Meteor Asset Management has launched its open-ended Clean Energy fund which allows investors to offset their carbon footprint.
The fund plans to invest in small-scale emerging market renewable energy projects which will generate returns by selling electricity and carbon credits. Each investment will be between €1m and €3m.
It will be managed by Dr Tauni Lanier, who launched the Dow Jones Sustainability indices.
Managing director Graham Devile says the fund differs from other projects in the market because it will take stakes in projects that have both environmental and social benefits.
"We want to invest in projects that will be of benefit to local communities or be an energy generating solution," he says.
Investors can chose from two share classes: an accumulation class or a distribution class which allows investors to offset their carbon footprint.
The fund is an open-ended Protected Cell Company, listed on the Channel Islands Stock Exchange and regulated by the Guernsey Financial Services Commission.
Minimum investment is £20,000 and the fund is available for investment through a SIPP or SASS. The initial charge is 5% with an AMC of 2%. A performance fee of 10% will be levied when the fund returns more than 6% per annum net of all other charges. Exit fees are 8% in year one, 6% in year two and 4% in year three. Commission is available at 3%.
Nexus IFA among first to sign up
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