Resonance Asset Management, an alternative asset management firm, has raised £35 million (around $54 million) in assets for its inaugural wind energy income fund, which will be launched by former Man Group environmental head, Nick Wood, founder and current chief executive of Resonance.

The fund, advised by Resonance, will consolidate the fragmented ownership of operating small and medium-sized wind farms in the UK with generating capacity of 2MW to 10MW, providing wind farm developers with an exit on their projects. This will enable them to reinvest in further new wind farm developments, the firm said in a statement.

“We believe more institutional investors will appreciate the benefits of steady, low risk income from real assets, especially energy assets, to complement other income generating investments in their portfolios. We are actively seeking further investments of operating UK wind farms for our investors,” said Wood.

With a distribution agreement in place via boutique investment bank, Dexion Capital, initial commitments were raised from pension funds, insurance companies and family offices.

The fund has recently signed its first wind farm acquisition, which is expected to complete soon.