Exhilway closes $200m mines and minerals fund, targets Indonesia
Exhilway Global, a US-based hedge fund and emerging markets private equity manager, has closed its maiden mines and minerals PE fund at $200 million. The vehicle will acquire and operate mines in alliance with local companies in Indonesia, as well as in Kazakhstan and Turkey.
LPs include high net worth individuals, pension funds and fund-of-funds.
"Internationally, the mines and minerals business always remains as an attractive investment option for the investors. We are planning to raise $500 million in the next round of fundraising where we plan to take investment calls for coal mines in Peru and Ukraine," said Emily Overbey, manager of the new fund.
Exhilway claims to offer complete capital protection to investors with a minimum debt return plus unlimited potential equity growth. It generally charges a 1% management fee.
The firm wants to have $100 billion in private equity assets under management by 2015. It will launch the Exhilway Global Opportunities Fund next month, targeting $2 billion, half of which has been earmarked for investment in India.
Private equity deal flow in Indonesia's mining and metals space has always been patchy. According to AVCJ Research, it peaked at $1.6 billion in 2008, but there were only three disclosed investments. These included a commitment by existing investors GIC Private, Goldman Sachs, Noonday Asset Management, Citigroup and Saratoga Capital to Adaro Energy's IPO.
There is no record of any mining and metals deals so far in 2013.
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