对冲基金巨头千禧年迎“高盛时刻”： 创始人出售15%股权，公司估值达140亿美元

Core Insights - Millennium Management founder Izzy Englander sold a 15% stake in the hedge fund for a valuation of $14 billion, marking a significant shift towards equity openness and institutional transformation for the firm [1] - This transaction is viewed as a pivotal moment in financial history, comparable to Goldman Sachs' IPO in 1999, as it opens the firm to external investors for the first time since its establishment in 1989 [1] - The new shareholders primarily acquire dividend streams supported by performance fee income, with the fund charging a 20% performance fee and a minimum management fee of 1% of assets under management [1] Group 1: Business Model and Performance - Millennium Management operates a single fund that allocates capital to hundreds of investment teams executing various strategies, with a core competency in identifying talented investors and managing overall portfolio diversification [2] - The firm manages assets totaling $79 billion, with a historical return rate of 12%, resulting in a net income of approximately $1.5 billion after taxes and fees, comparable to the valuation multiples of publicly listed hedge fund Man Group [2][3] - Despite a lower valuation compared to publicly traded private equity firms, Millennium has begun exploring adjacent markets, supported by its historical performance, scarcity value, and dividend potential [3] Group 2: Institutional Transformation and Risk Management - The transaction signifies more than just a financial move; it validates Millennium's long-term independent business model and enhances team stability through employee ownership [4] - Prior to the equity sale, Millennium had already reduced its reliance on Englander, with its multi-strategy model diversifying risk and a five-year redemption period for clients limiting potential capital outflows due to governance changes [4] - While Englander's controlling stake remains crucial, the executive ownership structure helps retain the core team and fosters a sense of ownership among employees, a model that has garnered attention in the hedge fund industry [4]