Kleinwort Benson Channel-Islands administers fund to invest in clean technology in Republic of Tatarstan

February 21st, 2012 by Kleinwort Benson

Kleinwort Benson’s Channel Islands-based fund administration business has been appointed administrator for a landmark €200 million fund that aims to invest in clean energy technology projects in a bid to boost Russia’s economy.

Kleinwort Benson (Channel Islands) Corporate Services Limited has helped Germany-based Wermuth Asset Management (“WAM”) to successfully launch the Tatarstan Clean Tech Fund LP (the “Fund”), the first international Clean Tech fund with a specific mandate to focus on the Russian Federation, and in particular the Republic of Tatarstan.

The term sheet to establish the Tatarstan Clean Teach Fund was signed in the presence of Chancellor Angela Merkel and President Dmitry Medvedev at the German-Russian government consultations on 19 July 2011 in Hanover. (click image to expand - image courtesy of Kleinwort Benson)

A high profile Fund, it was established and signed in the presence of Chancellor Angela Merkel and President Dmitry Medvedev at the German-Russian government consultations last year in Hanover.

The Fund has been seeded with €110 million from WAM and the Republic of Tatarstan, with a target fund size of €200 million.

In support of the Russian Government’s focus on energy saving measures, the Fund will invest primarily into medium and small-size companies from Russia, Europe and United States that have a proven track record within clean energy technology, on the proviso that they base their operation in Russia, particularly the region of Tatarstan.

“Kleinwort Benson has more than 20 years’ experience in Private Equity funds, and administers a number of other Jersey domiciled funds which operate in the Russian Federation,” said Kerry Sunter, Head of Channel Islands Fund Operations at Kleinwort Benson.

“Wermuth Asset Management has been a client of Kleinwort Benson since 2007 and we administer a portfolio of a number of their open and closed ended funds, including Quant type funds. Russia is seen as growth area by the industry and boasts one of the most dynamically developing and attractive economies in the world.”

Simon Pascoe, Emily Haithwaite and Richard Le Liard of Bedell Cristin acted as Jersey legal counsel on Tartarstan Clean Tech Fund L.P., Grant Thornton has been appointed as auditors.

The Directors of the general partner to the fund are Kerry Sunter of Kleinwort Benson, Natalie Sullivan and Andrew Wignall.

 

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