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Alternative Market Briefing

Several energy funds closed down recently but the EU energy market promises growth

Tuesday, June 22, 2010

From Sagar Chakraverty, Opalesque Asia:

2004 marked the arrival of a new force in the power market, the energy hedge fund, with deep pockets to manage the energy volatility. But by 2010, we see a series of European energy fund liquidations and subsequent closures.

In May and June, several European energy funds were shut down, citing sliding returns and investor redemptions. Oslo-based Orkla Finans, which closed its Eur85m ($105m) Energy Fund and Carbon Fund, is the latest in the string of closures. Before Orkla, this month, Valartis, a Zurich-based bank, decided to close its European energy hedge fund, which invested mainly in the German and Nordic electricity markets.

Similarly last month, Rampart Capital, a London-based hedge fund manager, shut down its energy hedge fund after nine months as it failed to raise enough capital from investors. Also, Energy Capital Management, an Amsterdam-based hedge fund manager, closed its MMT Energy Fund by the end of May after it failed to achieve targeted returns (see here).

The list goes long: Plenum Investments, a Zurich- based money manager, closed its Plenum Power Fund after customers opted to invest in the more risky Plenum Power Surge......................

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