About 85% of the funds raised came from international investors.
This is the second fund raised by Pacific Road, after closing an initial $320 million fund in 2007.
Pacific Road invests in mining and resources projects from advanced exploration through feasibility and development stages. It also invests in mining services and buyout situations.
Targeted investment opportunities are generally in the $25-$50 million range.
The new fund has already invested in Base Resources' Kwale mineral sands project in Kenya, and in early-stage copper, gold and iron ore projects in Colombia and Brazil.
Pacific Road executive director Louis Rozman said the raising was an indication of continued investor appetite for resources.
"In the current environment, we anticipate that there will be no shortage of attractive private and public investment opportunities and we continue to evaluate numerous opportunities," he said.
"The strong demand for investment in our second fund demonstrates the unique role private equity can play in the resources sector, bringing long-term cornerstone funding to projects at a time when equity and debt markets are extremely challenging. We also make a major contribution at project and strategy level."
FirstPoint Equity acted as global placement agent for the raising.