Resources · Special Situations · Distressed Credit
A specialist private equity vehicle acquiring proven Tier-1 resource assets at deep discounts, creating value through active operational turnarounds.
Record gold prices and unprecedented central bank demand have created a powerful new regime. A severe capital markets dislocation has left an abundance of fundamentally sound assets trading far below intrinsic value. We exploit that gap.
Gold reached approximately USD 4,000 per ounce in 2025. Yet years of underinvestment in junior and mid-tier miners have created a funding crisis, generating an abundance of mispriced special situations where assets are distressed by ownership.
Over 1,000 tonnes purchased annually for three consecutive years. This structural demand has permanently re-rated gold's price floor, creating exceptional conditions for the kind of accretive exits we target.
Global mine production has been flat for a decade. Declining ore grades and rising replacement costs make existing proven infrastructure increasingly scarce and increasingly valuable at the point of exit.
Our targets are mispriced because of bankruptcy, capital starvation, and corporate dislocation. The geology is proven. The ore is in the ground. The problem is fixable management and capital. That is precisely where we operate.
We source, fix, and exit. Every investment follows the same disciplined sequence: proprietary sourcing, operational transformation, and a planned exit at premium Tier-1 multiples.
Proprietary off-market deal flow
We leverage a global network of insolvency practitioners, mine operators, bank workout groups, and financial advisors to identify bilateral opportunities before they reach competitive auction. We acquire assets at 30 to 80% below replacement cost.
Hands-on 100-Day turnaround
Upon acquisition, a rigorous 100-Day Plan stabilises operations, resets cost structures, and implements new grade control and metallurgical optimisation. Our objective is to 2 to 3 times asset-level EBITDA within two to three years through operational improvement alone.
Disciplined exit at premium valuations
We plan multiple exit routes from the moment of acquisition. Strategic trade sale, public listing, or partial monetisation timed to coincide with strong market conditions in Australia, Canada, and the United States, where stable legal frameworks command premium exit multiples.
Munich Partners is a specialist investment manager with a dedicated Mining and Resources Division. The Division applies proprietary operational expertise and a global network of industry relationships to acquire and transform distressed Tier-1 gold assets, creating value independent of commodity price movement.
General Partners
Fred Suhren
General Partner
Paul Eikon
General Partner
Mervin Lui
General Partner
Jack Dahan
General Partner
Investment Committee
Lucio Genovese
Investment Committee
Julian Treger
Investment Committee
Fred Suhren
Investment Committee
Andrew Horton
Investment Committee
Mervin Lui
Investment Committee
A closed-end vehicle structured to protect LP interests, with institutional-grade governance and full economic alignment between the General Partner and Limited Partners.
We are engaging with a select group of qualified cornerstone investors and institutional limited partners. We welcome a confidential conversation.
2262374
Registration Number · Cayman Islands
Private Funds Act (2025)
Private Fund · MP Capital Fund LP No 2
The above entity or person is hereby registered under Section 5(1) of the Private Funds Act (2025) to carry on business in or from the Cayman Islands subject to the provisions of the afore-mentioned Act.