DRI Capital has collected $1.45 billion for its third fund, surpassing its $1 billion target. Along with available debt, Fund III will give DRI $3 billion of purchasing power. Drug Royalty III will acquire royalties from global pharmaceutical and biotechnology companies, research institutions, universities and inventors. Atlantic-Pacific Capital was placement agent for Fund III. DRI Capital, of Toronto, buys royalty streams on approved and clinical stage pharmaceutical products.
Lombard Investments said that its fourth Asia fund, which was hard-capped at $350 million, held a final close on July 18. Lombard Asia IV LP was oversubscribed. Investors include financial institutions, pension funds and corporations, as well as family investment offices in Asia, North America, South America and Europe. Lombard Asia invests $5 million to $35 million in companies in Southeast Asia or greater China, according to the firm’s website.
The Los Angeles City Employees’ Retirement System has chosen American Securities, one of its existing fund managers, for a $30 million commitment to a vehicle focused on distressed debt investments.
Quadria Capital announced a first close for its second fund which has so far raised $107 million in commitments. Quadria Capital Fund LP, which makes growth equity investments, will continue to raise capital until the final close, a spokesman said. A target was not disclosed. Quadria Fund II invests in healthcare companies in South and Southeast Asia.
Resource Capital Partners has received $85 million in commitments on the first close for a fund focusing on global mining transactions. The target for the pool is $350 million. RCP expects the fund to close in the first quarter of 2014. RCP is a private equity fund manager that specializes in natural resources.
Waterton Global Resource Management has raised $300 million for its second mining and metals fund, and is expected to reach its $750 million target in the fourth quarter, peHUB reported.