Waterton raises $725 mln in close of parallel mining PE fund

Canadian private equity firm Waterton Global Resource Management has closed its third mining fund, Waterton Parallel Fund, at US$725 million in committed capital. The fund will invest in production and late-stage development assets in the precious metals industry alongside Waterton Global Precious Metals Fund II, which closed at more than US$1 billion in April 2014. Waterton Managing Partner and CIO Isser Elishis said the parallel fund was backed by investors in Fund II, as well as new investors. Toronto-based Waterton recently agreed to the sale of portfolio company Goldrock Mines Corp to Fortuna Silver Mines Inc for $129 million.

PRESS RELEASE

Waterton Global Raises $725 million for Parallel Private Equity Fund

TORONTO, June 14, 2016 /CNW/ – Waterton Global Resource Management (“Waterton Global”) is pleased to announce the final closing of its third private equity fund Waterton Parallel Fund (the “Parallel Fund”), with total capital commitments of U.S. $725,000,000.

The Parallel Fund, along with Waterton Precious Metals Fund II Cayman, LP (“Fund II”), which received over U.S. $1 billion in capital commitments in April 2014, will provide additional capital for Waterton Global to continue pursuing its strategy of generally targeting production and late-stage development assets in the precious metals sector that are located in politically stable jurisdictions, through acquisitions, joint ventures and partnerships. Since inception, Fund II, has successfully transacted on high quality assets with leading international mining companies.

“We are gratified by the level of support from many of our existing investors in Fund II who have committed new capital to the Parallel Fund, and from new investors who see the merit in our unique multidisciplinary investment platform,” said Isser Elishis, Managing Partner and Chief Investment Officer of Waterton Global.

“We intend to maintain our focused and disciplined approach to investing, while remaining a nimble and preferred transaction partner. Our ability to expediently assess, evaluate and execute upon opportunities will continue to distinguish Waterton Global in the mining space.”

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

About Waterton

Waterton is a leading mining-focused private equity firm dedicated to developing high quality precious and base metals projects located in stable jurisdictions. Waterton’s cross-functional, fully-integrated, in-house team of professionals have significant mining, financial and legal expertise. Waterton’s proactive approach to asset management, significant sector knowledge and ability to leverage extensive industry relationships has resulted in a strong track record of managing investments in the metals sector. Additional information about Waterton is available online at www.watertonglobal.com.

For further information: For More Information on Waterton, Contact: Investors: Waterton Global, Cheryl Brandon – Partner, Investment Management, (416) 504-3500; Media: Bayfield Strategy, Inc., Riyaz Lalani, (416) 907-9365 or rlalani@bayfieldstrategy.com.

Photo courtesy of Reuters/Andrea Comas