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Weston Presidio Partners Said to Exit as Firm Cancels New Fund

A group of Weston Presidio partners are leaving to start a new investment business after the 23-year old private-equity firm that was an early backer of JetBlue Airways Corp. and owned AMC Entertainment Holdings Inc. failed to raise a new fund.

Sean Honey and Jeffrey Mills are exiting to start Main Post Growth Capital in San Francisco, and will seek to raise $250 million for its inaugural fund, according to two people with knowledge of the situation. Other Weston Presidio partners joining include Michael Lazarus, Scott Bell and Josh McDowell, said the people, who asked not to be named because it’s private.