Skip to main content


  • Fund III heavily oversubscribed with strong backing from Appian’s existing top-tier investor base, also bringing in several new large global investors and taking assets under management to ~US$4 billion
  • Strong investor interest in key thematics including inflation protection, role of metals and mining in energy transition, shift from oil and gas and growing demand for independent, sustainable critical minerals supply
  • Reflects robust performance of Funds I and II, pursuing the same strategy and using Appian’s unique technical arbitrage approach to unlock value and generate outsized returns
  • 10% already deployed, demonstrating Appian’s ability to do deals and attract operational partners
  • Potential to invest up to one third of Fund III in credit opportunities in metals and mining and adjacencies, reflecting Appian’s growing presence in this sector
  • Appian has more than doubled the size of its team since the launch of Fund II, with global reach and 75 experienced professionals in London, New York, Toronto, Vancouver, Montreal, Lima, Belo Horizonte, Dubai, Johannesburg and Perth
  • Appian portfolio companies have built nine mines into production in the last six years, with assets in Canada, US, Brazil, Namibia and Australia, and nearly 7,000 employees across the portfolio

Appian Capital Advisory LLP (“Appian” or the “Company”), the investment advisor to long-term value focused private capital funds that invest solely in mining and mining related companies, announces the final close of its third fund (“Fund III”). Fund III was heavily oversubscribed despite difficult fundraising conditions for the private equity sector, raising its hard cap to US$2.06 billion following strong support from both large, new investors and existing top-tier investors globally.

Fund III is Appian’s largest to date, bringing total assets under management to ~US$4 billion (not including a large co-investment pool) and making the Company the largest private equity investor in metals and mining. It will pursue the same proven strategy as Appian’s first fund (“Fund I”) and second fund (“Fund II”), focusing on investments in metals and mining assets and their adjacencies. Appian’s US$375 million Fund I closed in 2014 while its US$775 million Fund II closed in 2021. Appian has the potential to invest up to one third of Fund III in credit opportunities in metals and mining and adjacencies, reflecting the Company’s growing presence in this sector.

Strong investor interest in Fund III’s core thematics
This strong investor interest reflects Fund III’s exposure to key thematics provided by Appian and its investment approach, including (1) inflation protection provided by commodities in the current economic climate; (2) exposure to the energy transition and the shift from oil and gas, through investments in key metals including copper and nickel, providing higher rates of return than direct investment into downstream projects; and (3) growing demand for an independent, sustainable and stable supply of critical minerals from car manufacturers, technology companies and other original equipment manufacturers.

Demonstrates the success of Appian’s unique technical arbitrage approach to unlock value and deliver returns
Fund III will continue to use Appian’s unique technical arbitrage approach from Funds I and II, allowing it to gain a competitive advantage and generate outsized returns for investors.

The Company’s leading team has experience from global investment banks and private equity firms, having completed over US$200 billion of mining transactions, while the technical team is comprised of industry professionals from major mining companies who have brought over 60 mines into production.

Fund III builds on Appian’s record of generating strong risk adjusted returns by identifying, acquiring and developing undervalued metals and mining assets. The Company focuses on high margin, low cost mines with a high quality resource base, where there is potential to add value as the only financial group with the capability to run and operate mines. Appian brings the technical knowledge of a major mining company, allowing it to partner with management teams to create value by improving development plans and bringing mines into production. This makes its capital particularly attractive by providing miners with technical expertise and support in addition to finance.

Fund III approach and focus
Fund III is targeting mid-tier opportunities, prioritizing profitability over scale to generate maximum returns. Investment in energy transition commodities will be balanced by investments in precious metals.

With a global remit, Fund III will focus on countries with proven geology, supportive governments and a robust legal framework where Appian has existing operations or experience in operating.

Fund III has already deployed 10% of its capital, using Appian’s world class sourcing and execution techniques to secure three investments. These include a joint venture with TSX-V listed Osisko Metals to develop the Pine Point zinc-lead project in Northwest Territories, Canada; a partnership with Detronic Energia to develop 62.4MWp of solar power plants in Brazil; and acquiring majority ownership of the operating underground Rosh Pinah zinc-lead mine in Namibia.

Investors have also expressed substantial interest in co-investments, which would significantly expand Fund III’s capabilities, demonstrating investor confidence in Appian and the fund.

Appian continues to go from strength to strength
The fundraise positions Appian well for its next phase of growth, building on the success of Funds I and II. As the largest private equity investor in metals and mining globally, Appian has a portfolio overseeing nearly 7,000 employees, 75 experienced professionals and a leading management team, with a number of recent high-profile appointments including Ignacio Bustamante from Hochschild as Head of Base Metals for Appian.

Appian also maintains a strong focus on ESG, with the highest environmental, social and governance standards as crucial elements within all investment opportunities and commitment to ensuring all portfolio companies adhere to leading international standards. The Company has established the Appian Way Charitable Foundation to support the regions in which its operations are based.

Michael W. Scherb, Founder and CEO of Appian, commented:
“We are thrilled to have closed Fund III, with very strong support from existing and new investors. Fund III provides exposure to key trends including inflation protection, the energy transition and the need for an independent and stable supply of critical minerals to support the shift away from oil and gas. As we continue to see increasing interest in metals and mining, Fund III will build on the successful track record of Funds I and II, deploying our unique operating model to bring mines into production and generate outsized returns for our investors.”

For further information:
FGS Global +44 (0)20 7251 3801 / [email protected]
Charles O’Brien, Richard Crowley, Michael Stock

Appian Capital Advisory +44 (0)20 7004 0951 / [email protected]
Michael W. Scherb

About Appian Capital Advisory LLP
Appian Capital Advisory LLP is the investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.

Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 7,000 employees.

Appian has a global team of 75 experienced professionals with presences in London, New York, Toronto, Vancouver, Lima, Belo Horizonte, Montreal, Dubai, Johannesburg and Perth.

For more information please visit, or find us on LinkedIn, Instagram or Twitter/X.


You can download a PDF version of this press release here.