Munder Capital Management, adviser to the Munder Funds, has announced the opening of the Munder Power Plus Fund, one of the first mutual funds focused on investing in technology for new sources of power.
Unlike most energy funds, the Power Plus fund will invest in companies that generate revenue from non-regulated energy activities. It will not invest in regulated companies such as utilities, according to the announcement. It is the first energy-related fund that can invest up to 10 percent in private equity, according to the announcement. It will invest in companies that work with conventional sources of energy as well as those that are working on alternative sources.
"The fund will take advantage of opportunities arising from increased demand for energy and power, deregulation, and the growing availability of alternative energy sources," the company said.
Rick Giesen will manage the fund for Munder.