Appian Capital Advisory (Appian) an investment advisor to long-term value focused private capital funds that invest solely in mining and mining related companies, has held teh final close of its third fund (Fund III) with $2.06bn in capital commitments.
Fund III was heavily oversubscribed despite difficult fundraising conditions for the private equity sector, securing strong support from both large, new investors and existing top-tier investors globally.
Fund III is Appian’s largest to date, bringing total assets under management to ~$4bn (not including a large co-investment pool) and making the Company the largest private equity investor in metals and mining. It will pursue the same proven strategy as Appian’s first two funds, focusing on investments in metals and mining assets and their adjacencies.
Appian’s US$375m Fund I closed in 2014 while its US$775m Fund II closed in 2021.
Appian has the potential to invest up to one third of Fund III in credit opportunities in metals and mining and adjacencies, reflecting the Company’s growing presence in this sector.
