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
