Avanti, which is also backed by CEF Holdings, said the financing would be used as working capital to begin pre-construction on its Avanti Kitsault Mine project in northern British Columbia.
RCF is targeting $2bn for its latest private equity vehicle, double the size of its last fund raised in 2009.
The Denver, US-based firm, which raised its first fund fifteen years ago, was previously reported to be eyeing a $1.75bn fundraise for Resource Capital Fund VI.
But a filing with the US Securities and Exchange Commission earlier this year showed the larger target, adding that the firm expects the fundraise to be completed by next February.
RCF has previously run a core strategy of investing between $10m and $150m across a diversified range of hard mineral commodities and different geographic regions.
It is understood the firm could increase that upper limit given the size of its new vehicle, with its website suggesting individual deals could receive up to $500m.
The firm also makes strategic equity investments of as little as $1m in smaller companies which have potential for follow-on investments.
Since its launch in 1998 the firm has invested in about 112 mining companies and several mining service companies, located across 39 countries and relating to 27 commodities.
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