Appian and IFC launch US$1 billion critical minerals and metals fund for emerging markets

Business

Appian and IFC launch US$1 billion critical minerals and metals fund for emerging markets

Appian Capital Advisory Limited (Appian), the investment advisor to long-term value-focused private capital funds in metals, mining, and related industries, has partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to launch a US$1 billion critical minerals and metals fund focused on emerging markets.

The newly established fund aims to drive the responsible development of high-impact mining projects that are essential to energy access, critical industries, and sustainable technologies. IFC will anchor the fund with an initial US$100 million contribution, with additional capital to be mobilized through the IFC Asset Management Company (AMC).

According to both organizations, the initiative marks the first dedicated mining fund focused exclusively on emerging markets, targeting commodities that support economic growth, energy transition, and digital innovation.

The fund will make equity, credit, and royalty investments across Africa and Latin America, co-investing alongside Appian’s existing and future funds. Each investment will adhere to IFC’s rigorous Environmental, Social, and Governance (ESG) performance standards, ensuring operations meet or exceed international benchmarks in responsible mining.

The fund’s first investment will be in Atlantic Nickel’s Santa Rita project in Bahia, Brazil — a large-scale nickel-copper-cobalt mine transitioning to underground operations. Once fully operational, the project is expected to produce 30,000 tonnes of nickel equivalent annually over a 30+ year mine life.

Michael W. Scherb, Founder and CEO of Appian, said:

“We are proud that IFC has entrusted Appian with managing this landmark fund. This partnership underscores the crucial role of responsible mining in driving sustainable growth and delivering lasting community benefits.”

Makhtar Diop, Managing Director of IFC, added:

“Minerals are essential for building industries, creating jobs, and fueling economic growth. Partnering with Appian helps bring more private capital to developing regions, ensuring communities benefit from their mineral wealth.”

Appian currently manages approximately US$5 billion in assets, with a team of over 100 professionals across finance and technical disciplines. Since 2016, the firm has brought 12 mining projects into production—more than the combined output of the five largest global mining companies over the same period.

The fund’s creation highlights the growing global emphasis on critical minerals—including nickel, cobalt, copper, and rare earths—which are fundamental to renewable energy, digital infrastructure, and sustainable industrialization.