By Rachael Levy

Two former staffers at Izzy Englander’s Millennium Management are launching a new hedge fund.

The New York-based investment firm, Carbon Investment Partners, is scheduled to launch November 1 with $10 million under management.

Lee Bressler, the new firm’s portfolio manager and CIO, and Brandon Bradford, the president and CEO, are behind the launch.

The stock-focused hedge fund is investing in the industrials sector with a focus on bottom-up fundamental analysis, and targeting a net return of 8% to 10% per year, according to marketing documents viewed by Business Insider.

Acorn Growth Partners, an Oklahoma City-based private equity firm focused on aerospace and defense, is backing the new firm, alongside Rick Nagel, Acorn’s managing partner. Acorn plans to add more capital to the new fund later this year, Bressler said.

Bressler and Bradford managed money together at $34.3 billion Millennium from 2012 to 2013, Bressler said. Bradford was a portfolio manager for the materials/industrials sector managing $750 million, and he currently is a partner at Acorn, according to the marketing materials. Bressler said he was a senior analyst.

Bressler was also a vice president and sector head for industrials stocks at hedge fund Sterling Ridge Capital Management from 2014 to 2015, he said.

Sterling Ridge, which has since shuttered, was founded by Rich Schimel, the cofounder of Diamondback Capital. Schimel now heads up Citadel’s Aptigon stock trading unit, which made headlines earlier this year when it poached a team of portfolio managers from fallen rival Visium Asset Management.

Bressler also worked as an analyst at Balyasny Asset Management and as an associate at private equity firm Harvest Partners, according to the marketing materials.

For more on this story go to: http://www.businessinsider.com/lee-bressler-brandon-bradford-of-izzy-englanders-millennium-launch-new-hedge-fund-2016-10?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29