Pictet International Management, a private bank in Switzerland, has launched the U.S. first ‘Water’ fund. The Pictet Global Water Fund, which will invest primarily in the water industry, is modeled after a similar fund that Pictet launched in Europe in 2000.

The fund will invest at least 80% of its assets in companies around the world that "specialze in water-producing operations, services for water conditioning and desalinization, supplying consumer water, and waste-water treatment facilities, among others," according to the company.

Pictet estimates that the water industry will grow nearly $1 trillion over the next 10 to 15 years.

"With a growing global population and concerns over our own environment, this industry is on the cutting-edge of developing new technology to upgrade or replace water infrastructures in order to meet the global need for clean water," said Kevin McLean, head of Pictet’s U.S. mutual funds, in a statement.

The fund has two share classes for retail and institutional investors. The minimum retail investment is $2,500 and investors will be able to purchase shares directly from Pictet or through several fund supermarkets, the firm said.

Pictet International Management is an affiliate of Pictet and Cie, one of Europe’s largest independent asset management firms with more than $115 billion in assets under management.

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