Denham Capital Management has closed its sixth energy and resources-focused global fund at $3billion, exceeding its target by $500million.
Denham Commodity Partners Fund VI has been closed just eight months after close, with 90% of commitments coming from investors in its previous fund, Fund V. This latest vehicle has attracted commitments from foundations, endowments, public and private pension funds, sovereign wealth funds and family offices. Denham also added new limited partners from the public sector within the US, Europe and Asia.
Fund VI will invest in oil and gas, metals and minerals and power and renewables assets, focusing on identifying value dislocations in the sectors globally. The vehicle will pursue investments across all stages of the corporate and asset lifecycle, and all segments of the capital structure.
The latest fundraising brings the amount of invested and committed capital under Denham Capital’s management to approximately $7.3billion. Fund VI has already allocated capital to a number of companies, including a $200m commitment to Tremont Holdings, a partnership with Pangea Exploration to develop mining projects across Africa. Bert Koth [pictured], director at Denham Capital, led the investment in Pangea.