TORONTO,
Dec. 20, 2013 /CNW/ - Sprott Inc.
(TSX: SII) ("Sprott") today announced that Sprott Consulting LP
("Sprott Consulting"), Sprott's private equity business unit, has
been awarded the mandate to co-manage a 10-year US$375 million private equity fund (the "Fund")
by South Korea's National Pension
Service ("NPS") with a matching US$375
million co-investment commitment to be provided by the
state-owned Korean Electrical Power Company ("KEPCO"), the largest
electric utility in Korea. Sprott Consulting will serve as
co-manager of the Fund along with Woori Asset Management ("Woori"),
the asset manager of Korea's largest bank, Woori Financial Group.
The mandate of the Fund will be to make private equity investments
in the global natural resources and power sectors.
"We are pleased to have been awarded this
mandate from one of the top pension funds in the world and look
forward to partnering with NPS, KEPCO and Woori to make the Fund a
success," said Peter Grosskopf,
Chief Executive Officer of Sprott.
"Following our launch of an offshore mining fund
with Zijin Mining Group Co., Ltd., this mandate marks Sprott's
second entry into the growing Asian marketplace and solidifies our
international reputation for expertise in natural resource
investing," said Mr. Grosskopf. "We are committed to continuing to
build our institutional client base as we seek undervalued
opportunities in the resource sector."
NPS, along with other Korean-based institutional
investors, will invest approximately US$375
million in the Fund with additional matching co-investment
commitments of approximately $375
million to be provided by KEPCO. The transaction is subject
to registration of the Fund with the Korean Financial Supervisory
Service. Closing is anticipated to be completed in the first
quarter of 2014.
About Sprott Inc.
Sprott Inc. is a leading independent asset manager dedicated to
achieving superior returns for its clients over the long term. The
Company currently operates through five business units: Sprott
Asset Management LP, Sprott Private Wealth LP, Sprott Consulting
LP, Sprott Resource Lending Corp. and Sprott U.S. Holdings Inc.
Sprott Asset Management is the investment manager of the Sprott
family of mutual funds and hedge funds and discretionary managed
accounts; Sprott Private Wealth provides wealth management services
to high net worth individuals; and Sprott Consulting provides
management, administrative and consulting services to other
companies. Sprott Resource Lending provides lending services to
mining and energy sectors. Sprott U.S. Holdings Inc. includes
Sprott Global Resource Investments Ltd, Sprott Asset Management
USA Inc., and Resource Capital
Investments Corporation. Sprott Inc. is headquartered in
Toronto, Canada, and is listed on
the Toronto Stock Exchange under the symbol "SII". For more
information on Sprott Inc., please visit www.sprottinc.com.
About National Pension Service
South Korea's
National Pension Service provides pension benefits for Korean
residents. National Pension Service manages more than US$380 billion in assets, making it the third
largest pension fund in the world.
About KEPCO
KEPCO is the largest electric utility in
South Korea, involved in the
generation, transmission and distribution of electric power.
KEPCO is responsible for 93% of all of South Korea's electricity generation. In
addition, KEPCO operates and develops electric power projects in
South Korea and worldwide.
About Woori Asset Management
Woori Asset Management is the asset management
subsidiary of Woori Financial Group, the largest bank in
South Korea, and is a leading
asset manager in South Korea with
approximately US$18.6 billion of
assets under management.
Forward-Looking Statements
This release contains "forward-looking
statements" which reflect the current expectations of Sprott Inc.
These statements reflect management's current beliefs with respect
to future events and are based on information currently available
to management. Forward-looking statements in this press release
include, but are not limited to, statements with respect to Sprott
Consulting LP's mandate to manage the Fund. Forward-looking
statements involve significant known and unknown risks,
uncertainties and assumptions, including with respect to the
execution of final and binding agreements amongst the parties and
registration of the Fund with the Korean Financial Supervisory
Service. Many factors could cause actual results, performance
or achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements including, without limitation,
whether the Fund receives final and binding approval and those
listed under the heading "Risk Factors" in Sprott's annual
information form dated March 26,
2013. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements contained in this release.
Although the forward-looking statements contained in this release
are based upon what Sprott believes to be reasonable assumptions,
management cannot assure investors that actual results, performance
or achievements will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this release and Sprott does not assume any obligation to
update or revise them to reflect new events or circumstances,
except as required by law.
SOURCE Sprott Inc.