Report: Millennium Gives $3B Backing to Startup Healthcare Hedge Fund

Millennium Management is yet again turning to an external manager, this time providing $3B to Aaron Weiner, who previously led healthcare and tactical solutions at Coatue Management, Bloomberg reported January 8, citing people familiar with the matter.

Weiner has formed Atlantic Wolf Capital, a healthcare-focused, long-short equity shop, and will exclusively manage money for Millennium, Bloomberg reported. It is the latest in a series of recent moves by Millennium of adding external managers to augment its own capabilities. In November and December of last year, Izzy Englander’s hedge fund reportedly doled out over $5B to be managed by three different managers, as previously covered by Dakota.

It comes at a time when Millennium is also reportedly open to taking its first outside equity investment, with BlackRock in November reportedly in the early stages of discussions to take a minority stake in the $70B hedge fund manager. 

Weiner began his career in the investment banking group at Goldman Sachs in 2015 before spending four years at Blackstone and then another four at Coatue. According to Bloomberg, he will be the sole portfolio manager at Atlantic Wolf, which intends to start trading in the current quarter and have more than 10 employees by year-end.