The fund was launched a year ago and received commitments of $1bn from investors, Scherb said in an interview with Bloomberg.
Back in October AltAssets reported that Appian expected to close the fund on its $375m hard cap before the end of 2013.
“The whole thesis was really created when I was at JPMorgan, when I could see that traditional sources of capital were going to dry up to the industry,” said Scherb.
“I thought that private equity made sense. I thought it made sense to match long-term capital to a long-term industry.
“We think are real firepower is probably actually double what our fund size is, so we want to deploy around $750m in the space.
“We have a very strong co-investment component, a lot of that from investors who didn’t make it into the fund, or overflow from investors who did make it into the fund but wanted to invest more.”
The fund has made three deals including an investment in Red Eagle Mining, which is currently 15.3 per cent owned by Appian.
Appian is set to announce two more deals, one in Latin America and one in Africa, by the end of March, Scherb said in the interview.
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