A new equities fund targeting investments in batteries and raw materials to support the development of electric vehicles is reportedly set for launch next month.
The ‘Westbeck Electric Metals Fund’, backed by oil-focused hedge fund company Westbeck Capital Management, aims to raise $100 million in 2018, according to Reuters.
A draft investor presentation reportedly said the new fund aims to “capitalise on the electric revolution” by investing in 30 to 50 stocks, many in battery “metals hotspots Australia and Canada”.
Reuters quoted an unnamed source “close to the firm” as saying Westbeck “will launch the fund next month with the aim of raising $100m this year before capping the fund at $200m”. The fund will reportedly “invest in smaller and less-liquid companies” and run alongside the existing Westbeck Energy Opportunity Fund.
Westbeck is a London-based firm founded in February 2016 by Will Smith, formerly of investment firm CQS and Jean-Louis Le Mee, formerly of Goldman Sachs.
Westbeck did not respond to BBB’s invitation to comment on the report.