Momentum Minerals LLC recently closed an additional equity commitment from funds managed by affiliates of Apollo Global Management Inc., the Houston-based mineral and royalty acquisition fund said in a Sept. 15 release.
The capital raise marks the latest equity commitment in Momentum management’s long-standing relationship with Apollo and its affiliates that started in 2013.
Momentum Mineral was founded by James R. Elder and Kevin N. Lorenzen, former portfolio managers of Apollo who now lead Momentum as co-CEOS. The company will use the new commitment to support its ongoing mineral and royalty acquisition initiatives throughout the U.S., capitalizing on current market opportunities.
Momentum Minerals featured in the 2020 edition of Oil and Gas Investor’s Minerals Business Supplement.
In a statement commenting on the latest equity commitment, Lorenzen said: “We are excited to continue our strategic relationship with Apollo and believe we are well positioned to accelerate the growth of our minerals and royalties portfolio. We are actively evaluating new acquisition opportunities in the current market.”
Elder added, “Working with Apollo, we are poised to maintain our competitive presence in the minerals marketplace and enhance our capability to invest in deals across the value spectrum.”
Vinson & Elkins, led by Dan Komarek, Jim Fox and Jeff Shah, advised funds managed by affiliates of Apollo Global Management in connection with the recent equity commitment to affiliates of Momentum Minerals.