Independent Franchise Partners, which manages equity portfolios, has raised $5 billion for its new hedge fund, Financial News reports. The fund is managed by Hassan Elmasry, who founded the boutique two years ago. The equity portfolio manager will close the fund to new investors before the end of March 2011.The global fund will raise about $5 billion by the time of closing and existing investors will be able to add to their holdings at that time.

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