Millennium Management has received more than $30bn of investor commitments for its latest capital-raising initiative, substantially exceeding the $20bn the multi-strategy hedge fund planned to accept, according to a report by Bloomberg citing unnamed people familiar with the matter.

The strong demand highlights continued investor appetite for large multi-strategy hedge funds, even as many of the industry's biggest firms remain closed to new capital or are extending restrictions on withdrawals.

Millennium is expected to finalise about $22bn of commitments on 1 October, according to earlier reports. The firm has also been considering a further $3bn raise for a credit strategy investing in less-liquid assets.

A Millennium representative reportedly declined to comment.

Millennium, which manages about $97bn, is seeking to provide investors with additional ways to gain exposure to its platform of more than 360 trading teams, alongside external managers overseeing part of the firm's capital.

The firm is also exploring additional arrangements involving outside managers, with the aim of replacing some external capital with its own money. The initiative is being led by Millennium president Ajay Nagpal and follows the firm's partnership with Bobby Jain's multi-strategy investment business.

Unlike a conventional hedge fund subscription, investors in Millennium's latest vehicle will not provide the entire committed amount immediately. Instead, the firm plans to draw capital as it needs it, a structure more commonly associated with private equity but increasingly being adopted by hedge fund managers seeking greater certainty over their funding.

Millennium is expected to call around $2bn of the new commitments in October, with the remainder potentially being deployed over the following four years.