Special situations-focused Mount Kellett Capital Management has collected $732.4 million for its second fund, Mount Kellett Capital Partners II.
According to a filing made to the US Securities and Exchange Commission (SEC), the capital was raised from 35 investors. The fund’s final target is unknown and the firm could not be reached for comment by press time.
Founded in 2008 by Mark “Goldfinger” McGoldrick, former head of the special situations group for Goldman Sachs, New York-headquartered Mount Kellett closed its maiden fund on approximately $3 billion at the end of 2009.
The firm reportedly aimed to raise $5 billion but subsequently lowered its target due to the economic downturn. According to a Reuters report written after the departure of the firm’s former head of China, Jianyi Zhu, in January 2010, the reduction in fund target led Mount Kellett to downsize its staff by around a third in Hong Kong and scrap plans for a Beijing office.
Last September, Mount Kellett recruited Timothy Grady, the real estate veteran responsible for launching and growing Merrill Lynch’s private equity real estate platform in Asia, as a managing director based in Hong Kong. At the time, its maiden fund was believed to be between 60 percent and 70 percent invested, sources told sister publication PERE.
In January, the firm invested $100 million for a 20 percent stake in Masan Resources, the resource unit of Vietnamese conglomerate Masan Group, which owns Nui Phao Mine, a polymetallic mine with approximately 55.4 million metric tonnes of proven and probable reserves located in Thai Nguyen province.
That deal was followed by an A$13.1 million (€9.6 million; $13.1 million) investment in minerals exploration company Marathon Resources earlier this month. The transaction bought Mount Kellett a 19.8 percent interest in the Adelaide-based company.