Canadian private equity player Waterton Global Resource Management LP has raised more than US$1-billion for a precious metals fund, a massive number which demonstrates that private equity interest in the mining space continues to rise.
Whenever the interest of graduating MBAs hits a fever pitch, it usually means a trend is past its sell by date. It now appears that the traditional path of getting rich beyond all dreams of avarice, as in joining a private equity or hedge fund, isn’t good enough for some students. They want to become their own deal-meisters sooner, and so the latest fad is scaled-down PE funds known as “search funds”.
There’s no shortage of news from Difference Capital, a money manager focused on investing in mid-to-late stage private companies, set up by the legendary Mike Wekerle two and a half years back.
Of late, a number of directors and managers have left, there’s been a very public spat with a cash rich shell BENEV Capital, disappointing news about some of its key investments, a falling share price and this week, a $0.33 a share quarterly loss.
The London-based venture capital firm, best known more recently for its investment in controversial consumer finance lender Wonga, is to begin raising the new money as early as this month, reports The Telegraph.
Energy financier Richard Grafton is planning a series of deals in the Canadian oil patch over the next 18 months after securing $675-million in funding from a U.S. private equity firm and a UAE sovereign wealth fund.
He will lead Canadian Non-Operated Resources LP which launched Tuesday with backing from New York-based Riverstone Holdings, an undisclosed UAE state-owned investor and Grafton Asset Management Inc.
TORONTO – During the past couple of years, private equity firms have quietly grown into key players in the mining industry. And with mining valuations in the gutter and equity financing all but dried up, their role could soon get bigger.
In a presentation in Toronto on Wednesday, private equity insiders noted that the firms are raising huge dollars for mining investments. They argued that it is a potential source of financing for many distressed companies.