Robeco, the asset management arm of the Netherlands' Rabobank, is claiming a world first with the launch of a private equity fund of funds focusing on sustainable investment. Ad Ouweland, manager of the Robeco Sustainable Private Equity fund, said: "This is the first time such a fund has been launched anywhere."

Ouweland and his team have been busy adapting Rabobank's existing model for sustainable investing in publicly quoted equities to the private equity sector. It will use a two-step procedure to assure sustainability. The first stage, negative screening, excludes funds and co-investments made in the fur, tobacco, alcohol, gambling and adult entertainment sectors.