Jana To Close Nirvana Funds To Investment, May Shut Others

Apr 30 2014 | 2:00pm ET

Jana Partners will close its Nirvana hedge fund to new money—and may block inflows to its other funds, it told investors.

“Given the significant growth in our capital base in recent years it would be prudent to close our Jana Nirvana funds to outside investment,” the firm wrote to clients. “We will also continue to monitor the capital base of our Jana Partners funds, which may close as well in the near future.”

Nirvana’s assets have grown to $4.7 billion. The fund debuted in 2007.

The closing isn’t the only thing that has Jana in the news this week: Firm founder Barry Rosenstein announced at the Milken Institute Global Conference yesterday that he rejects Pershing Square Capital Management’s allegation that nutritional supplements company Herbalife is a pyramid scheme. Sitting on the same panel at the conference, ValueAct Capital Partners Jeffrey Ubben also dismissed Pershing Square chief William Ackman’s charges.

The two also discussed the future of hedge-fund activism: Rosenstein said he expects smaller firms to close or consolidate, while Ubben said targets of firms like his might want to fight back.

“They’re rolling over a little too easily right now,” he said. “Companies might want to push back a little more because there is some bad behavior going on.”

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