Billionaire Izzy Englander sells a portion of his hedge fund, Millennium Management, to investors. The firm completed a deal selling 15% of the company, valuing Millennium at about $14 billion. The sale of a $2 billion equity stake was confirmed in a memo seen by Business Insider.

Goldman Sachs Asset Management’s Petershill unit facilitated the deal, which included some of Millennium’s biggest backers. The fund charges fees and shares fund performance with equity holders. Founded in 1989, Millennium now manages $79 billion with a history of strong returns.

Millennium’s recent sale of a minority stake is a strategic move to ensure the fund’s longevity. Compared to others in the industry, Millennium’s $14 billion valuation stands out. The fund’s success has attracted stability and investor commitment, with a strong track record of annual returns.

Read more at Yahoo Finance: Izzy Englander’s Millennium sells a minority stake that values the hedge fund giant at $14 billion