Bluebell Capital Partners, an activist investment firm based in London known for its campaigns against various major corporations including BP, is discontinuing its hedge fund.

The firm plans to return capital to its external investors and will focus on its activist investment strategy through co-investment opportunities and advisory services.

Bluebell’s commingled fund, which pooled investments from multiple sources, reportedly managed assets ranging between €100 million and €200 million. Despite achieving an approximate annual return of 7% since its inception in 2019, the firm stated that the overall fund size was insufficient to warrant the significant administrative expenses.

Although relatively small, the activist firm has achieved several notable successes during its brief tenure. It played a pivotal role in the removal of the chairman of Danone, the renowned French food company, and successfully prompted the exit of Mark Langer as CEO of Hugo Boss.

Giuseppe Bivona, one of Bluebell’s co-founders, explained the rationale behind dissolving the fund: “We have been engaged in activist work for over a decade using various strategies. The commingled fund has not been the primary driver of the majority of our campaigns. It represents the most complex regulatory requirements and incurs higher administrative costs.”

Nevertheless, Bivona affirmed that Bluebell will persist in its endeavors through co-investment strategies and advisory mandates. “We have been conducting activism for many years without managing a fund, and we intend to remain a significant player in the activist investment arena,” he noted.

The hedge fund was co-founded in 2019 by Marco Taricco, Francesco Trapani, and Bivona.

This year, the firm urged oil giant BP to reconsider its pledge to reduce fossil fuel production. Additionally, Bluebell was among several shareholders that pressed Reckitt Benckiser, the large FTSE 100 consumer goods company, to split its hygiene and health sectors from the rest of its business.

Earlier this year, a campaign led by Bluebell was unsuccessful against BlackRock concerning Larry Fink’s dual role as chair and CEO of the investment firm.

Beyond corporate boardroom changes, Bluebell Capital has advocated for broader reforms. Last year, it successfully urged Vestas Wind Systems, a manufacturer of wind turbines, to assume full control of its offshore division. In 2021, it acquired a stake in commodities heavyweight Glencore, advocating for the separation of its thermal coal division.