Global private equity firm Denham Capital has raised $558m for its first stand-alone mining fund to support portfolio expansion in Australia, Canada, South America and Africa.

The Denham Mining Fund was raised with third-party commitments from institutional investors globally.

The fund will continue to partner with management teams to purchase companies and assets in the metals and minerals sectors that are nearing or already in production.

“The close of our first mining fund marks a significant and strategic milestone for Denham Capital.”

Denham Capital managing partner and co-founder Carl Tricoli said: “The close of our first mining fund marks a significant and strategic milestone for Denham Capital. We are pleased that our limited partners share our belief that there is a robust pipeline of opportunities across the global mining sector and that they chose to work with us.

“We are grateful to have the support of our partners who see value in backing our plans to expand Denham’s mining portfolio.”

The fund will mainly focus on investing in base metals, metallurgical coal, and industrial and specialty minerals in Australia, Canada, South America and Africa.

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Denham Mining Fund managing director and partner Bert Koth said: “It’s an attractive market where we see in many jurisdictions the opportunity to secure projects that meet our investment criteria.

“We seek to partner with local management teams who understand capital efficiency and can demonstrate edge in accessing opportunity and execution through their superior technical experience and regional knowledge.”

The firm’s current mining portfolio includes investments in Australian firms, including metallurgical coal producer Pembroke Resources and base metals assets developer Auctus Minerals.

Outside Australia, the company has investments in Mining Ventures Brazil, Pangea (South Africa), Santiago Metals (Chile), and Stellar Mining (Peru).