Resonance Asset Management (“Resonance”), an alternative asset management firm, founded by industry veteran, Nick Wood, has raised £35m in assets for its inaugural wind energy income fund.
With a distribution agreement in place via boutique investment bank, Dexion Capital plc, initial commitments were raised from pension funds, insurance companies and family offices.
The fund, advised by Resonance, is ungeared and pays out all generated income to investors. Investors in the fund are seeking regular income that is linked to the price of wholesale electricity in the UK and the subsidies from the Renewable Obligation regime.
The offering will consolidate the fragmented ownership of operating small and medium-sized wind farms in the UK with generating capacity of 2MW to 10MW, providing wind farm developers with an exit on their projects. This will enable them to reinvest in further new wind farm developments.
The fund has recently signed its first wind farm acquisition, which is expected to complete shortly.
Resonance founder and chief executive Nick Wood said: “We are delighted to both have a first close on the fund and make its first investment within the month. We believe more institutional investors will appreciate the benefits of steady, low risk income from real assets, especially energy assets, to complement other income generating investments in their portfolios. We are actively seeking further investments of operating UK wind farms for our investors.”
Resonance Asset Management
Resonance Asset Management LLP was founded in 2012 by Nick Wood, a former senior executive at Man Group plc where he was the founder and CEO of Man Environmental Capital Opportunities (Man ECO).
Resonance Asset Management is an alternative asset management firm focused on originating, distributing and managing real asset investment funds for institutional investors. The firm invests in long term, cash-generative real asset investments that deliver yield and diversification that is valuable to institutional investors.
Resonance is currently seeking investments in UK on-shore wind and utility scale solar PV. Resonance British Wind Energy Income Limited is an unlisted company registered with the Guernsey Financial Services Commission as a collective investment scheme.
Resonance Asset Management LLP is authorised and regulated by the Financial Conduct Authority.
Further information about Resonance can be found at www.resonancellp.com
Dexion Capital
Resonance has a distribution agreement with Dexion Capital plc, a boutique investment bank focused on the distribution and placement of alternative funds and the provision of advisory services to the asset management industry.
Founded in 2000 by Robin Bowie, Dexion has developed extensive knowledge of investment manager, fund structuring and investor requirements, derived from its experience of distributing a range of products in the alternative investment sector.
Since launch, Dexion has undertaken numerous fundraising and related activities amounting to over $11 billion1. The company has extensive investor coverage of the UK and a number of European markets, covering pension funds, insurance companies, private wealth managers and family offices.
Dexion provides services to closed-end funds (listed and unlisted) and open-end funds (regulated and unregulated), including private placements of other fund structures, and asset managers specialising in alternative investments.
Dexion’s services include
w Distribution / placement and marketing
w Corporate finance advisory and fund structuring
w Research of alternative managers
w Corporate broking services, market making and research of listed closed-end funds
w Acting as Principal Manager to Dexion and DCG branded “white labelled” funds, which are run by leading third party investment advisers2
w Full service fund and company administration, independent company secretarial and compliance services, and fund accounting2
Source: Dexion; 1To end Q4 2012, including advisory client mandates and combined AUM where Dexion has acted joint bookrunner; 2Via Dexion Capital (Guernsey) Limited
Further information about Dexion Capital can be found at www.dexioncapital.com
