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Alternative Market Briefing Weekly

Opalesque Roundup: Millennium's USD 20bn raise meets a summer of AI-driven stress: hedge fund news
Saturday, August 01, 2026

A record-setting first half gave way to a genuinely turbulent week for hedge funds. The industry's most talked-about story was the near-collapse of Leopold Aschenbrenner's AI-focused fund Situational Awareness, which reportedly fell around 67 percent in July after a sharp reversal in artificial intelligence stocks, prompting a sale of most of its public holdings to Ken Griffin's Citadel. The episode rippled across Asia, where quant funds and prime brokers alike felt the strain, even as multi-manager platforms such as Millennium pressed ahead with record fundraising plans. Below, the week's news from Opalesque.com and the daily Alternative Market Briefing.

EXCLUSIVE Cross Continents launches multi-strategy fund

Bailey McCann reports for Opalesque that Cross Continents has launched a new multi-strategy vehicle giving founder King and his investment team the ability to invest with leverage and trade long and short in a manner similar to single-name equities, but with greater diversification. The launch is the latest example of managers building out platform-style structures to compete with the large multi-manager players.

EXCLUSIVE Global debt capital markets hit new record

New data from LSEG cited by Bailey McCann shows global......................

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