Och-Ziff Invests In Carbon Emissions Firm

Aug 20 2008 | 1:39pm ET

Hedge fund Och-Ziff Capital Management Group is digging deep to go green.

The New York-based firm has agreed to invest up to $500 million in projects to bury greenhouse gases run by emissions credit company Blue Source. Och-Ziff has also taken a 10% stake in Salt Lake City, Utah-based Blue Source.

“We are excited to be able to jointly build a carbon asset business with Blue Source,” Och-Ziff founder Daniel Och said in a statement. “We consider the firm and its principals to have a unique leadership position in the industry.”

“To us, it’s pretty dramatic,” Blue Source CEO Bill Townsend told Bloomberg News. “We think that this will probably fund us for the next three years of investments.”

Blue Source will put the money into projects that pump greenhouse gases into underground storage facilities, including abandoned oil wells and saltwater aquifers.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...