Overview
Passport Capital, LLC (“Passport”) is a global investment firm founded by John H. Burbank, III
that has managed client assets since 2000. In 2020, Mr. Burbank partnered with Ken Wallace to
launch Nimble Partners, LLC (“Nimble”). Mr. Burbank and Mr. Wallace are the principal
officers of Nimble. Nimble facilitates direct investments in certain operating companies with
technology-enabled business models (“Portfolio Companies”), which comprise the majority of
its portfolios. Nimble also facilitates investments in venture capital funds and similar pooled
investment vehicles (“Underlying Funds”), which in turn invest in Portfolio Companies. The
Underlying Funds are generally advised by third-party investment managers (“Portfolio
Managers”). Passport and Nimble share office space, and the Adviser employs 12 full-time
employees.
The Adviser’s business consists of serving as the investment manager of privately offered pooled
investment vehicles (each individually, a “Fund” or “Client” and collectively, the “Funds” or
“Clients”). Investment in the Funds is reserved for sophisticated investors
meeting certain
eligibility requirements. Each Fund is generally governed by an operating agreement (each, an
“Operating Agreement”) and an investment management agreement (each, an “IMA”) with terms
of investment described in a private placement memorandum (each, a “PPM,” and collectively
with the corresponding Operating Agreement, IMA and the Fund’s applicable form of
subscription agreement, the “Fund Documents”). Acting in its capacity as investment manager
of the Funds, the Adviser evaluates, facilitates and disposes of investments on their behalf.
The Adviser tailors its services to each Fund in accordance with the Fund’s mandate, investment
objectives and investment strategies, as set forth in the relevant Fund Documents. Subject to the
relevant Fund Documents, there are no material restrictions on the types of investments or
strategies that the Adviser may employ for a particular Fund.
The Adviser does not participate in any wrap fee programs.
As of December 31, 2023, the Adviser managed approximately $276,500,000 for the Funds, all of
which is managed on a discretionary basis.