Hedge Funds

Passport offers best ideas fund

by

Passport Capital on May 1 introduced a highly concentrated, high-conviction fund with $100 million from anchor investor Goldman Sachs.

Passport Special Opportunities Fund, managed by John Burbank, Jim Cunningham and Walther Lovato, will invest in 15 to 25 of the ideas in which they have the highest conviction in both private and public markets, according to a recent letter to investors.

"Over the years, we've done a number of these investments: Reliance Capital, subprime mortgage CDS, several private renewable energy investments and a number of investments in mining companies," Burbank writes.

The new fund, also known as Passport Plus, will