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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.
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. “The fundraise was perhaps more accelerated than we expected, and we are oversubscribed in what is otherwise a challenging environment for a lot of the firms,” Scherb said.
In June, Appian agreed to sell two Brazilian mines for about $1 billion to Russian metal industry veteran Artem Volynets’ blank check firm ACG Acquisition Co.
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