Denham closes global mining fund at $558m

Denham previously invested out of a single global fund, but for the latest vintage, the firm has switched to vehicles dedicated to each of its core sectors: mining, oil and gas, and energy.

The Denham Mining Fund will target buyout opportunities for metal and minerals assets that are either close to or in production, with a focus on base metals, metallurgical coal, and industrial and specialty minerals, according to a release. It will partner with experienced local management teams to identify, acquire, and manage the assets.

With the close of the new vehicle, Denham now has about $9.8 billion in global assets under management. The firm typically deploys capital into platforms with a regional or industry focus that then acquire and manage specific assets.

Denham’s portfolio in Asia Pacific includes Pembroke Resources, launched in 2014 by the former management team of Gloucester Coal to develop metallurgical coal assets across Australia, New Zealand and Indonesia and seeded by Denham with $200 million. Pembroke’s investments include the purchase of a mining asset in Queensland from Peabody Energy in 2016 for A$104 million ($76.2 million).

Denham has also backed Australia-focused minerals platform Auctus Minerals, to which it committed $130 million in 2014. In addition, the firm joined Singapore-based power management company Nexif in 2015 to launch Nexif Energy, a platform for energy projects that has acquired wind and solar power assets in Australia and a hydropower project in Vietnam.

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• Topics
• Australasia
• Fundraising
• Infrastructure
• Buyout
• Australia
• Denham Capital
• resources
• Commodities
• energy