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Dyal Sues Rosenstein’s Jana Over Divided Attention at Fund

  • Neuberger Berman unit claims fund failed in oversight duties
  • Suit highlights risks of investing in PE, hedge fund managers
Barry Rosenstein
Barry RosensteinPhotographer: Andrew Harrer/Bloomberg
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Jana Partners LLC, the activist fund founded by Barry Rosenstein, failed in overseeing its day-to-day operations, the Dyal unit of Neuberger Berman said in a lawsuit that highlights a risk of investing in private equity and hedge fund managers.

Dyal Capital Partners, the largest investor of its kind to take interests in these firms, took a 20% stake in Jana in 2015. The Neuberger unit generally expects fund managers to stay actively involved for the duration of its investment.