Australian private equity investor EMR Capital has raised $450m for a specialist mining fund, which will focus on copper, gold, coking coal and the fertilizer potash segments.

The mining fund is said to have attracted interests from institutions, endowments and private investors.

Reuters quoted EMR chief executive Jason Chang as saying: "We think now is a good time to deploy capital into these markets.

"We’re looking at the medium to long term and not worried about the day-to-day fluctuations."

Major funds in the private equity industry consider mining as the risky segment; however, a group of specialist funds with at least $10bn are looking for opportunities worldwide, the news agency reported.

EMR new fund is likely to avoid spending in iron ore due to more than 50% drop in the commodity prices last year.

Chang said that the iron ore supply is dominated by some mining companies led by Vale, Rio Tinto and BHP Billiton.

"Iron ore is probably too much of a niche market," he added.