Jane's taking part in Henley regatta (4)
I believe the answer is:
eyre
'jane's' is the definition.
(I have seen 'Jane of novel ' mean 'eyre' so perhaps 'jane' could also mean 'eyre')
'part in henley regatta' is the wordplay.
'part in' says the answer is hidden in the clue.
'EYRE' can be found hidden inside 'henley regatta'.
'taking' acts as a link.
(Other definitions for eyre that I've seen before include "Charlotte Bronte wrote 'Jane . . . .'" , "SECOND PART OF 20" , "See 1" , "See 17 Across" , "Galway square" .)