Rare Earths & Magnets
From NdPr oxide to finished magnet, ex-China.
Why this fund exists.
Rare earth magnets — specifically NdFeB permanent magnets — sit at the center of every EV traction motor, offshore wind turbine, and F-35. Roughly 90% of the world's magnet production is Chinese, and mine supply of the heavies (Dy, Tb) is more concentrated still.
Fund II underwrites the full stack: NdPr oxide mine-to-metal, Dy/Tb heavy separation, and NdFeB magnet manufacturing. The strategy is midstream-heavy: separation and metallization capacity is what actually unlocks the value chain.
Where the capital goes.
NdPr Oxide
Neodymium-praseodymium concentrates and separation capacity — U.S., Canada, Australia, and select African assets.
Dysprosium & Terbium
Heavy rare-earth separation is scarcer than mine supply — we invest at that specific bottleneck.
Metal & Alloy
NdFeB strip-cast alloy production feeding sintered magnet lines.
Sintered NdFeB Magnets
Domestic magnet manufacturing capacity — the West's most acute deficit.
Recycling
Post-consumer magnet recovery to supplement primary flows.
Deployed alongside operators, offtakers, and structured co-investors.
Rare Earths capital is deployed in partnership with defense primes, EV OEMs, and government offtake mechanisms including DPA and DoE loan programs.