Funds update: Legal & General, Financial Risk Management, Fleming private equity
Legal & General partners with Osmosis to launch environment fund, FRM’s Sigma CTA fund of funds doubles assets in a year, Fleming Family & Partners to raise further capital following close of private equity fund.
Global Environmental Enterprises Fund
Teaming up with low carbon specialist investment firm Osmosis, Legal & General has launched a fund aimed at capitalising on firms seeking to develop environmental efficiency.
The Global Environmental Enterprises Fund is passively managed, and uses the Osmosis Climate Solutions index as the basis of its portfolio, which includes 100 firms listed globally.
Using thematic exposure, the fund’s portfolio is divided into three main sectors: energy efficiency and management, low carbon energy production, water, waste and pollution control.
Legal & General’s managing director Simon Ellis said those markets are creating revenue of $700bn, forecast to grow to $2.2trn by 2020.
FRM Sigma CTA fund of funds
Financial Risk Management’s Sigma commodity trading advisors (CTA) fund of funds has doubled its assets in the 12 months up to April 2011, and is on course to hit $1bn in AUM by the end of the year, the firm said.
Since the fund’s inception in November 2005, it has generated total net returns of over 103%, including net return of 17.5% in 2010 and 36.4% in 2008.
Sigma invests in an active basket of CTAs using managed accounts, allowing Financial Risk Management to dynamically adjust allocations to maximise performance, the firm said.
FF&P Investor 3 LP
Fleming Family & Partners’ private equity business has closed its third Club fund for the first time, and plans to use the capital raised to offer further investment opportunities.
The fund, FF&P Investor 3 LP, has raised £47mn, from 56 private investors and a single institutional investor. The amount includes funds provided by Fleming Family & Partners and its clients.
The fund’s capital will be reinvested in growth companies for development or smaller buy-outs. The fund will seek individual equities of between £3mn and £10mn.
Investors will also be able to invest alongside the fund. It will open for a period of 12 months.
Fleming Family & Partners private equity division has funds under management of approximately £200mn.