-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LnZVO8iDmMakZQctZ5ZCQPYFSUOEX4g2jOcivYJcWy9zLCxYdcXrZvE/1QIgMsKx
 GyDnUHPIcFo54JuVURLIzw==

<SEC-DOCUMENT>0001480596-10-000003.txt : 20100114
<SEC-HEADER>0001480596-10-000003.hdr.sgml : 20100114
<ACCEPTANCE-DATETIME>20100114144612
ACCESSION NUMBER:		0001480596-10-000003
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100114
DATE AS OF CHANGE:		20100114
EFFECTIVENESS DATE:		20100114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Passport Real Return Fund, LP
		CENTRAL INDEX KEY:			0001480596
		IRS NUMBER:				611577982
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-137841
		FILM NUMBER:		10527284

	BUSINESS ADDRESS:	
		STREET 1:		30 HOTALING PLACE, SUITE 300
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		415-321-4600

	MAIL ADDRESS:	
		STREET 1:		30 HOTALING PLACE, SUITE 300
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Passport Real Return, LP
		DATE OF NAME CHANGE:	20100111
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001480596</cik>
        <entityName>Passport Real Return Fund, LP</entityName>
        <issuerAddress>
            <street1>30 HOTALING PLACE, SUITE 300</street1>
            <city>SAN FRANCISCO</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>94111</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>415-321-4600</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Passport Real Return, LP</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>Howard</middleName>
                <lastName>Burbank</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 Hotaling Place</street1>
                <street2>Ste. 300</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Burbank serves as Managing Mem to Passport Capital, LLC  (Capital) (which serves as Investment Advisor to Passport Real Return Fund (the Fund). Also, Capital is managing member to Passport Holdings, LLC which serves as General Partner to the Fund.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$25,000,001 - $50,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>10000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>30000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Total amount sold only reflects initial subscriptions and does not include effect of redemptions/withdrawals or performance.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Passport Capital LLC (PC) or an affiliate of PC receive management fees and incentive fees from this fund as a percentage of investors capital and percentage of performance.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Passport Real Return Fund, LP</issuerName>
                <signatureName>Joanne Cormican</signatureName>
                <nameOfSigner>Joanne Cormican</nameOfSigner>
                <signatureTitle>Chief Financial Officer</signatureTitle>
                <signatureDate>2010-01-14</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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