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Responsible Funds, August 24: Allianz considering institutional renewables funds

The round-up of responsible funds news

Allianz Global Investors (AGI) has confirmed that it is considering creating closed-end funds for institutional investors who want to invest in renewable technology. “We are considering entering into this area and working with Allianz Climate Solutions (ACS), which would act in an advising role,” a spokesman said. There were no further details. It comes after Armin Sandhoevel, CEO of ACS, said his firm was looking into fund solutions for investors who wanted a widely diversified renewables portfolio. Parent Allianz has itself invested €1.3bn directly in renewables, including onshore wind farms and solar parks in Germany, France and Italy.
US sustainable funds firm Pax World has renamed its Global Green Fund, which invests in energy efficiency, water infrastructure, waste management and other environmental technologies and services. It will now be known as the Pax World Global Environmental Markets Fund.

Fund firm Australian Ethical says its Climate Advocacy Fund outperformed its benchmark – the S&P ASX 200 benchmark, which fell 4.7% – by 0.7% in the quarter to June 30.

CF Partners, the renewables and energy markets advisory and trading firm, is renaming its CF Carbon Fund II to CFP Energy Ltd, according to a report in HedgeWeek. The change reflects a move into commodities including oil, gas, coal and power. The fund has to date invested in 57 renewables projects in China, South East Asia, India, Eastern Europe and South America.

Singapore: the Armstrong South East Asia Clean Energy Fund has announced its first close at US$65m, with backing from European development finance institutions GEEREF and DEG, and an Asian-based corporation. It is targeting a full fund size of $150m and anticipates making its first deals in the solar and mini-hydro sectors of Southeast Asia’s emerging markets in the next few months.German bank Commerzbank has removed agricultural products from its ComStage ETF CB Commodity EW Index TR, a $145m commodity index fund, according to reports. Lobby group Foodwatch said the move was due to ethical concerns about speculation driving up food prices. It follows similar moves from rivals Deutsche Bank and DekaBank.
Similarly, Austria’s Volksbanken has decided to withdraw investment products that let clients bet on agricultural commodity prices. It was reacting to criticism of its Agrar Rohstoff Garant 2 certificate product.

UK-based investment and advisory firm Ingenious Media Holdings is planning to set up a £250m clean energy fund, according to a Bloomberg report citing company officials. Some 35% of the fund – to start up by the end of September – will be for solar, 30% for wind while 10-15% will go to biomass.

The €4.2m Global Catholic Ethical Balanced Fund from J.P. Morgan Asset Management is to close after failing to attract enough investors, according to the Financial Times. Assets fell short of a $30m threshold outlined in its prospectus, the FT said. Investments in the Luxembourg-domiciled fund were screened by sustainability research firm ECPI.
The 2020 European Fund for Energy, Climate Change and Infrastructure, known as the Marguerite Fund, has reached a final close on its €130m Massangis solar photovoltaic project in France, according to a report in Project Finance.

Lazard has shuttered its activist Korea Corporate Governance Fund, which was launched in 2006. The California Public Employees Retirement System (CalPERS) put in $100m in 2008 but the Ireland-domiciled fund never reached its $600m capacity. De-listing notice.