History

Pioneers, past, present, and future

Groundbreaking

25 years of innovation in private equity mining investment

1998
employees: 3
offices: Denver

Pioneering

RCF I: $41M raised
james mcclements resource capital funds founder
hank tuten resource capital funds founder

As banks and traditional investment firms look to shed mining assets from their balance sheets, James McClements and Henderson Tuten founded Resource Capital Funds – the pioneer in private equity mining - with initial backing from N.M. Rothschild & Sons.

RCF raises capital for its original vintage RCF I with a tight mandate to take advantage of new mining-specific opportunities

Investment Milestones
New Investments 6
Portfolio Realizations 0
Total Commodities 2
New: Gold Zinc
Total Countries 5
New: Canada Romania Burkina Faso Ghana Philippines
1999
employees: 3
offices: Denver
Investment Milestones
New Investments 10
Portfolio Realizations 2
Total Commodities 6
New: Perlite Copper Uranium Titanium
Total Countries 12
New: Portugal Mexico Tanzania Australia Kenya United States Russian Federation
2000
employees: 8
offices: Denver, New York

Independent

RCF II: $82M raised

The first independent raise is completed for RCF II. A second office is opened in New York, and the first Annual General Meeting is held in Las Vegas, NV.

Seeking greater agility and operational freedom, RCF management buys out Rothschild's interest.

Investment Milestones
New Investments 5
Portfolio Realizations 1
Total Commodities 6
Total Countries 14
New: Honduras Thailand
2001
employees: 8
offices: Denver, New York
Investment Milestones
New Investments 4
Portfolio Realizations 2
Total Commodities 9
New: Thermal Coal Nickel Aggregates
Total Countries 15
New: China
2002
employees: 8
offices: Denver, New York
Investment Milestones
New Investments 5
Portfolio Realizations 3
Total Commodities 11
New: Metallurgical Coal Mining Services
Total Countries 15
2003
employees: 13
offices: Denver, New York, Perth

Technical

RCF III: $240M raised

International expansion begins with the opening of the Perth, Australia office. RCF begins to build out its multi-disciplinary, in-house technical platform with an early focus on geology. The RCF Technical team would continue to be built out throughout the next decade with specialists in metallurgy, engineering, and construction onboarded.

Investment Milestones
New Investments 4
Portfolio Realizations 7
Total Commodities 11
Total Countries 15
2004
employees: 13
offices: Denver, New York, Perth
Investment Milestones
New Investments 6
Portfolio Realizations 7
Total Commodities 12
New: Magnesium
Total Countries 19
New: Solomon Islands Hungary Peru Namibia
2005
employees: 13
offices: Denver, New York, Perth
Investment Milestones
New Investments 5
Portfolio Realizations 0
Total Commodities 13
New: Ferro-chrome
Total Countries 21
New: Azerbaijan South Africa
2006
employees: 23
offices: Denver, New York, Perth

Strategic

RCF IV: $527M raised

Taking advantage of market cycle conditions, RCF IV is strategically positioned in minor metals: Low production volume metals such as titanium, tantalum, and molybdenum that are difficult to extract and not typically traded on an exchange. Many are critical to technologies in pharmaceutical, battery, aviation, and other advanced sectors.

Investment Milestones
New Investments 7
Portfolio Realizations 4
Total Commodities 15
New: Tin Iron Ore
Total Countries 23
New: Morocco Chile
2007
employees: 23
offices: Denver, New York, Perth
Investment Milestones
New Investments 10
Portfolio Realizations 12
Total Commodities 20
New: Bauxite Cobalt Wollastonite Lithium Drilling
Total Countries 25
New: Spain Papua New Guinea
2008
employees: 23
offices: Denver, New York, Perth

Foundation

With grants to over 100 organizations since its inception, the RCF Foundation was created to support social change and promotes sustainable development in local and mining communities.

Investment Milestones
New Investments 12
Portfolio Realizations 4
Total Commodities 22
New: Rare Earth Elements Molybdenum
Total Countries 27
New: Botswana Indonesia
2009
employees: 33
offices: Denver, New York, Perth, Toronto

Development

RCF V: $1,020M raised

After a 10-year track record of success, RCF opens its fourth office in Toronto, Canada and begins raising capital for RCF V, which seeks to take advantage of lucrative earlier-stage project development opportunities.

Investment Milestones
New Investments 6
Portfolio Realizations 3
Total Commodities 23
New: Tungsten
Total Countries 29
New: Saudi Arabia United Kingdom
2010
employees: 33
offices: Denver, New York, Perth, Toronto
Investment Milestones
New Investments 13
Portfolio Realizations 13
Total Commodities 25
New: Potash Tantalum
Total Countries 31
New: Mali Guyana
2011
employees: 33
offices: Denver, New York, Perth, Toronto
Investment Milestones
New Investments 10
Portfolio Realizations 5
Total Commodities 26
Total Countries 35
New: Greenland Greece Ethiopia Mongolia
2012
employees: 33
offices: Denver, New York, Perth, Toronto
Investment Milestones
New Investments 8
Portfolio Realizations 5
Total Commodities 28
New: Mineral Sands Calcium Carbonate
Total Countries 38
New: Colombia Brazil Senegal
2013
employees: 65
offices: Denver, New York, Perth, Toronto, Santiago

Expansion

RCF VI: $2,040M raised

RCF expands its investment approach to encompass the full spectrum of project development risk, better accommodating different investor profiles. A South American office is opened in Santiago, Chile. Seed funding allocated to mining innovation strategy to spur - and take advantage of - industry technology advances.

