With the Jain Global tie-up, Izzy Englander's Millennium proves it is in a league of its own

Izzy Englander's firm has become one of the industry's most important allocators. Ronda Churchill/Bloomberg

Izzy Englander's Millennium has evolved into one of the industry's most important allocators.

The firm's planned deal to bring Jain Global under its umbrella is the latest example.

Millennium, which sold a stake of itself last year, has become more institutional than ever.

Millennium — the biggest hedge fund employer and one of the biggest backers of new funds — is increasingly in a category of its own.

The manager, founded and still run by Izzy Englander, invests more than $84 billion across hundreds of investing teams.

The firm's planned absorption of Jain Global — a buzzy fund from Millennium's former investing head Bobby Jain that launched less than two years ago — is the latest example of how Englander's firm has evolved into something more closely resembling private equity giants or publicly traded…