PRINT THIS PAGE Ermitage launches Clean Resources Fund12/06/2008. Source: AltAssets.
European alternative asset management Ermitage Group has launched a new fund of hedge funds, the Clean Resources Fund, with an initial $20m investment. The fund will act as a sister fund to Ermitage's established Resources Fund, targeting opportunities within alternative energy, including resource and energy efficiency, energy technology, clean power generation, greenhouse gas management, water and waste management. The fund will be an equity-centric product targeting 16-20 per cent when markets are in a bull market phase and will aim to protect assets during bear markets, according to a statement.
Jonathan Wauton, CIO, said, 'Ermitage's Clean Resources Fund is the latest in a series of high performance targeting fund of funds, specifically created to capitalise on strong and long term market opportunities. This fund has the additional benefit of investing within a market sector with a strong ethical appeal. The 'clean resources' theme has been a sub-strategy within our Resources Fund for almost two years and our decision to create a pure play clean resources product reflects our view of the opportunities that exist in this emerging space.
'This is a rapidly evolving sector, and by focusing on best of breed asset managers, the fund will seek to be aligned with the latest developments - including global climate change policies and technologies. With the number of new strategies and fund launches in this sector, we would expect the overall outlook for the fund to be extremely positive,' he added.
Ermitage has over $2.8bn of assets under management, with offices in Jersey, London and New York.
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