Al Gore's Generation Fund to Close After Attracting $5 Billion

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Source: Bloomberg

March 11 (Bloomberg) -- Al Gore's Generation Investment Management Ltd. plans to close its main Global Equity Fund to new money as assets are close to a $5 billion target.

Generation will probably restrict inflows into the fund from next month, Gore and company co-founder David Blood told reporters in Geneva today. Swiss private bank Lombard Odier Darier Hentsch & Cie., which started selling the fund in continental Europe last year, is now the biggest investor in it. The former U.S. vice president founded Generation with Blood, a former Goldman Sachs Group Inc. banker, in 2004.

Gore, 59, and a United Nations panel on the environment were awarded the Nobel Peace Prize in October for raising awareness of the threat from climate change. The fund invests in companies following so-called socially responsible guidelines in the expectation that they will report better returns.

``More money is allocated by markets around the world in one hour than by all the governments on the planet in a full year,'' Gore said. ``The principles and ways and values that have an impact on the way markets allocate resources can have an enormous effect'' in tackling climate change, he said.


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