Resonance Asset Management Limited has announced the first close of a new investment fund focused on investment in industrial water treatment infrastructure in Europe, SE Asia, China and Australia.

The new fund will provide equity finance for industrial waste water treatment facilities co-located at an industrial client's site. The fund will work alongside established water treatment operators and engineering, procurement and construction companies (EPC) which will design, build and operate the plants under industry standard build, operate and transfer (BOT) structures.

The fund is led by Lydia Whyatt based in London, with colleagues Herman Cai in Resonance's Hong Kong office and Michael Froud in Singapore. As CIO of Resonance, Nick Wood will oversee the investment process. The team has extensive experience of the water treatment business globally.

The first close raised US$160 million from Resonance's existing institutional investors. Resonance expects further capital commitments later this year. The first investments from the fund are already at an advanced stage.