China Mining United Fund, one of the country’s first private equity vehicles to receive approval from the National Development and Reform Commission to make investments abroad, is reported to be planning a second fund to buy minority stakes in gold, iron-ore and metal companies.
The fund will invest in companies in Africa and elsewhere, Alistair Ruiters, an advisor to the vehicle told Bloomberg, and will have a similar structure to the fund’s predecessor, which started at around $1bn and closed on about $2bn.
Formed in 2009, CMUF is buying stakes in businesses that are close to starting production in deals of $20m to $100m, the report said. The fund is also looking for deals in Australia, Asia and Europe.
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