Energy and Environment Capital Management's Energy & Environment Fund, managed by Peter Fusaro, will initially make investments in 12-15 underlying funds, according to an investor presentation. The $500 million fund was due to launch last month (PFR, 5/18). Fusaro declined to comment.

The largest allocations will go to commodities and equities managers at 20-40% each. Environmental funds follow at 10-25%, followed by debt and assets at 10-15%.

Underlying managers will have between $10-$500 million in assets under management, with an average of $170 million. Some will be recent launches, with the average time since fund inception anticipated at 1.5 years, the document said.