Greenwich hedge fund manager David Stemerman is shutting down his Conatus Capital Management to pursue the 2018 Republican nomination for governor of Connecticut.

According to a Bloomberg report, Conatus Capital launched in 2008 and manages $1.6 billion. In a letter to investors, Stemerman said Conatus will return 95 percent of its client money by Dec. 22, adding that he would back a new fund run by Amir Mokari, his consumer sector head, that is scheduled to open in January.

The 48-year-old Stemerman also explained to his investors why he was pursuing politics.

“Connecticut – home to my family and business – is in crisis,” he wrote. “I believe that too many of our leaders do not understand the challenges we face, nor do they have a strategy for the path forward. I am deeply concerned that a small number of people in our state are thriving while many are struggling to make ends meet.”

Before launching Conatus, Stemerman was a partner and portfolio manager at Lone Pine Capital LLC. Prior to that, was an analyst at both Ulysses Management, the successor firm to Odyssey Capital, and HPB Associates.