Former Millennium trader launches new fund, seeks to raise $1.4 billion

Investing.com – Two new commodity hedge funds are seeking a total of $1.4 billion in funding, after Millennium Management terminated support for its founder’s previous fund last year.

Les Finemore and Al Fullerton launched Moreton Capital Partners, aiming to raise $1 billion. The fund will combine quantitative research and artificial intelligence to trade in the commodities market, Finemore told Bloomberg.

Adam Davis of Farrer Capital Management Pty said he is seeking to raise $400 million for a new fund focused on agriculture.

The three previously worked together at Farrer, which received $500 million from Millennium when it launched in 2024. Millennium withdrew its support last year.

Finemore stated that investor interest in the sector is strong, with investors from North America, the Middle East, and Europe showing interest.

“The global system is highly fragmented. Supply chains are regionalizing, and geopolitical tensions are still present. This presents many opportunities for us,” he said.

Moreton is headquartered in Abu Dhabi and Mexico City and will have over 10 employees, Finemore said. The target clients are sovereign wealth funds and institutional investors, with assets potentially growing to $3-4 billion. The fund will utilize artificial intelligence to systematize fundamental trading.

Davis is Farrer’s Chief Investment Officer and previously led commodities at Merricks Capital. His goal is to raise $200 million for Farrer’s new agriculture-focused fund by the end of the first quarter, with a total of $400 million by year-end.

The fund will trade physical commodities as well as exchange-traded and over-the-counter derivatives, with six employees based in Melbourne.

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