Sunday, 23 April 2017
Last updated 1 day ago
Nov 30 2009 | 2:54am ET
Asia’s largest hedge fund firm is going green. Sparx Group is planning a new vehicle to invest in environmental technologies as it strives to turn things around following its first-ever annual loss.
The Tokyo-based firm, which manages about ¥650 billion, plans to raise ¥20 billion for the fund as soon as January. It will invest in between 20 and 30 Japanese companies, as well as an investment partnership led by Japan Wind Development Co., into which it will pour ¥1 billion. The fund will focus on “smart grid technologies,” Bloomberg News reports.
“Our biggest challenge going forward is how we rebuild our investment strategy on Japan; it’s the key to our revival,” CEO Shuhei Abe told Bloomberg. “And we have embarked on an investment plan for a future green energy society—those with the technology will survive.”
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