Joho Capital Hedge Fund Said to Shut After 18 Years

Jan 31, 2014 12:26 am ET

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Jan. 30 (Bloomberg) -- Joho Capital LLC, Bob Karr’s $5.1 billion hedge-fund firm, told clients it’s liquidating after 18 years, according to two people with knowledge of the matter.

Joho, based in New York, will return all outside money by the end of March and turn into a firm that manages Karr’s personal wealth, said the people, who asked not to be identified because the information is private.

Joho traded equities in Japan, China, Korea and other Asian markets, according to a government filing last year. Karr, 51, who previously worked at Julian Robertson’s Tiger Management LLC before starting his firm in 1996, plans to spend more time on philanthropy, focusing on education for underprivileged children in New York, one of the people said.

Michael Schwartz, Joho’s compliance officer, declined to comment.

The firm’s Joho Partners LP fund gained 30 percent last year, according to an investor update. Equity hedge funds climbed 11 percent in 2013, according to data compiled by Bloomberg. Japan’s benchmark stock index, the Nikkei 225 Stock Average, soared 57 percent.

Joho managed two hedge funds with assets of about $4.9 billion as of Dec. 31, according to the investor update. The firm also ran two other funds that bet on rising prices and had about $243 million.

--Editors: Christian Baumgaertel, Sree Vidya Bhaktavatsalam