Money of Mine Mining Private Equity Unmasked (Fraser Perry)
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Dec 16, 2025 Fraser Perry, a mining private equity professional with a background in engineering and corporate development, shares his insights into the world of mining private equity. He explains what mining PE is and how it's structured, discussing the impact of fund mandates and investment stages. Fraser highlights the challenges of aligning fund life with commodity cycles, the rise of minority investments, and the changing competitive landscape. He also delves into fees, manager incentives, and the importance of operational improvements for adding value, providing a comprehensive overview of the field.
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Pick Your Capital Structure Clearly
- Define where you sit in the capital structure before investing: debt, subordinated, equity or royalties.
- Align returns and controls to that position because project outcomes are binary and capital providers differ hugely.
Jurisdiction Shapes Risk Appetite
- Jurisdiction focus varies: some funds only target mining‑friendly countries, others accept higher geopolitical risk.
- LP thematic demands (e.g., Western supply chains) are increasingly shaping mandates.
Match Commodity To Fund Horizon
- Commodity choice must match fund strategy and duration; volatile commodities make multi‑year builds risky.
- For fast liquidity in volatile markets, minority public stakes can be preferable to building new mines.