First Close complete —The fund does not intend to raise further capital until it has committed to at least two transactions. However, you may register your interest in future raises via the link below.
Fund Overview
The Argonaut Special Situations Fund I (ASSFI) is a concentrated, private-equity style fund that deploys Argonaut’s resources-sector expertise into a limited number of high-conviction investments. The Fund targets minority stakes of 5%–20% in resource companies and associated infrastructure, logistics and service businesses, committing a minimum of A$5 million per opportunity across listed and unlisted securities. ASSFI takes an active partnership approach, seeking to create and capture value alongside management rather than operate as an activist investor, with a typical investment horizon of at least three years.
ASSFI launched in July 2026 and reached its A$50 million First Closing cap on 30 September 2026. The fund does not intend to raise further capital until it has committed to at least two transactions.
Fund Information
TYPE OF FUND
Closed-end, private equity style wholesale unit trust
ELIGIBLE INVESTORS
Wholesale Clients only (Corporations Act 2001 (Cth))
TARGET FUND SIZE
A$100 million
FIRST CLOSE
A$50 million accepted on the First Closing Date. The Manager does not intend to raise any additional capital until it has committed to at least two transactions
MINIMUM INVESTMENT
A$500,000 per investor
TARGET RETURN
In excess of 25% per annum
(net of fees and expenses but before sponsor distributions)
STAKE SIZE
5%–20% equity interests; minimum A$5 million per opportunity
INVESTMENT HORIZON
3-year investment period, maximum Fund term of 4 years thereafter
PORTFOLIO MANAGER
Eddie Rigg
INVESTMENT COMMITTEE
Chaired by David Franklyn
PLATFORM AVAILABILITY
Not applicable — direct subscription only
UNIT PRICING
Not applicable — closed-end fund, no published unit price. Portfolio will be valued quarterly
Platform Track Record
ASSFI is a newly launched fund and does not yet have an investment track record of its own.
ASSFI opened on 7 July 2026 and reached its A$50 million first-close cap, with a final First Close Date of 30 September 2026.
In addition to ASSFI, Argonaut Funds Management comprises of the Argonaut Natural Resources Fund (ANRF) and the Argonaut Global Gold Fund (AGGF). Both strategies are led by David Franklyn.
Rankings per FundMonitors.com Fund Manager Review & Peer Group Report, 23 July 2026. Past performance is not a reliable indicator of future performance. ANRF and AGGF are separate funds from ASSFI; their performance does not represent, and is not indicative of, any return ASSFI may generate. Returns data correct as at 30 September 2026.
Investment Themes
What the Fund Will Not Invest In
High-risk geographies
Greenfields exploration
Management teams with a value-destruction track record
Assets with unclear ownership or financing structures
Opportunities with no identified liquidity event
Poor-quality assets, complex logistics, or a difficult permitting outlook with no catalyst for change
Investment Team
Edward Rigg
Executive Chairman and Portfolio Manager of the ASSFI
Co-Founder of Argonaut with over 30 years investment banking experience focused on natural resources. Co-Founder and Chairman of Salubris Australia Limited, one of Australia’s largest independent generators of regulated carbon credits and a leading biodiversity and indigenous engagement proponent.
Experience:
Manages Argonaut Partners investment activities delivering exceptional results.
David Franklyn
Head of Funds Management, CIO & PM to ANRF / AGGF
Chair of ASSFI Investment Committee
Nominated for “Rising Star of the Year” at Money Management Fund Manager of the Year Awards 2023.
Experience:
David joined Argonaut in 2019 bringing 25+ years of experience in financial markets. He was previously Managing Director at Village National & Entrust Funds Management.
Register Your Interest
ASSFI’s first close is complete and the Fund is not currently accepting new subscriptions.
To register your interest ahead of the Fund’s next capital raise, or to request the investor presentation, submit the form below or contact us directly at: [email protected]
