Millennium Sells $2 Billion Minority Stake in Hedge Fund Firm

Izzy Englander sold a roughly 15% stake in his Millennium Management to a group of investors, helping to prepare one of the world’s largest hedge funds for a time when he no longer sits at the helm.

The firm completed its sale of a “minority, passive equity interest in Millennium’s management company,” according to a note sent to the hedge fund’s employees that didn’t name the investors. The roughly $2 billion sale values the company at about $14 billion, according to people familiar with the matter who asked not to be identified citing private information.