New Fund Of Funds To Focus On Pure-Play Cleantech Investments

Date: Tuesday, February 17, 2009
Author: Clean Tech Brief

The Far Hills Group, a financial services firm specializing in the placement of alternative investment offerings, has joined forces with cleantech fund manager Russell Diamond (pictured) to form Solution Capital Partners, a cleantech fund of funds manager.

Diamond, the former manager of a smaller cleantech-focused fund-of-funds, R&D Capital Partners, will handle to the day-to-day management of the new fund, according to peHUB.

Solution’s investment committee will include members of the Far Hills Group, who will provide due diligence assistance on potential investments and help raise capital.

Geoffrey Bradshaw-Mack, a managing director with Far Hills Group, told peHUB the joint venture was the result of Far Hills professionals investing in Diamond’s previous fund. Bradshaw-Mack said many LPs have indicated strong interest in cleantech – particularly given the pending stimulus bill – but that some are seeking a broadly-diversified strategy.

Solution hopes to raise $200 million, with a $350 million cap, roughly 25% of which will go to early-stage VC, half to growth-stage/late-stage and the remainder to “opportunistic” situations. Solution expects to invest chiefly in pure-play cleantech funds.