Activist hedge fund Orange Capital will liquidate and return approximately $1 billion to investors, according to a letter sent by the fund’s founders.  Founded in 2005, Orange focused on concentrated investments in the equity, debt, and secured loans of event-driven opportunities, seeking returns that were largely uncorrelated to the overall markets. The fund returned 12.1% net of fees from inception through the end of 2013, but has performed poorly since. It was down 9% in 2015, according to the Wall Street Journal citing an unnamed person familiar with the matter.  The investor letter did little to assuage recent concerns about...