The management company founded by former Man Group CEO Stanley Fink and Close Investments chief executive Rufus Warner has announced the first close of a renewable energy fund launched at the end of November.

The Earth Capital Partners ECP Renewable Energy Fund One is aiming to raise €750 million, to be invested in solar and waste energy projects across Europe, the Middle East and North Africa.

The launch and first close coincide with the Copenhagen climate change summit, where world leaders are attempting to reach agreement on cutting carbon emissions.

The Guernsey-domiciled fund was launched to investors in November with seed capital from a large pension fund. Earth Capital partner Ben Cotton said there had been intense interest in the renewable fund from investors, although the launch coinciding with Copenhagen was lucky chance.

Although Cotton said he could not confirm the fund's current assets under management, it was "doing very nicely" and several potential investors were currently carrying out due diligence.

He said the fund would attract particular interest from pension funds as it was long-term and dependable and also met the current demand for sustainable investments. The fund is targeting 10% returns, which Cotton said was a "comfortable" aim.

Cotton said Earth Capital had signed Copenhagen communiqués calling for commitments from world leaders on climate change. "We think that we should encourage global leaders in any way possible to come up with a market for the price of carbon and a dependable price of carbon for a long time into the future," he said.

According to Cotton no matter what the outcome of Copenhagen, the fund would still produce returns. He believes there is still a market for sustainable investment should the Copenhagen talks fail to produce consensus.

Cotton said Earth Capital was also examining opportunities in other sectors, including timber, agriculture and energy efficiency.

The renewable energy fund was launched in partnership with energy company E.On which acts as an advisor and provider of technical skills. Cotton said Earth Capital would be keen to adopt similar models for future funds.

The fund has a 20-year duration with a hard break at the 10-year mark. Minimum investment is €25 million. The management fee is 2% and performance fee 20%. Northern Trust was appointed as administrator for Earth Capital's fund platform early in 2009.

Earth Capital's management board includes Fink as non-executive chairman, Warner as CEO and Neil Brown, formerly head of risk for Credit Suisse Asset Management, as chief operating officer.