Private equity firm Resource Capital Partners (RCP) announced that it raised USD 85 million in capital commitments for the initial close of its fund geared towards making mining transactions globally. RCP said the target closing date for their mining fund would be in the first quarter of next year. RCP also said it was targeting a total of USD 350 million in capital commitments for the fund.
The Denver-based firm said its mining fund would be looking for opportunities in North America, Central Asia and Latin America. It would also seek to invest in early stage and more advanced "brownfield" firms run by well-experienced management teams.
RCP also inked a joint venture agreement with advisory firm Behre Dolbear. The latter would provide technical consulting and oversight for the portfolio projects of the RCP's mining fund.
RCP Managing Director Richard Waryn said this is the best time to invest in the mining sector. "The mining sector has been capital starved for some time and a new fund should see significant value opportunities over the next few years," he said in a press release.
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