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Laxman Pai, Opalesque Asia: Appian Capital Advisory, the management company of the Appian Natural Resources Fund, has held the final close of its third fund (Fund III) with $2.06bn in capital commitments.
Fund III was heavily oversubscribed despite difficult fundraising conditions for the private equity sector, securing strong support from both large, new investors and existing top-tier investors globally, said a media release from the investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.
Fund III is Appian's largest to date, bringing total assets under management to $4 billion (not including a large co-investment pool) and making the Company the largest private equity investor in metals and mining.
"It will pursue the same proven strategy as Appian's first fund (Fund I) and second fund (Fund II), focusing on investments in metals and mining assets and their adjacencies, said the release.
Appian's US$375 million Fund I closed in 2014 while its US$775 million Fund II closed in 2021. Appian has the potential to invest up to one-third of Fund III in credit opportunities in metals and mining and adjacencies, reflecting the Company's growing presence in this sector.
"Fund III will continue to use Appian's unique technical arbitrage approach from Funds I and II, allowing it to gain a competitive advantage and generate outsized returns for investors. The Company's lead...................... To view our full article Click here
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