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Red Kite Founders Split Business, Spin Off $1.1 Billion Fund

Sept. 19 (Bloomberg) -- Red Kite Group’s three founders separated their business, spinning off a $1.1 billion mine finance fund under managing partner Oskar Lewnowski, 48.

RK Mine Finance Fund II will be renamed Orion Mine Finance Fund I and will operate as a separate business, according to a joint statement today from Michael Farmer, David Lilley and Lewnowksi. They decided to split the business Sept. 3, according to the statement.

Red Kite Group had more than $2.3 billion under management as of Aug. 31, according to its website. Orion Mine Finance had about $1.14 billion under management as of June 30, according to its website.

Limor Nissan joined Orion Mine Finance Fund I as chief operating officer and general counsel, according to the statement. She was previously COO at Societe Generale Energy and RBS Sempra Commodities. Lewnowski, chief investment officer, and portfolio managers Douglas Silver, Ray Jenner and Peter Rozenauers will continue to work with rest of their team in New York, Denver and Sydney.

Paul Coughlan and Grant Gilmour will join Farmer, Lilley and CIO Harry Tefouglou on Red Kite Mine Finance Fund I’s investment committee, according to the statement.

Red Kite Metals Fund returned 25 percent in the first four months of the year, and Red Kite Compass fund rose 20 percent, people with knowledge of the information said May 7. London-based RK Capital Management LLP, which ran the funds, managed about $3.5 billion at the time.

Red Kite was co-founded in 2005. Farmer, 68, previously ran MG Plc, which before its sale in 2000 was the world’s biggest copper trader. Lilley, 47, also worked at MG.

To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net

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