Tembo Capital aims to raise $300m for third mining fund

Tembo Capital’s latest fund, Tembo Capital Mining Fund III, has a fundraising target of $300 million.

A Guernsey closed-ended investment scheme, Tembo Fund III will follow a similar investment strategy as Tembo’s first two funds and invest in high quality, undervalued assets owned by mid-tier and junior mining companies. These opportunities may include exploration ventures, near term production ventures, royalties, operating mines, infrastructure of metals and mining projects, and services associated with the metals and mining sector.

Since inception, Tembo has invested more than $240 million of equity capital in 13 mining companies. Tembo has also raised and invested an additional $20 million of co-investment equity capital. To date, Tembo has realised $175 million and distributed $165 million, generating a combined gross realised internal rate of return of 28% and a gross multiple of invested capital of 2.3x.

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