Passport Capital was set to launch a stand-alone hedge fund on December 1 that expands on an energy component of its $2.2 billion flagship global equity fund, Passport Global Strategy.
The new Passport Energy Strategy was expected to start investing with at least $25 million. The fund has a broad investment mandate that includes alternative energy and exploration companies. Walther Lovato, who together with Laurence Narbut manages the new fund, also runs the energy segment of Passport Global Strategy and the $55 million Passport Rig Strategy, which was launched in March 2006. Passport Global was up an eye-popping