Tuesday, 3 May 2016
Last updated 39 min ago
Sep 20 2013 | 12:19pm ET
RK Capital Management has spun-off its private-equity business.
The $1.14 billion RK Mine Finance Fund II has been turned over to New York-based Orion Mine Finance, headed by RK co-founder Oskar Lewnowski. The new firm will focus exclusively on mining finance, Financial News reports.
The split was mutual and a result of the two firms' "strategic vision," a source close to Orion told FN. It is unclear whether Lewnowski paid anything for the spin-off.
RK Mine Finance represented about one-third of London-based RK's assets under management, leaving the metals specialist, which runs the Red Kite hedge funds, with about $2.3 billion under management.
In addition to its New York base, Orion has offices in Bermuda, Denver and Sydney, Australia. The firm announced a $30 million financing deal with GoGold Resources this week.
Before co-founding RK with Michael Farmer, Lewnowski worked at Credit Suisse.