Executive Summary
Aqua Resources Fund Limiteds investment objective is to provide capital appreciation through exposure to a diversified portfolio of water-related investments. The Company is targeting investments with an average estimated internal rate of return in excess of 15 per cent. Investment (or commitment) is expected to be substantially completed (i.e. 80 to 85 per cent.) within 12 to 18 months of the initial Admission of shares FourWinds Capital Management has been appointed the Manager of the Company with responsibility for the discretionary management of the Companys assets. The Manager will seek to accomplish the Companys investment objective and policy by: * seeking exposure to water-related investments on a global basis; * seeking portfolio diversification by investing across the broad value chain of water-related projects and investments; and * seeking to control risk through such portfolio diversification, investment vehicle selection and implementation of risk control strategies. No assurance can be given, however, that the Company will achieve its investment objective, and investment results may vary substantially over time and from period to period. The Companys assets will comprise a portfolio of investments that offer water-related returns in different jurisdictions and water sectors. Investments may be made within a diverse range of water-related segments including infrastructure, technology, recycling and treatment and in water-related projects such as waste water treatment, water distribution and infrastructure, water-to-energy, clean water, desalination, and others. Investments will be sought in relation to both front-end and back-end water businesses and opportunities and demand and supply side opportunities. Investment will comprise primarily direct stakes in unquoted water-related companies and projects. A target threshold of at least 60 per cent. water-related activity will be set for an investment to be considered "water-related". Using global research and sourcing, the strategy is intended to allow the Company to build an optimised water portfolio focused on investments that offer water-related returns and diversified by factors such as geography, water sector, investment type, investment size, and investment structure. In certain cases, investments may have broader applicability and possibility for regional or global scalability.
