JANA Partners announced Tuesday it will close its two flagship long/short equity hedge funds, JANA Partners and JANA Nirvana, and concentrate on its longer-duration activist hedge fund JANA Strategic Investments and a new impact-investing hedge fund that will launch later this year.
"We will transform into a firm solely dedicated to our core competency of shareholder engagement," said Barry S. Rosenstein, founder, managing partner and co-portfolio manager, in an investor letter obtained by Pensions & Investments.
Mr. Rosenstein went on to say the firm's shareholder activism is "where we have delivered our best returns for investors, developed a genuine competitive advantage, made our mark on numerous industries and where we see our future and best opportunity set."
Investors in the flagship funds can redeem their assets or invest in JSI or the firm's new strategy, the letter said.
Assets managed in JSI total $1.5 billion.
JANA reported regulatory assets under management, including leverage, of $5.3 billion, as of Dec. 31, 2017, according to the firm's most recent ADV filing with the Securities and Exchange Commission.