Ermitage Launches Green FoHFs

Jun 12 2008 | 11:26am ET

U.K.-based Ermitage Group has launched a niche fund of hedge funds focusing on the growing interest in environmental issues and climate change. Ermitage's Clean Resources Fund, a sister fund to the Resources Fund, has debuted with an initial US$20 million.

The Clean fund is a concentrated portfolio of managers exploiting 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% to 20% returns during bull markets and will aim to protect assets during bear markets, according to the firm.

The “clean” theme has been a sub-strategy within the Resources Fund for almost two years and the firm’s decision to create a pure-play product reflects its view of the opportunities that exist in this emerging space, according to Jonathan Wauton, chief investment officer.

“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,” said Wauton.

The fund charges a 1.5% management fee and a 10% performance fee with a minimum initial investment of €125,000.

Ermitage manages funds of hedge funds, managed accounts and customized products totaling over US$2.8 billion.

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