Ex-Goldman veteran seeks A$150m for ESG fund

[SINGAPORE] Two former veterans of Goldman Sachs Asset Management (GSAM) and Bankers Trust (BT) are turning their hands to the rapidly growing business of sustainable investing, aiming to raise up to A$150 million (S$147.7 million) within six months for a new equity fund.

Philip Moffitt, the former head of fixed income for Asia-Pacific at GSAM, and Christopher Selth, who once headed the international funds management operations at BT, established Beckon Capital to source investment opportunities across small to medium-sized businesses in Australia and New Zealand.

Beckon will seek out private firms focused on helping the community or environment, such as healthcare and financial services for marginalised groups, and bring them within reach of a broader investor base, according to Mr Moffitt.

"Investors have had limited ability to gain direct access to SME (small and medium-sized enterprise) exposure as well as support the sustainable contributions this sector makes to the economy," said Mr Moffitt, who worked at Goldman for two decades before leaving to pursue a doctorate in psychology last year.

Beckon joins a throng of funds pumping money into assets with positive environmental, social and governance (ESG) objectives, whose value has skyrocketed to over US$40 trillion globally. It has invested in five local companies so far.

Beckon's technology platform allows SMEs to connect to the investment firm for assessment, providing them with tools to improve their productivity and decision making, Mr Moffitt said.

BLOOMBERG