Millennium Commits $800M to Mycor; AUM Rises to $2.5B

Millennium Management has committed about $800 million to credit manager Mycor Capital, adding a large separately managed account to Mycor’s flagship credit strategy and raising the firm’s assets under management to roughly $2.5 billion.

The allocation will sit alongside Mycor’s existing fund lineup and run in parallel with the firm’s core credit strategy rather than replace it. The account is structured as a separately managed account under terms negotiated between Millennium and Mycor.

Mycor, based in Stamford, Connecticut, focuses on leveraged loans, high-yield bonds and related credit instruments and incorporates macro-driven positions across interest rates. The firm was founded by Josh Samuelson, co-founder of PointState Capital, and Dan Allen, former president of Anchorage Capital Group, who serve as co-chief executives.

Mycor’s core fund returned 5.6% year-to-date through May and has generated annualized gains of about 10.3% since its mid-2023 launch, according to people familiar with the arrangement.

Millennium manages nearly $90 billion and has more than doubled in size since 2020. Industry estimates indicate external managers now account for roughly 10% of Millennium’s investment exposure across more than 330 portfolio teams. The firm has increased allocations to external managers through separately managed accounts to widen access to specialist strategies and expand capacity.

Separately managed accounts allow allocators to place capital directly with an external manager under negotiated terms while preserving the allocator’s internal investment framework.

Neither Millennium nor Mycor provided a public comment on the allocation, according to people familiar with the transaction.

Other large multi-strategy firms, including Point72 Asset Management, Balyasny Asset Management and Schonfeld Strategic Advisors, have expanded partnerships with outside hedge funds to deploy capital across credit, equity and macro strategies.