Jana Partners is set to close one of its hedge funds to new investors and may stop accepting money for its flagship, as well.
The activist hedge fund told investors that its $3.9 billion Nirvana fund would close to new investors on April 1, Pensions & Investments reports. The move will help preserve investor value, Jana said.
The seven-year-old Nirvana fund is a more concentrated version of Jana's flagship Master Fund. The firm added that it may close the Master Fund "at some point in the future, depending on the opportunity set."
Jana manages about $8 billion.