Hedge Funds

Passport re-opens its $250m equity strategy


San Francisco-based Passport Capital has reopened its global long/short equity strategy to $250 million of new capital. Founder John Burbank runs the strategy, which has produced a net annualized return of 26% since inception in August 2000.

But Passport, which managed just $75 million a year and now runs $600 million, decided in February to close to new investments while it beefed up its investment team and back office. Since then, Burbank has built a team of 14 investment professionals and four operations employees, including chief operating officer David Scully. Scully was formerly with Cannell Capital, also of San