(Bloomberg) -- Diego Megia, a former senior money manager at Millennium Management, is in talks to top up the $5 billion he raised earlier this year in one of the biggest ever hedge fund launches.
Taula Capital Management is reopening to take another $1 billion, according to people with knowledge of the matter. The new cash will be raised between December and March from existing investors, the people said, asking not to be identified because the information is private.
The fresh fundraise would give Megia’s firm more capital than Bobby Jain’s hedge fund, whose $5.3 billion raise earlier this year made it the biggest launch since ExodusPoint Capital Management — led by Michael Gelband, another Millennium alumnus — debuted in 2018 with $8 billion.
A representative for Taula declined to comment.
Money managers like Megia are part of a small group of soloists able to win backing from clients who are largely flocking to multistrategy hedge funds and their teams of traders. Multistrats now have so much capital they’ve become a source of funding for many such startups.
Taula’s initial capital included $3 billion from Izzy Englander’s Millennium, which is increasingly tapping external hedge funds to help manage some of its $70.2 billion in assets. Millennium has allocated money to several other funds including Delta Global Management and Lorenzo Rossi’s Kedalion Capital Management.
Such arrangements make up less than a 10th of Millennium’s teams of traders, and many of the outside groups manage money exclusively for the firm, Bloomberg News has previously reported.
Before launching Taula, Megia joined Millennium in 2019 from Citadel, where he had been hired in 2017 to lead and build out a global government bond trading team. At his own firm, he’s focused on macro, fixed-income relative value and inflation-risk trading.
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