Breakwall Capital, Vitol Close Valor Mining Credit Partners II
- Breakwall and Vitol's inaugural fund deployed about $470M in under six months, prompting the launch of VMP II.
- VMP II's first deal is a $520M term loan to Mesabi Metallics (backed by Essar) to develop a U.S. iron‑ore mine and pellet plant.
- Mesabi has invested over $2.2B in the project, and the Valor energy credit franchise has deployed more than $2.1B across upstream, mining, and critical minerals in under three years.
Fund closing and strategy
Breakwall Capital and Vitol closed Valor Mining Credit Partners II (VMP II), a fund focused on structured, event‑driven credit investments in mining and critical minerals, targeting refinancing, acquisition financing and development capital to provide flexible capital solutions.
Inaugural investment
VMP II's first transaction is a $520 million term loan to Mesabi Metallics Company LLC, backed by the Essar Group, to support development of a U.S. iron‑ore mine and pellet plant; Mesabi has already invested over $2.2 billion in the project.
Deployment and franchise scale
The VMP II close follows full deployment of the prior Valor mining fund, which deployed about $470 million in under six months; the Valor energy credit franchise has invested over $2.1 billion across upstream oil & gas, mining and critical minerals in less than three years.
Source: Vitol