RCF becomes a signatory to the United Nations-supported Principles for Responsible Investment (PRI), furthering its commitment to responsible mining practices.

Investment Milestones
New Investments 5
Portfolio Realizations 3
Total Commodities 28
Total Countries 38
2014
employees: 65
offices: Denver, New York, Perth, Toronto, Santiago
Investment Milestones
New Investments 14
Portfolio Realizations 7
Total Commodities 29
New: Diamonds
Total Countries 42
New: Lesotho India Armenia Democratic Republic of the Congo
2015
employees: 65
offices: Denver, New York, Perth, Toronto, Santiago
Investment Milestones
New Investments 16
Portfolio Realizations 3
Total Commodities 29
Total Countries 44
New: Turkey Guinea
2016
employees: 65
offices: Denver, New York, Perth, Toronto, Santiago

Partnership

RCF evolves to become a formal partnership structure to broaden ownership and governance of the firm, establish a more entrepreneurial culture, and ensure the future growth and sustainability of the firm.

Investment Milestones
New Investments 17
Portfolio Realizations 6
Total Commodities 30
New: Platinum
Total Countries 48
New: Argentina Djibouti Ecuador Egypt
2017
employees: 65
offices: Denver, New York, Perth, Toronto, Santiago

Diversification

RCF VII: $658M raised
RCF Opportunities Fund: $106M raised

With multiple funds series focused on specific phases of the mining lifecycle, including RCF Opportunities Fund meant to focus on smaller, non-controlling positions from exploration through production, RCF is now able to provide investors a broader array of choices. RCF VII begins to diversify its approach by focusing on both growth and value investment strategies.

Investment Milestones
New Investments 6
Portfolio Realizations 13
Total Commodities 30
Total Countries 48
2018
employees: 88
offices: Denver, New York, Perth, Toronto, Santiago

Analytics

RCF provides seed funding and establishes 4CDA, a data analytics and consultancy providing data management, advanced analytics, digital innovation and data visualization support to external clients and RCF.

Investment Milestones
New Investments 15
Portfolio Realizations 4
Total Commodities 33
New: Silver Salts Mining Innovation
Total Countries 50
New: Kazakhstan Japan
2019
employees: 94
offices: Denver, New York, Perth, Toronto, Santiago, Melbourne, London

Acquisition

The London office opens, and the Melbourne office is established as the Jolimont Innovation team joins RCF to further diversify investment opportunities for our limited partners and gain exposure to mining innovation.

Investment Milestones
New Investments 9
Portfolio Realizations 13
Total Commodities 33
Total Countries 50
2020
employees: 98
offices: Denver, New York, Perth, Toronto, Santiago, Melbourne, London

Innovation

Despite battling global lockdowns from COVID-19, RCF continues its multi-fund strategy with the launch of RCF Jolimont Mining Innovation Fund II, focused exclusively on the high-growth Mining Equipment, Technology, and Services (METS) sector. Mine operators increasingly rely on these companies for innovations that improve productivity, make mines safer, and lower costs.

Investment Milestones
New Investments 11
Portfolio Realizations 14
Total Commodities 34
New: Platinum Group Metals (PGM)
Total Countries 51
New: Panama
2021
employees: 95
offices: Denver, New York, Perth, Toronto, Santiago, Melbourne, London
Investment Milestones
New Investments 12
Portfolio Realizations 14
Total Commodities 36
New: Critical Minerals Vanadium
Total Countries 55
New: Gabon Ivory Coast Bosnia and Herzegovina Cayman Islands
2022
employees: 98
offices: Denver, New York, Perth, Toronto, Santiago, Melbourne, London

Anniversary

RCF Jolimont Innovation Fund II: $70M raised

After 25 years of business success, RCF celebrates its silver anniversary at the 2022 Annual General Meeting in Denver, CO.

Regulations such as the The Inflation Reduction Act are spurring critical mineral investment, and the accelerating green energy transition sets the stage for a new commodities supercycle.

Investment Milestones
New Investments 2
Portfolio Realizations 4
Total Commodities 37
New: Palladium
Total Countries 55
2023
employees: 95
offices: Denver, New York, Perth, Toronto, Santiago, Melbourne, London

#EnergyTransition

With major trends including decarbonization, mining underinvestment, ongoing population growth and consumption, and global government action and investment set to transform the commodities marketplace, RCF focuses on new Private Equity strategies and opportunities.

RCF joins the Global Battery Alliance, a partnership of businesses, governments, NGOs, investors, and academics committed to making batteries safer and more efficient to produce, while creating jobs and enhancing ESG stewardship across the supply chain.