Denham Capital, a resources and energy-focused global private equity firm, has closed its first stand-alone mining fund, the Denham Mining Fund, at $558m to expand its’ portfolio in Australia, Canada, South America and Africa.

“The close of our first mining fund marks a significant and strategic milestone for Denham Capital. We are pleased that our limited partners share our belief that there is a robust pipeline of opportunities across the global mining sector and that they chose to work with us,” said Carl Tricoli, Managing Partner and Co-Founder, Denham Capital. 

“We are grateful to have the support of our partners who see value in backing our plans to expand Denham’s mining portfolio.”
 
The Denham Mining Fund will continue its strategy of partnering with management teams with proven track records to acquire companies and assets in the metals and minerals sectors, that are close to or already in production. 

The Fund targets investments in base metals, metallurgical coal, and industrial and specialty minerals in Australia, Canada, South America and Africa.
 
“It’s an attractive market where we see in many jurisdictions the opportunity to secure projects that meet our investment criteria,” said Bert Koth, Managing Director and Partner, Denham Mining Fund at Denham Capital. 

“We seek to partner with local management teams who understand capital efficiency and can demonstrate edge in accessing opportunity and execution through their superior technical experience and regional knowledge.”
 
The closing of the Fund brings the amount of invested and committed capital under Denham’s management to approximately $9.8bn. 

In Africa, the firm’s current mining portfolio includes Pangea Limited, a Johannesburg based African mining platform targeting and developing projects in several African countries.  

Denham raised the Fund with third-party commitments from institutional investors globally, representing leading foundations, endowments, public and private pension funds, sovereign wealth funds and family offices. 

Denham makes direct investments in the energy and resources sectors, including businesses involving international power, oil and gas, and mining, across the globe.

Latham & Watkins LLP served as the Fund’s legal counsel and First Point Equity acted as placement agent.