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Neuberger Berman Buys Jana Partners

Neuberger Berman Buys 20% Stake in Hedge Fund Firm Jana Partners

Jana Partners LLC, a New York based hedge fund managed by Barry Rosenstein, has sold 20 percent in firm to Dyal Capital Partners, a unit of investment manager Neuberger Berman.
The deal, with Neuberger’s Dyal Capital Partners, values New York-based Jana at roughly $2 billion, according to a person familiar with the matter. Jana, which manages more than $11 billion, is known for buying stakes in companies and then seeking to work with management as it pushes for change.
Activists have long been Wall Street outsiders, criticized as brash speculators more interested in a quick profit than the long-term success of their corporate targets. But in recent years they have attracted large flows of money from institutions as some firms have dialed back the vitriol and delivered performance outpacing other hedge funds.
The stake sale gives Jana, one of the biggest activist funds, a stamp of approval from an established investment manager as well as more money to invest. The stake is passive, meaning Dyal won’t have a say in Jana’s operations, according to a Jana investor letter.
Source: Wall Street Journal

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