Galena Asset Management holds first close on $275m

Galena is planning to hold a final close on $600m in December 2013. It is looking to hold interim closes over the course of the year.

Investors
Trafigura itself commited $100m to the fund. A third of the remaining funding came from American institutional investors, while the rest was sourced from family offices worldwide. Galena expects more commitments from US institutional investors before the final close.

Investments
The fund will make equity and debt investments in SMEs active in the metals and mining industry, such as coal mining and base, ferrous and precious metals. The fund is not limited to one geographic area. Galena is looking to complete 3-4 investments per year.

People
Jesus Fernandez, who has been heading Trafigura's mining investment team since 2005, will manage the fund. 

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