Reuters: Millennium Management Plans Record $20 Billion Fundraise, Bets on AI-Powered Trading

July 30th, according to Reuters, one of the world's largest multi-strategy hedge funds, Millennium Management, is in talks to raise about $20 billion in new funding, a much larger amount than initially planned, potentially setting a new record for the firm's largest fundraising.

The fundraising will reportedly be carried out in two phases, and Millennium also plans to swap capital managed by external fund managers through trades, a task overseen by President Ajay Nagpal.

Reuters cited a Goldman Sachs report stating that the hedge fund industry is expected to have another strong year driven by the AI trend. In the first half of 2026, all major hedge fund strategies saw net inflows of capital for the first time in five years, with particular strength in quant funds and multi-strategy funds. Millennium achieved a 10.5% return in 2025 and currently manages assets exceeding $92 billion.