Denham Capital closes $3bn fund

Denham Commodity Partners Fund VI LP was launched in July 2011 with a $2.5bn target. The firm stated that "strong relationships" with its LPs enabled it to retain nearly 90% of its historical investors.

Latham & Watkins provided legal counsel, while Park Hill Group acted as placement agent.

Further details on the fund were not disclosed.

Investors
Denham stated that the fund attracted investments from foundations, endowments, public and private pension funds, sovereign wealth funds and family offices. The firm diversified its LP base by welcoming investors from the public sector in the US, Europe and Asia.

Investments
The fund will invest in companies and assets in the oil and gas, metals and minerals, and power and renewable energy sectors. It will pursue investments across "all stages of the corporate and asset lifecycle and all segments of the capital structure," Denham said in a statement. The firm typically invests $50-250m of equity per transaction.

Denham Commodity Partners Fund VI has already made five investments, including one in Europe at the beginning of March: Denham led a funding round of more than $190m for Madrid-based solar company Fotowatio Renewable Ventures (FRV).

People
Denham's 43-strong team is spread out between Boston, Houston, Short Hills, London, Sao Paulo and Singapore.

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