Carey Olsen’s investment funds team in Jersey has advised long-standing client and natural resources focused private equity investment advisor Appian Capital Advisory on the successful closing of its third fund, Appian Natural Resources Fund III, which has reached its hard cap of $2.06bn.
Established as a Jersey Expert Fund, Fund III was oversubscribed securing backing from existing investors, in addition to numerous top-tier global investors. Appian has managed to more than double the size of each fund vintage.
Carey Olsen had earlier advised Appian on launches of Fund I, which closed at $375m in 2014, and Fund II, which closed at $775m in 2021. Investors in Fund III have also expressed substantial interest in co-investments, which would significantly expand the fund’s capabilities. Carey Olsen has also advised Appian on the co-investment structures.
The Carey Olsen team acting for Appian advised on structuring, corporate, financing and regulatory aspects associated with the fundraising initiative for Fund III. The Carey Olsen team was led by partner Robert Milner, with assistance from senior associate Arindam Madhuryya, associate Thomas Bulfin and trainee Suzie Hamilton.
Fund III has already allocated 10% of its capital towards three strategic investments: a joint venture with TSX-V listed Osisko Metals to develop the Pine Point zinc-lead project in Northwest Territories, Canada; a partnership with Detronic Energia to develop 62.4MWp of solar power plants in Brazil; and acquiring majority ownership of the operating underground Rosh Pinah zinc-lead mine in Namibia.
