Specialist fund services provider, Ipes has boosted its client base with the addition of two new mandates from private equity fund managers operating in the clean technology and renewable energy space.
The North West Energy and Environmental Fund, part of the North West Fund, which is largest public sector fund in the UK, has outsourced its back office administration to Ipes. The fund, which launched in December last year, is managed by CT Investment Partners and will make investments totalling GBP20m to support SMEs in the energy and environmental sector across the North West of England.
The North West Fund is a new GBP185m evergreen fund for Northwest businesses and is one of the largest public sector funds of its kind in Europe. The North West Fund is the umbrella name for the six funds that are now available to Northwest businesses. These funds are managed by six fund managers under contract with North West Business Finance Limited (NWBF). The North West Fund is supported by the North West Development Agency, European Regional Development Fund and the European Investment Bank under the European Investment Bank’s Joint European Resources for Micro to Medium Enterprises (JEREMIE) Initiative, in England’s Northwest. Collectively the North West Fund is expected to create/safeguard almost 14,000 jobs and improve the economic performance of the region with an estimated GVA increase of GBP700m between 2010 and 2015.
The firm selected Ipes after a competitive tender process. Peter Linthwaite, Managing Partner for CT Investment Partners says: “As an EU backed fund we wanted to outsource the administrative side of the fund to drive efficiency and reduce management costs. We also wanted benefit from the independent oversight and expertise a specialist provider brings. Ipes stood out due to their strong credentials in the space and the experience of the team”
Separately, Ipes has been selected by Impax Asset Management, a leading UK based manager investing in the environmental sector with a focus on alternative energy to provide administration services for the Impax New Energy Investors (“NEF II”). The Fund, which reached a third close at EUR275m in December 2010, will target investment opportunities in independent power companies and projects in the renewable energy sector across the EU.
Peter Rossbach, Managing Director of Impax says: “We have had considerable interest in the fund from Institutional Investors and in addition to our ability to demonstrate that our investment strategies can deliver excellent returns, it is important to provide comfort in terms of the effective management of the fund from a governance perspective. Working with an experienced third party helps achieve this”.
According to figures from Preqin, there are currently 54 funds focused on clean technology and renewable energy in the market in Europe alone. It is an investment area that has attracted increased attention from fund managers and investors as governments and businesses around the world look to reducing carbon emissions and establishing more sustainable sources of energy.
Ipes Group Commercial Director, Justin Partington says: “The market is picking up and we have seen a lot of enquiries from funds in the green energy space, where we already have a strong client base. Winning these important new mandates is a great start to 2011 and a testament to the skills and capability of our team.”
Ipes was established in 1998 and pioneered a specialist approach to private equity fund administration. In addition to its operations in London, Jersey and Guernsey the firm launched a fourth office in Luxembourg last year. It also recently moved into new office space in London and Guernsey to accommodate future growth.
