New York-based hedge fund firm Jana Partners has made the decision to close its onshore and offshore Nirvana funds to new investors.
According to a letter Jana founder and managing partner Barry Rosenstein addressed to investors that was obtained by Pensions & Investments, the funds will be closed “to preserve investor value. Rosenstein added that the firm may also close its master fund to investors “at some point in the future, depending on the opportunity set.”
Launched in April 2007, the Nirvana funds are the more concentrated versions of Jana’s master fund. The funds co-invest with institutional investors in “select ideas” from the flagship fund in fewer positions that are about 1.5 times or larger than those in the master fund.
An activist hedge fund, Jana has about $8 billion in AuM.