Mongolia Opportunities Partners’ private equity fund is seeking to invest in Mongolia’s mining industry by the end of October, Bloomberg reports. The Mongolia Opportunities Fund intends to raise $75 million by June. Mitsubishi, International Finance Corp. and the European Bank for Reconstruction and Development are some of the investors that have put $25 million into the fund.

The vehicle targets a rate of return of about 30 percent and seeks to invest in five to eight companies as well as hold the stakes for three to five years. Batsaihan Jamichoi, co-founder of the fund, will manage the fund with executives from Asia Pacific Capital, including managing director Gage McAfee.

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