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Passport Capital has so far raised more than $27 million for a new co-investment vehicle, Passport Partners, according to a regulatory filing. Passport Partners will invest in private companies, according to a knowledgeable source. It requires a $1 million minimum investment. The San Francisco-based firm founded by John Burbank III currently manages $3.5 billion, according to its website.
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Most hedge fund managers believe there is much ado about nothing when it comes to the JOBS Act. According to a survey conducted by London-based Preqin, 50 percent of U.S. managers feel the act, which permits hedge funds and other private partnerships to advertise and promote, will have no significant impact on the industry. "Many managers believe that the audience they target -- for many hedge funds managers, large accredited institutional investors -- is better reached through traditional methods of connecting and building relationships rather than through mass marketing," Preqin notes in its monthly...