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EMR Capital
EMR Capital was co-founded by Owen Hegarty and Tony Manini, assembling a team that draws largely from the executive diaspora of Rio Tinto, Oxiana, and...
EMR Capital
EMR Capital was co-founded by Owen Hegarty and Tony Manini, assembling a team that draws largely from the executive diaspora of Rio Tinto, Oxiana, and Macquarie's natural-resources desks. Hegarty spent 25 years at Rio Tinto before founding Oxiana, where Manini also served, creating a carry-over bench of technical and finance talent that now invests its own general-partner capital. The firm pursues majority buyouts and development-stage investments in metals and mining, spanning copper, gold, and metallurgical coal via direct transactions and platform-building across regions including Australia, Indonesia, and Chile. Confirmed portfolio companies include the Kestrel coking-coal mine in Queensland and the Capricorn Copper operation, both acquired through complex restructurings where EMR took an operating role rather than a passive minority interest. The partnership targets assets requiring on-the-ground technical turnaround, deploying cross-functional teams led by executives with experience at organizations such as BHP, Standard Chartered, and KPMG. EMR operates from Hong Kong with additional on-ground deal and asset-management professionals in Australia and the Cayman Islands. The investment committee includes Hegarty, CEO Jason Chang, Manini, and David Jones, the former managing director of CHAMP Private Equity. In 2018, the firm closed the acquisition of the Kestrel mine from Rio Tinto for US$2.25 billion (per Reuters, 2018), a transaction sourced in part through the team's previous relationships with the seller and financed alongside co-investors. Its structural edge lies in pairing a permanent pool of operator-directors with a blind-pool fund structure, allowing EMR to underwrite technical risk that most financial sponsors avoid. The firm's audit and governance committee includes an SEC Financial Expert from the Cayman Islands, reflecting a governance infrastructure typically found at larger institutional platforms.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
Hong Kong
City
Hong Kong Island
Corporate office
Hong Kong Island, Hong Kong
Principals
Owen Hegarty
Executive Chairman
Jason Chang
Chief Executive Officer and Managing Director
Tony Manini
Executive Director and Investment Committee
David Jones
Investment Committee and Chairman of Audit & Governance Committee
Sector focus
Frequently asked questions
Who runs investment decisions at EMR Capital?
A four-person investment committee governs deployment: Executive Chairman Owen Hegarty, CEO Jason Chang, Executive Director Tony Manini, and Chairman of Audit & Governance David Jones. Chang handles day-to-day execution, while Hegarty and Manini lead origination and technical assessment.
Does EMR Capital target a particular stage of mining asset?
EMR primarily targets operational mines and late-stage development projects that require technical or financial restructuring. The firm has acquired producing assets such as the Kestrel coking-coal mine and Capricorn Copper, and it can participate in public-to-private transactions where the team's operating experience provides a competitive bid advantage.
How does the firm source proprietary deal flow?
Deal flow originates from the team's deep industry relationships, particularly the founder networks at Rio Tinto, Oxiana, and Macquarie. The Kestrel mine acquisition, for instance, was sourced through Roland's prior connection to the asset during his Rio Tinto tenure, allowing a negotiated transaction rather than a broad auction.
What is EMR Capital's geographic focus?
The firm concentrates on Asia-Pacific and the Americas, with active investments in Australia (Kestrel and Capricorn Copper mines), Indonesia (Asiamet Resources through the Tigers Realm Minerals incubator), and Chile. Operating from Hong Kong provides proximity to Asian demand hubs for the commodities the portfolio produces.
How is EMR Capital related to Tigers Realm Minerals?
Executive Director Tony Manini co-founded Tigers Realm Minerals Group, a private incubator that launched Tigers Realm Coal, Asiamet Resources (copper/gold in Indonesia), and NexGen Energy (uranium in Canada). Several EMR partners, including John Sheridan, worked at Tigers Realm before joining EMR, creating a shared deal-identification ecosystem between the two entities.
Does EMR Capital commit its own capital alongside investors?
Yes. The general partner invests alongside limited partners on each deal, aligning interests with institutional co-investors who have participated in vehicles such as the EMR Capital Resources Fund. The exact GP commitment size is not publicly disclosed.
What is the governance structure at EMR Capital?
EMR operates with a board that includes a dedicated Audit, Risk Management and Compliance Committee chaired by David Jones, alongside an SEC Financial Expert qualified director from the Cayman Islands. This structure supports the regulated activities of their Cayman-based fund vehicles and provides institutional-grade oversight uncommon among specialist mining private-equity firms.
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