[miningmx.com] – FORMER JPMorgan Chase & Co bankers Michael Scherb and Verne Grinstead are the latest to join the ranks of private equity focused on mining deals, one of which will be in Africa, said Bloomberg News.
The two have raised $375m and want to double that investment in their Appian Natural Resources Fund, said the newswire.
“The whole thesis was really created when I was at JPMorgan, when I could see that traditional sources of capital were going to dry up to the industry,’ Scherb told Bloomberg News.
Appian has completed three deals investing just under $100m so far, he said. Two more acquisitions, one in Latin America and one in Africa, will be announced by the end of March, Bloomberg News said.
Click here to read the full article
