China Mining United to raise second investment fund
China Mining United Fund (CMUF), a Beijing-based private investment company focuses on mining-related investments, is planning to raise a second fund to target offshore iron-ore and metal companies.
Alistair Ruiters, an advisor to the fund, told Bloomberg that CMUF will purchase significant minority stakes in companies that are close to starting production, with ticket sizes between $20 million and $100 million. The fund is looking for transactions in Africa, Australia, Asia and Europe.
CMUF launched its maiden fund in May 2009. The vehicle was one of the first renminbi-denominated mining investment funds approved by the Chinese government.
In the same year, the fund partnered with the Chinese Exploration Bureau to invest into Allana Resources, a Canadian listed corporation with a focus on the international acquisition and development of potash assets.
"The first fund started at $1 billion and closed at about $2 billion," Ruiters said. "I can only surmise the second fund will follow that particular structure."
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.