Mining-Focused Buyout Firm Appian Raises $2 Billion for New Fund – by Dinesh Nair (Bloomberg News – October 9, 2023)

(Bloomberg) — Appian Capital Advisory, the mining-focused private equity firm, has raised $2 billion for its latest fund as its takes advantage of renewed investor interest in the sector fueled by the move toward green energy.

Appian’s Fund III will focus on middle-market investments in the mining sector, looking at potential transactions in energy-transition commodities and also precious metals, according to a statement from the London-based private equity firm.

“This is the first fundraising we have done where mining is seen as part of the solution than being the problem itself,” Appian founder Michael Scherb said in an interview. “From an ESG perspective, investors understand the importance the sector is going to play in energy transition.”

The latest fund, which takes Appian’s total assets under management to about $4 billion, can also invest as much as a third of its assets in areas like credit as banks cut their exposure to the sector.

For the rest of this article: