Millennium Management LLC is looking to raise up to $3 billion in capital from investors who would be required to commit a minimum of $25 million to the New York-based hedge fund, Bloomberg News reported June 22, citing a person with knowledge of the matter.

The capital-raising activity of the hedge fund, which is in discussions for the fundraising, would likely last until the first half of 2021, according to Bloomberg's source.

Investors can make a quarterly withdrawal of 5% of their investment, the news outlet quoted the source as saying.