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Alternative Market Briefing

The unlisted natural resources market remains very crowded as managers bring new funds to market

Monday, July 15, 2019

Laxman Pai, Opalesque Asia:

The unlisted natural resources market remains very crowded, with managers bringing new funds to market more quickly than they are being closed.

At the start of Q3 2019 there are 307 funds seeking a total of $208bn from investors - figures very similar to the first quarter of this year, said Preqin quarterly update on the natural resources.

Of these, half (150) have held at least one interim close, securing a combined $76bn - just 36% of the total capital sought.

By region, these funds are quite diverse. The largest proportion is focused on investment in North America, as in other private capital asset classes, but Europe and Rest of World-focused funds are broadly level.

This reflects the large natural resources markets that exist in areas like Australia and Brazil. By contrast, just 19 funds are in market targeting Asia, a small total for such a large and varied region.

Energy-focused funds dominate the market, accounting for 69% of funds on the road and 86% ($179bn) of the total capital sought.

No other strategy is targeting more than $10bn in total, illustrating the extent to which the natural resources market is tilted towards energy products. It seems unlikely that any other strategy will see significant interest or activity in the coming months and years.

Based on fund searches and mandates issued by investors in Q2 2019, the vast majority (88%) of natural resources investors are planning to commit capi......................

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