Latest news with #Petershill
Business Times
3 days ago
- Business
- Business Times
For just US$1 million, wealthy investors can buy a stake in hedge fund Millennium
[NEW YORK] For just US$1 million, investors are being offered a slice of one of the world's largest hedge fund firms. Goldman Sachs is offering clients a stake in Izzy Englander's Millennium Management for a minimum commitment of US$1 million and as much as US$20 million, according to documents being circulated by the bank. Millennium, which oversees more than US$78 billion, is seeking buyers for a 10 to 15 per cent equity stake in the firm at a roughly US$14 billion valuation. At the higher end of the range, that would mean a US$2 billion money raise, with roughly half coming from Goldman's Petershill Partners unit and the rest coming from Millennium, approaching large institutions, such as existing sovereign-wealth fund clients. The Goldman team has been fanning out to canvass potential investors, including high-net worth clients and even people working at Millennium's main competitors, according to sources familiar with the matter, who asked not to be named as the discussions are private. Millennium and Goldman declined to comment. Tapping Petershill indicates an attempt to broaden out the group of potential buyers from institutions towards wealthy individuals. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Petershill will put the money it raises in a special-purpose vehicle, which will then charge clients a 1 per cent management fee and 10 per cent of carry from the investment vehicle, according to the documents. Institutions buying their stakes directly in Millennium do not pay the additional layer of fees. Millennium's history of consistent returns may draw investors. Since 1990, its hedge fund has lost money in only one year, 2008, when it fell 3.5 per cent. It has made 10 per cent or more in all but nine years. And its clients' money is locked up for five years, limiting the potential for sudden outflows. Englander, 76, founded Millennium in 1989, building his hedge fund into a behemoth with more than 320 investment teams. Millennium has expanded so much in recent years that the company has started giving some of its capital to other hedge funds to manage. Big-name hedge funds have sold stakes in the past. Millennium would be the first hedge fund giant to tap a wider range of buyers. Earlier this year, Verition Fund Management entered into an agreement to sell a minority stake in the firm to Affiliated Managers Group. Last year, Ken Griffin said that he would be open to the possibility of selling a minority stake in Citadel, the multistrategy hedge fund he founded in 1990. BLOOMBERG
Daily Record
20-05-2025
- Sport
- Daily Record
Kevin Rutkiewicz reflects on Arthurlie 'privilege' as he leaves after title success
The former Striling Albion boss joined the club in March and helped lead the Barrhead outfit to the First Division title in the West of Scotland League. Kevin Rutkiewicz says it was a 'privilege' to be managing Arthurlie as he reflected on the club's West of Scotland League First Division (WoSFL) title triumph. 'Lie secured the silverware after drawing 2-2 with Petershill on Saturday, May 10, to bounce back to the top flight after last season's relegation. Rutkiewicz joined the Barrhead outfit in March following Colin Reilly's departure but has now departed the club himself after securing the title with former St Johnstone, Dundee and Drumchapel United player William Dyer taking the helm. Reilly had put 'Lie in a strong position to be promoted and Rutkiewicz took it to the next level with seven wins, two draws and only one defeat in 11 league games sealing their Premier return. 'The one thing you want out of the boys is just them to believe,' he told Arthurlie's social media channels. 'And they've done that. Obviously, the results help, the results have proved that and they've been outstanding. 'Where this team has won a league is character and attitude. That's why we've dug the result [against Petershill] out. It's not about ability or tactics. Toss that out the window. 'It's about character and digging in because we've only played particularly well. We've found a way and that's what good teams do.' Rutkiewicz paid tribute to the efforts of Reilly and says some of the credit for the club's success has to go to the previous management team. When Reilly left, Arthurlie were in fifth place but had seven games in hand on then league leaders Renfrew. Aaron Healy was also singled out for praise by his manager for playing though the pain barrier and producing the pivotal weekend equaliser. Rutkiewicz added: 'Although he's carrying an injury, he's mercurial. He can pop up. "He can beat a man. He can finish a goal and he probably should have more goals, by the way. That's where I'll criticise him. But no, he's been a bit of a fan favourite. He's a local lad. 'He's got fantastic ability. But all that said, there's no Aaron Healy without a team here. The man beside me [Michael MacNeil] is every bit as important as is big [Sean] Docherty, as is Jordan Leyden, as is Ryan Sinclair and Mick McMullen and Marc Waters. 'And I can go on and on. You know where I'm going with this. But to save time I'll miss it! 'To the very last man and even the boys that come in – and they've maybe not played a lot of football – but make no mistake the impact they've had. It's been a good change on them and it's never changed. So, credit to what's happened before we got in. A brilliant squad.'
Bloomberg
08-05-2025
- Business
- Bloomberg
Millennium in Talks With Goldman's Petershill About Stake Sale
Izzy Englander's Millennium Management is in talks with Goldman Sachs Group Inc. 's Petershill unit about helping find buyers to take a minority stake in the hedge fund, according to a person familiar with the matter. Candidates could include some of Millennium's largest investors, the person said, asking not to be identified because the discussions are confidential. Petershill specializes in buying stakes in alternative-asset managers. Representatives for both firms declined to comment.
