Joho Capital told clients it is closing shop after 18 years in business.
Bloomberg reported that the New York-based hedge fund firm, which will return money back to investors by the end of March, will transition into a family office. It will solely focus on managing the personal wealth of Joho founder Bob Karr.
The article added that Karr plans to spend more time on philanthropy endeavors focusing on education for underprivileged children in New York after the firm’s closure.
Joho manages about $4.9 billion in assets as of December 31, 2013.