The newly created NevEarth Fund provides an innovative new investment model for affordable, cyclone-proof buildings made from recycled materials and designed for developing countries.
After manufacturing high-performance surfboards for 35 years, Nev Hyman has decided to tackle the humanitarian cause by helping developing countries come back from natural disasters. Nev is an iconic proponent of philanthrocapitalism and is committed to “Doing Well by Doing Good”, which is also the funds’ slogan.
The NevEarth Fund was established in Luxembourg in May 2017 and is already working closely with the Association of the Luxembourg Fund Industry (ALFI), following a landmark financial services agreement between Australia and Luxembourg.
“Luxembourg is the most perfect place for the development of NevEarth. It is a safe and transparent environment. The expertise I found there was off the chart. It is at the centre of the universe as far as fund management is concerned and understands the innovative and unconventional structure we are looking into”, says Nev Hyman.
The fund will initially aim to raise EUR20 million to finance the construction of a NevHouse eco- village slated for the Gold Coast, Australia, amongst other projects.
“We are always looking for more partners and investors to come on board to help fund the different projects we will initiate around the world”, explains Mr Hyman.
In 2016, NevHouse completed its most significant project to date: a 14-structure village rebuild in Vanuatu following Cyclone Pam, which was completed in just eight weeks. The company also has a mandate from the Prime Minister of Vanuatu to construct another 40,000 homes in his country, and NevHouse is also working with the Mexico government and with indigenous housing providers in Australia.
NevHouse has recently won two Australian Good Design Awards: the top prize for Sustainability, and Best in Category – Commercial and Residential Architecture.
On December 6, the company will also pitch for an award at the renowned Pitch@Palace, which gathers the most influential audience from the worlds of entrepreneurship, technology, media and investment.
About NevEarth Fund:
The fund will be administered by MAS International SA and managed by MCSquare SA, and audited by BDO HRT, and valued by Ernst and Young. It has a five-year lockup period, and expects to deliver a 8% per annum return on a minimum commitment of EUR125,000. An application has been made to the prestigious LuxFLAG label agency for the environmental, social and governance (ESG) label, which will certify the fund for so-called ethical investors.