Hedge Funds

Perella to start water hedge fund


Perella Weinberg Partners, the investment bank formed earlier this year by Morgan Stanley dealmaker Joseph Perella, is planning to launch a hedge fund that will invest in clean-water technology and resource infrastructure assets.

Rod Parsley, a former McKinsey consultant who recently ran a $50 million water fund at Terrapin Asset Management, has joined Perella to run the new portfolio, which will hold both private and public investments. Growing demand for clean drinking water and better environmental controls on industrial companies is creating the niche for such a play, an insider said.

"We believe Rod is a highly talented individual