EMR Capital, an Australian specialist mining private equity firm, has held the first close of its co-investment fund, EMR Capital Co-Investment III.

The firm said that EMR Capital Co-Investment III secured a $54.5 million investment from 14 investors.

Previously, EMR Capital closed its second vehicle, EMR Capital Resources Fund II, at $860 million, exceeding a hard capitalisation of $750 million.

The firm said that EMR Capital Resources Fund II was used to extend its investment in metals and mining companies and projects.