Lorenzo Rossi’s London-based hedge fund Kedalion Capital Management is preparing to open to outside investors for the first time since securing backing from Izzy Englander’s Millennium Management, according to a report by Bloomberg.

The report cites unnamed people familiar with the plans as revealing that Kedalion is exploring a $1bn capital raise once its trading exclusivity agreement with Millennium expires next year.

Rossi – a former LMR Partners Portfolio Manager – launched the relative value-focused fund in 2022 with Millennium’s support, and currently oversees $1.6bn with gross exposure of $53bn, SEC filings show.

Millennium's original backing is part of a broader trend of multi-manager platforms seeding external funds to deploy capital and secure top talent. Such partnerships often involve three-year exclusivity periods before managers can tap third-party investors.