Man Investments has announced the launch of a new investment manager specialising in financing environmentally-related projects, Man Environmental Capital Opportunities (Man ECO).
Man ECO is seeking to capitalise on investment opportunities arising from responses to environmental concerns, such as climate change, energy security and energy-related technological innovation. Nick Wood, a member of the Management Committee of Man Investments, with more than 14 years experience in the investment industry, heads the new manager.
With headquarters in London, Man ECO joins the Man Investments' stable of core investment managers. It creates and manages private equity-like structures with an emphasis on owning physical assets in the field of environmental finance.
The launch of Man ECO follows the successful close of a pioneering greenhouse gas fund which raised EUR400mn (around USD600mn). The China Methane Recovery Fund (CMRF) closed in December 2007.
The project, believed to be the largest of its kind, aims to extract methane gas from coal mines in the Shanxi province in China and use it to generate electricity and carbon credits, under the stipulations of the Kyoto Protocol.
Nick Wood announced that the fund-raising had been "a great success, particularly during the uncertainties of the past six months".
He added that it supported the belief of Man ECO that investors were keen to support projects offering strong return potential while dealing with environmental problems in an innovative and tangible way.
He added that: "Man ECO will source and originate direct private capital investment funds based on environmental issues in various parts of the world. Investing in projects that benefit the environment is becoming more and more popular and we see great opportunities to benefit investors and our natural world together."
Man ECO already has plans for more projects of this type, it revealed, and will soon announce details of new investment opportunities to support the enterprises.
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