Mount Kellett raises $4b for second special situations fund
Mount Kellett Capital Management, the private equity firm started by former Goldman Sachs executive Mark McGoldrick, has closed its second fund at $4 billion. The vehicle, which targets special situation and opportunistic investments, is $1 billion larger than its predecessor, raised in 2009.
Mount Kellett was launched in 2008 and is named after a mountain in Hong Kong. It has over 100 employees with offices in New York, Hong Kong, London and Mumbai. The Asia business is led by Jason Maynard, former head of Goldman Sachs' Asia special situations group, who co-founded the firm with McGoldrick.
Mount Kellett earmarked 40% of the first fund for deployment in Asia, particularly China. According to AVCJ Research, portfolio companies include Marathon Resources and Lynas Corporation, both of which are Australian mining companies. Early last year the private equity firm also paid $100 million for a 20% stake in Masan Resources, a unit of Vietnamese conglomerate Masan Group. The funds were put towards the Nui Phao mine, which is rich in tungsten and fluorspar reserves.
It was reported earlier this month that Timothy Grady, Mount Kellett's real estate specialist, had left the firm.
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