn/Bloomberg)

Izzy Englander’s Millennium Management has raised $3.7 billion for a new five-year share class of the firm’s flagship hedge fund, according to people with knowledge of the fund raise.

Under the terms, investors are only able to redeem 5 percent of their capital each quarter, compared with the current policy of 25 percent per quarter widely popular among hedge funds, according to the people.

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