Harpswell Capital Management is gearing up to launch an offshore market neutral hedge fund focused on energy, utilities and basic materials.

The new offering mirrors the Villanova, Penn.-based firm’s existing onshore fund, which launched in March 2007.

“We are pleased with the robust interest in creating an offshore fund” said Jack Moore, managing director and portfolio manager at Harpswell. Moore was previously a portfolio manager at another hedge fund and a principal at Vanguard.

As for the fee structure, Moore said that the firm is grandfathering in all initial investors under the current structure, which is 1% for management and 20% for performance. The firm is planning to reevaluate its fee structure for new investors.