Millennium Management, run by the industry giant Israel Englander, is achieving its goal of growing and diversifying thanks to more than $4 billion in new commitments this year.  The funds reportedly are coming from sovereign wealth funds, pensions and other big investors. This is a turn of events for the firm, which earlier this summer had discussed selling a stake to a private equity firm.  The firm clearly has experienced a resurgence since the dark days of the financial crisis, when assets under management fell to $6.9 billion, from a peak of $14.2bn in 2008.  The hedge fund now manages about $12.75 billion, according to a knowledgeable person. Reasons Behind the Sale Discussions. In recent years, Mr. Englander, 62, has had a number of conversations with potential buyers.  On the one hand, its part of a broader plan to create a more institutionalized business rather than a one-man shop.  On the other hand, Mr. Englander would like to monetize his ownership stake, while trying to broaden the firm’s ownership base.  Also, while Mr. Englander has repeatedly said he has no intentions of retiring anytime soon, the firm has been preparing for succession. Fund Raising Success. Millennium success is, in part, attributable to a broad marketing effort that John Novogratz has overseen.  Mr. Englander hired him last year from the former Fortress Investment Group.  Prior to Mr. Novogratz’s arrival, Millennium had no focused marketing team. Operating More Like a Fund of Funds. The firm doesn't have the typical hedge fund incentive to gather an endless supply of assets. Unlike most of its competitors, Millennium does not charge a management fee.  Instead, it charges expense directly to the fund. Millennium also runs a platform model, which means that Mr. Englander and his team allocate cash to more than 100 teams of investors who utilize a variety of trading strategies.  Mr. Englander and other top managers don't typically discuss the themes or invest directly themselves.  Instead, they figure out whom to hire and how much money to give them.  The firm has been successful and suffered only modest losses of during the financial crisis.  So far this year, after a slight drop in August, Millennium has returned 5.5% this year.   [DealBook, 9/8/11]