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Ben Goldsmith launches Menhaden green investment trust Ben Goldsmith launches Menhaden green investment trust
(about 3 hours later)
Ben Goldsmith, brother of conservative MP and environmental campaigner Zac Goldsmith, is floating an investment fund backed by high-profile business figures to invest in green businesses. Ben Goldsmith, brother of Conservative MP and environmental campaigner Zac Goldsmith, is floating an investment fund backed by high-profile business figures to invest in green businesses.
Menhaden Capital will target business opportunities that specialise in saving resources such as energy and water or cutting waste.Menhaden Capital will target business opportunities that specialise in saving resources such as energy and water or cutting waste.
The investment trust will raise £150m by selling shares on the London stock exchange at the end of July. It has already attracted investors who will invest about £80m, including Deborah Meaden of the BBC’s Dragons’ Den; Tom Singh, the founder of New Look; and Louis Bacon, the hedge fund billionaire. The investment trust will raise £150m by selling shares on the London Stock Exchange at the end of July. It has already attracted investors who will invest about £80m, including Deborah Meaden of BBC’s Dragons’ Den; Tom Singh, the founder of New Look; and Louis Bacon, the hedge fund billionaire.
The investment committee, comprising Goldsmith and two former bankers, Alex Vavalidis and Graham Thomas, will be overseen by a board of directors led by Sir Ian Cheshire, the former chief executive of Kingfisher.The investment committee, comprising Goldsmith and two former bankers, Alex Vavalidis and Graham Thomas, will be overseen by a board of directors led by Sir Ian Cheshire, the former chief executive of Kingfisher.
Goldsmith said investment in green projects was no longer an act of faith and that there were many opportunities to make good returns from backing environmental businesses. He said: “In a resource-constrained world, efficient resource use and profitability are now wholly complementary. We are at a turning point where transformational resource dynamics have resulted in fundamental changes to the supply and demand for efficient energy resources, and a permanent shift in their value.”Goldsmith said investment in green projects was no longer an act of faith and that there were many opportunities to make good returns from backing environmental businesses. He said: “In a resource-constrained world, efficient resource use and profitability are now wholly complementary. We are at a turning point where transformational resource dynamics have resulted in fundamental changes to the supply and demand for efficient energy resources, and a permanent shift in their value.”
An investment trust is a company set up with the purpose of buying shares or other assets. The company’s shares are listed on the stock market. A menhaden is an ecologically important fish that filters out impurities in the ocean’s waters and is a food source for predators.An investment trust is a company set up with the purpose of buying shares or other assets. The company’s shares are listed on the stock market. A menhaden is an ecologically important fish that filters out impurities in the ocean’s waters and is a food source for predators.
The Menhaden trust will make between 20 and 25 investments, mainly in developed markets, that are likely to include shares in companies and stakes in long-term assets such as infrastructure. Likely business areas include power generation, energy efficiency and storage, and industrial processes, waste and water management. The Menhaden trust will make between 20 and 25 investments, mainly in developed markets, that are likely to include shares in companies and stakes in long-term assets such as infrastructure. Likely business areas include power generation, energy efficiency and storage, and industrial processes, and waste and water management.
Goldsmith, 34, is Sir James’s youngest child. His brother, Zac, is a Conservative MP and his sister is the campaigner Jemima Khan. Sir James was known as a ruthless corporate raider but his sons have used their wealth and influence to promote environmental causes.Goldsmith, 34, is Sir James’s youngest child. His brother, Zac, is a Conservative MP and his sister is the campaigner Jemima Khan. Sir James was known as a ruthless corporate raider but his sons have used their wealth and influence to promote environmental causes.
Ben Goldsmith is the founder of WHEB, an investment firm focused on energy efficiency, clean technology and sustainable development .Ben Goldsmith is the founder of WHEB, an investment firm focused on energy efficiency, clean technology and sustainable development .
Menhaden will charge investors a 1.25% management fee each year for the first £150m of investment and 1% on any further amount. There is also a potential 10% performance fee. The trust is open to retail investors who have a professional adviser.Menhaden will charge investors a 1.25% management fee each year for the first £150m of investment and 1% on any further amount. There is also a potential 10% performance fee. The trust is open to retail investors who have a professional adviser.