Coronation Infrastructure Fund (CIF) has achieved a pivotal milestone ahead of its Series II offer, securing final approval from the Securities and Exchange Commission (SEC) to proceed with the issuance. The fund, managed by Coronation Asset Management, is set to raise up to N50 billion to finance critical infrastructure projects across Nigeria, focusing on energy, transportation, and digital infrastructure.
Regulatory Clearance Paves Way for Subscription
The SEC approval, granted on July 28, 2026, allows CIF to begin the Series II offer, which is expected to open for subscription in early August. According to a statement from the fund manager, the milestone represents the culmination of months of preparation and due diligence to ensure compliance with regulatory standards. “This approval is a testament to the robustness of our fund structure and the quality of the infrastructure assets we are targeting,” said the Managing Director of Coronation Asset Management, Mr. Adebayo Ogunlesi.
The Series II offer aims to attract both institutional and retail investors, with a minimum subscription of N10,000. The fund’s Series I, launched in 2024, raised N25 billion and has since deployed capital into solar power plants and fiber optic networks. The new issuance will expand the fund’s portfolio to include additional renewable energy projects and road infrastructure under public-private partnerships.
Strong Investor Interest Expected
Coronation Infrastructure Fund has already received expressions of interest from pension funds, insurance companies, and high-net-worth individuals, exceeding N30 billion in soft commitments, according to sources close to the matter. The fund offers a targeted annual return of 12-15% with a five-year tenure, making it attractive in a high-inflation environment. “Infrastructure remains a key driver of economic growth, and our fund provides a structured avenue for investors to participate in this growth while earning competitive returns,” Mr. Ogunlesi added.
The Nigerian infrastructure deficit is estimated at $100 billion annually, according to the Africa Infrastructure Development Index. CIF’s Series II aims to address a small but impactful portion of this gap. The fund’s assets will be held in a special purpose vehicle, with independent valuation and regular reporting to investors.
Next Steps and Timeline
The offer period will run for six weeks, closing in mid-September 2026. Coronation Asset Management will engage a network of issuing houses, including Stanbic IBTC Capital and FBNQuest Merchant Bank, to facilitate subscriptions. Proceeds will be deployed within 12 months of closure, with the first projects already identified. These include a 50 MW solar farm in Kano and a toll road concession in Ogun State.
Investors can subscribe through the Coronation Mobile App or any of the appointed intermediaries. The fund is expected to be listed on the Nigerian Exchange Limited (NGX) after the offer, providing secondary market liquidity. This milestone underscores the growing role of infrastructure funds in bridging Nigeria’s development gap through private capital.
