Swiss alternative investment adviser Harcourt has joined forces with Swedish insurance group Folksam and Norwegian insurance group Storebrand to launch a socially responsible fund of hedge funds.
The new fund, the Belair Sustainable Alternatives SRI Fund, was launched with $200 million in seed capital. According to the firm, it offers diversified exposure across markets and hedge fund strategies with the aim of providing long term, stable risk adjusted performance. All underlying products, through a combination of customized managed accounts and bilateral agreements, will adhere to an SRI framework jointly defined by Folksam and Storebrand, and implemented by Harcourt.
“Harcourt is a leading provider of institutional hedge fund solutions. Folksam and Storebrand are pioneers in SRI investing. Jointly, we have been able to create a unique product with leading managers that in the strictest sense fulfils the needs of institutional SRI investors aiming to gain exposure to alternative products,” said Kaj Bergenhill, portfolio manager of alternative investments at Folksam.
“In our commitment to SRI, we were in July proud to sign the UN PRI (United Nation’s Principle of Responsible Investments initiative) as the first hedge fund firm in the world,” says Peter Fanconi, CEO of Harcourt Investment Consulting.
Today, assets managed according to SRI principals are estimated to be worth approximately $4 trillion. A small fraction of those are available in hedge fund form.