Canuck PE Firm Raises Over $1B For Metals Fund

Apr 11 2014 | 10:38am ET

Toronto-based private equity firm Waterton Global Resource Management has raised more than US$1-billion for a precious metals fund.

Waterton announced Monday it had staged the final closing of its flagship private equity fund, Waterton Precious Metals Fund II, with total capital commitments of U.S. $1.02 billion.

Waterton said Fund II will generally target production and late-stage development assets in the precious metals sector located in politically stable jurisdictions, through acquisitions, joint ventures and partnerships.

“We are grateful for the significant level of support from our investors, who have provided a strong endorsement of Waterton Global’s owner-operator business model,” said Isser Elishis, managing partner and chief investment officer of Waterton Global, in a statement.

“By combining our disciplined approach to investing, our extensive technical expertise and industry knowledge, and the long-term duration of private equity capital, Waterton Global is uniquely positioned to take advantage of opportunities in the metals and mining space.”

“With over $1.0 billion of available capital, we look forward to acquiring strategic assets and making investments in projects that will complement our current holdings.”

Atlantic-Pacific Capital, the largest privately-owned global placement agent and advisory firm, served as the exclusive global placement agent for Fund II.

Waterton made headlines last month when it announced a hostile bid for Chaparral Gold Corp. It is offering $0.50 per share, which it says represents a premium of approximately 22.5% on Chaparral shares. The deadline to shareholders for accepting the offer is April 11.

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