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The 89-year old cited concerns over his health as the reason for the closure, according to CNBC.
Beginning to close the doors on the fund I ran for over 20 years. Not going anywhere, just making new plans and setting new priorities. Can't wait for what lies ahead. https://t.co/odfZWZA16r
— T. Boone Pickens (@boonepickens) January 12, 2018
“Health-wise, I’m still recovering from a series of strokes I suffered late last year, and a major fall over the summer,” Pickens provided in a letter regarding his decision, which he’s published on career website LinkedIn.
“If you are lucky enough to make it to 89 years of age like I have, those things tend to put life in perspective,” his letter continued.
— Bloomberg Markets (@markets) January 12, 2018
Pickens ran BP Capital since 1996, promising, while the fund will be closing, he won’t be going anywhere:
“It’s time to start making new plans and setting new priorities,” Pickens wrote further in his letter.
He will reportedly continue in his role as owner and investor in TwinLine and TriLine, two other companies he started.
Pickens said he’ll focus his energy on recovering his health, as well as philanthropic and entrepreneurial investments.
“As this chapter closes,” his letter concludes, “I couldn’t be more excited at what lies ahead.”