By Hema Parmar | Updated on Jun 09, 2026 at 06:26 PM
Millennium Management is allocating $800 million to credit-focused Mycor Capital Management, the latest in its spree of parceling out cash to external hedge funds.
The investment, made via a separately managed account, will boost Mycor’s assets to $2.5 billion, according to a person with knowledge of the matter. Millennium’s cash will run alongside Mycor’s credit hedge fund, which is up 5.6% this year through May and has gained an annualized 10.3% since its July 2023 inception, the person said, asking not to be identified because the information isn’t public.
Representatives for Millennium and Mycor declined to comment.
Izzy Englander’s Millennium has led a broader trend among multistrategy hedge funds in investing capital with dozens of third-party hedge funds as it seeks to put its growing assets to work. Millennium now runs nearly $90 billion, roughly double the $45 billion of assets it oversaw in October 2020. Outside hedge funds now represent about 10% of Millennium’s more than 330 investment teams.
The firm’s rivals have also followed suit, with Verition Fund Management, Point72 Asset Management, Balyasny Asset Management and Schonfeld Strategic Advisors increasingly using hedge funds as external pods.
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Stamford, Connecticut-based Mycor trades credit and macro strategies and primarily wagers around bank loans and high-yield bonds. The firm was started by a group of hedge fund executives including PointState Capital co-founder Josh Samuelson and Dan Allen, former president of Anchorage Capital Group. The two are Mycor’s co-chief executive officers.