Metal commodities specialist investment manager Red Kite Group facilitated a move by one of its founding partners, Oskar Lewnowski, to spin out the private equity fund he managed, RK Mine Finance Fund II, to his own firm, Orion Mine Finance.
The $1.2 billion fund has been renamed Orion Mine Finance Fund I and continues to be managed by Mr. Lewnowski, Orion's chief investment officer. The Orion fund provides financing solutions to mining companies in the precious and base metals sectors for development, construction, expansion or acquisitions, said a spokeswoman who asked not to be named.
Other members of the fund's investment team moved to Orion with Mr. Lewnowski, the spokeswoman said, and remain in their respective offices in New York, Denver and Sydney.
The deal doesn't affect any of Red Kite Group's other funds, which include private equity and hedge funds with assets totaling $2.3 billion, the spokeswoman said.