In a show of investor appetite for critical minerals, Kinterra Closes $950M Fund, surpassing its original target and hitting its hard cap as demand for strategic resources intensifies worldwide.
The Canadian private equity firm announced Tuesday that it closed its second fund, Kinterra Critical Materials & Infrastructure Opportunities Fund II LP, at $950 million. The vehicle launched in the first quarter of 2025 with a goal of $850 million but ultimately exceeded that mark before sealing commitments at its maximum size.
Legal counsel for the fundraise was provided by Latham & Watkins LLP, which advised Kinterra on the transaction.
Early Acquisition Signals Aggressive Strategy
Even before the ink dried on the fund’s final commitments, Kinterra had already put capital to work. In the fourth quarter, the firm completed its first acquisition through the new vehicle, purchasing Arizona’s Antler Copper Project — a brownfield underground copper asset.
The deal significantly expanded Kinterra’s U.S. copper footprint, lifting its holdings to 14 billion pounds of copper resources. In a market where copper is increasingly seen as the wiring of the energy transition, the acquisition underscores the firm’s focus on assets positioned at the crossroads of infrastructure and electrification.
Kinterra launched its inaugural fund in November 2023. Fund II will continue the firm’s strategy of targeting critical materials assets and related infrastructure in top-tier jurisdictions, doubling down on a thesis that minerals once considered mundane are now central to economic security.
