Inclusive Capital Partners, the fund founded by Jeff Uben, is closing down after a three year run. The activist investor has decided to close down the firm after it struggled to raise new cash, according to a report by Reuters. 

The firm was designed as an environmental and social impact investor that would put money into companies whose businesses address societal needs.Intially, the firm was trying to raise as much as $10bn, the report said.

Citing two people familiar with the matter, the report said that Uben had released a memo informing investors that he would be winding up the fund and returning capital.