Millennium Management is seeking to raise a record $20bn from investors, underscoring continued institutional demand for large multi-strategy hedge funds as the sector attracts increasing allocations from global investors, according to a report by Bloomberg. The target significantly exceeds earlier reports that the firm planned to raise at least $10bn during 2026 and, if successful, would represent the largest capital raise ever completed by a hedge fund. The latest fundraising follows Millennium’s previous capital raise in 2024, when investor commitments reportedly reached $20bn, although the firm ultimately accepted $10bn. Alongside the fundraising, Millennium is also said to be expanding its programme of backing external hedge fund managers. A spokesperson for Millennium reportedly declined to comment on the fundraising plans.