Passport buys out Capital Z interest


San Francisco-based Passport Capital recently negotiated a buyback of the $50 million of equity held in the firm by anchor investor Capital Z Investments.

The terms of the initial deal, which Capital Z and Passport agreed to in February 2003, called for Capital Z to hold a minority interest in both Passport's management company and its general partner in exchange for seed capital to help get Passport in front of more investors. Now, with a five-year track record and nearly $1 billion under management, Passport feels it is ready to be independent.

Although Capital Z no longer has an