EMR launches third fund with $1.3b target
Australian resources-focused private equity firm EMR Capital has launched its third fund with a target of $1.3 billion.
The targeted corpus, confirmed in a regulatory filing, represents a substantive increase on Fund II, which reached a final close of $860 million in 2016, beating a target of $750 million. EMR's debut raised $450 million in 2015.
EMR seeks controlling stakes in mining companies with assets seen as having intrinsic value that is unrecognized or underappreciated, including pre-production projects. The firm claims competence in a comprehensive range of commodities and geographies. Investments are managed with a high-touch approach, including participation in site-level operations.
Portfolio projects include Golden Grove, an Australian precious metals mine in acquired in 2017 for $210 million, and Kestral, an Australian coal operation acquired last year alongside Indonesia's Adaro Energy for $2.2 billion. An EMR-led consortium acquired the Martabe gold mine in Indonesia from Hong Kong-listed G Resources in 2016 for $775 million. EMR secured a $1.2 billion exit from Martabe last year after an exploration program that expanded the site's drill fleet from two rigs to 17.
Other recent fundraising activity in this space includes Denham Capital closing its first global mining vehicle last year at $558 million with a view to investing primarily in base metals, metallurgical coal, and specialty mineral projects that are near or already in production. Meanwhile, Ibaera Capital, an Australian private equity investor focused on base and precious metals, closed a A$100 million ($69 million) fund that will invest in exploration and development-stage projects.
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