Thursday, 23 February 2017
Last updated 4 min ago
Jul 8 2008 | 9:14am ET
The Man Group and an Abu Dhabi government investment fund have launched a US$1.5 billion carbon emissions-reducing fund in the latest joint venture between a Gulf state sovereign wealth fund.
Abu Dhabi’s International Petroleum Investment Co. has committed US$300 million to the new MENA Associated Gas and Global Environment Fund, which will invest in North African and Middle Eastern projects, especially in the United Arab Emirates, that capture associated gas from crude oil production and use it to generate electricity or in other industries. In addition, it will help in the development of the fund. IPIC manages some US$13 billion in global energy investments.
Man Investments’ MTM Capital Partners will manage the fund, with Fluor Corp. serving as technical partners.
“MTM is a leader in environmental investments in emerging markets, ad there is a keen appetite for investments that help protect the environment while aiming for very attractive returns,” Man CEO Peter Clark said.