Back row (left to right): Ignacio de Calonje, Chief Investment Officer – Global Energy, Metals & Mining, IFC; Namrata Thapar, Global Head of Metals and Mining, IFC; Simone Brunner, Senior Investment Officer – Global Metals & Mining, IFC; Richard Johnson, Global Head of Investor Relations, Appian Capital AdvisoryFront row (left to right): Valerie Levkov, Global Industry Director for Energy, Metals & Mining, and Sustainable Infrastructure Advisory, IFC; Michael W. Scherb, CEO and Founder, Appian Capital Advisory
Appian Capital Advisory Limited (“Appian”), the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries, announces the launch of a critical minerals, metals and mining fund for emerging markets (the “Fund”) in partnership with International Finance Corporation (“IFC”), a member of the World Bank Group. The Fund will have a total capital commitment of up to US$1 billion and will invest alongside Appian’s existing and successor funds, supporting the development of responsible, high-impact mining projects for commodities essential to energy access, critical industries and future-facing technologies.
Highlights
- IFC will anchor the Fund, with an initial contribution of US$100 million. Additional capital will be mobilized by the IFC Asset Management Company (AMC).
- The Fund will invest across equity, credit and royalties, with a mandate to generate strong financial returns while contributing to development impact, job creation and improved community outcomes
- It is the first dedicated mining fund focused exclusively on emerging markets, targeting critical minerals and commodities required for economic growth, the energy transition and key digital technologies
- It represents IFC’s first fund established in partnership with a metals and mining private equity investor
- All investments will be subject to IFC’s ESG and performance standards, which meet or exceed international best practices in responsible mining
- The Fund’s first investment is in Atlantic Nickel’s producing Santa Rita project in Brazil. This is a co-investment alongside Appian to advance the underground development of a large-scale nickel-copper-cobalt asset with a 30+ year mine life
- Management teams backed by the Fund will have access to Appian’s deep technical and financial expertise to accelerate project development and value creation, along with ESG, community development and stakeholder engagement support from sustainability specialists at IFC and the World Bank
- IFC and Appian have a ten-year investing relationship, including two investments in Africa across rare earths and gold, which resulted in successful mine builds and realizations
The Fund is anchored by IFC and aligns with the institution’s investment mandate to finance private sector development in emerging markets while delivering both financial returns and measurable development impact. It will have a fiduciary duty to AMC introduced investors, ensuring their interests are safeguarded through disciplined oversight, transparency and a commitment to long-term value creation.
Managed by Appian, the Fund will co-invest alongside Appian Natural Resources Fund III and Appian Credit Strategies Fund I (together “the funds”), as well as future Appian funds. It will target equity, credit and royalty investments in the metals, mining, and adjacent industries across emerging markets, with a focus on Africa and Latin America. All investments made through the Fund will be required to meet IFC’s rigorous performance criteria and environmental, social, and governance (“ESG”) standards.
The Fund has agreed to invest in Brazil’s Santa Rita nickel-copper-cobalt mine located in Bahia state, which is currently transitioning to underground production. The mine is expected to ramp up production to approximately 30,000 tonnes per year of nickel equivalent, with a mine life exceeding 30 years. The mine is owned by Atlantic Nickel, a wholly owned affiliate of Appian. IFC is investing on exactly the same terms as other investors, with the terms agreed following independent valuations of the asset by Citi and Standard Chartered.
The Fund is the first mining-focused vehicle established exclusively to invest in emerging markets. It will finance mineral development projects across all stages, including construction, production and expansion, fostering lasting economic growth and social benefits in host countries through capacity building, job creation, exports and contributions to fiscal revenues. Critical minerals and metals are the bedrock of the modern global economy. As the world accelerates its shift toward digital innovation and green energy, these resources are foundational to more equitable, inclusive, and sustainable global growth.
The partnership between IFC and Appian represents IFC’s first collaboration with a private equity investor specializing in mining to develop a dedicated fund. Appian has ~US$5.0bn1 in assets under management, supported by a team of more than 100 experienced investment professionals combining financial and technical expertise to identify and optimize metals and mining projects, creating long-term value for its investors. Since 2016, Appian has brought 12 mining projects into production—more than the five largest international mining companies combined over the same period.
Michael W. Scherb, Founder and CEO of Appian, commented: “We are proud that IFC has entrusted Appian with the management of this landmark fund. This is a strong endorsement of our ability to identify and responsibly develop high-quality assets, unlocking long-term value for our partners. It also underscores the vital role mining can play in driving sustainable economic growth and delivering lasting benefits for local communities, particularly in regions where development needs are most pressing. Management teams supported by the Fund will now be backed by two leading institutions in our industry. We look forward to advancing this partnership to accelerate responsible and sustainable resource development globally.”
Makhtar Diop, Managing Director of IFC, commented: “IFC is delighted to partner again with Appian on this innovative investment vehicle. Minerals are essential for building industries, creating jobs, and driving economic growth. Partnering with companies like Appian will help bring more private capital to places that need it the most, expanding access to critical resources and helping local communities benefit from the development of their mineral wealth.”
