Billion-Dollar Hedge Fund Startups Rise to Pre-Pandemic Levels

The biggest new hedge funds are raising more money, at levels not seen since before the pandemic, and the 2024 crop could include one of the largest startups in years.

At least four new firms are poised to eclipse $1 billion by year-end, collectively bringing in at least $6.5 billion from investors, according to people with knowledge of the fundraising activities.

Next year is shaping up to be even bigger.

Former Millennium Management executive Bobby Jain is considering opening a multi-manager, multi-strategy fund in the second half of 2024. If he makes the leap, the launch could rival that of ...