Two commodities hedge funds are seeking to raise a collective $1.4 billion in assets after their founders' previous fund was shut down by Millennium Management last year. The new funds represent a significant comeback attempt by the former Millennium traders who lost their platform when the firm decided to wind down their operations.

The founders' departure from Millennium marks a notable shift in the commodities trading landscape, as the firm had been a major player in the space. Millennium's decision to close the original fund came amid broader industry challenges, including volatile commodity markets and increased regulatory scrutiny that has pressured many trading operations.

This fundraising effort signals the founders' confidence in their trading strategies despite the setback. The $1.4 billion target suggests they believe institutional investors will back their new venture, though they face the challenge of rebuilding trust and performance after the Millennium closure. The success of these funds could determine whether other traders might follow similar paths after being displaced from larger platforms.