Appian weighs fund launch for late 2021

The new fund will likely be deployed across six to eight deals, each with a $100-300m investment, in line with the previous funds, Scherb said.

Appian raised $375m for its first fund and $775m for the second, with both being significantly oversubscribed, he said. There has also been a large co-investment contribution from LPs that wanted to get more exposure directly to assets, Scherb added.

The London-headquartered sponsor is looking to have exited seven or eight investments from its first fund and likely three from fund two before launching its new investment vehicle in Q4 2021, Scherb said.

Appian, which was founded in 2012, has made nine "large investments" across its portfolio since then, Scherb said.

Companies in its portfolio include nickel-copper-cobalt miner Atlantic Nickel and copper-gold miner Mineração Vale Verde, both located in Brazil; Harte Gold in Canada; rare-earth miner Peak Resources in Tanzania; and zircon-rutile-ilmenite miner Kalbar Operations in Australia.

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