Rosenstein’s Jana Sells 20% Stake to Neuberger’s Dyal

Jana Partners sold a 20 percent stake in the hedge fund firm to a private equity fund run by Neuberger Berman Group.

Jana, run by Barry Rosenstein, told investors in a letter that Dyal Capital Partners is taking a passive interest. The money will be reinvested in New York-based Jana’s funds, according to the letter.

Jana, which was founded in 2001, has grown to oversee more than $11 billion and specializes in event-driven strategies, including taking stakes in companies and urging management to make changes to boost the share price. The firm has five partners including Rosenstein, who owns between 25 percent and 49.9 percent of the firm, according to a regulatory filing with the Securities and Exchange Commission.

The sale was earlier reported by the Wall Street Journal.

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