FCMB Asset Management Limited (FCMBAM) and TLG Capital have announced the successful close of the FCMB-TLG Private Debt Fund Series II Offer, raising ₦20.69 billion against a ₦20 billion target, representing a 103.43% subscription rate under the Fund’s ₦100 billion Issuance Programme.
The Series II Offer attracted 22 investors, including 12 Pension Fund Administrators (PFAs), which contributed 78% of the capital raised. The remaining funds came from High-Net-Worth Individuals (HNIs), corporate investors, and FCMBAM itself, which invested 3% of the Offer size as required by regulation.
Strong Investor Confidence in Private Debt Model
This successful outcome reflects continued investor confidence in FCMBAM’s investment management capabilities and high governance standards. The Series II oversubscription follows the trend set by Series I, which raised ₦10 billion in September 2024 with a 4.30% oversubscription.
The Fund fully deployed its Series I capital in less than 12 months, providing debt financing to nine mid-sized companies across sectors including Agriculture, Clean Energy, Education, Healthcare, IT/Technology, and Transport/Logistics. Since inception in September 2024, Series I distributed ₦3.46 billion to Unitholders, representing a cumulative Dividend Yield of 33.22% as of 31 March 2026.
Impact on Nigeria’s Real Economy
The completion of Series II is a strong validation of the Private Debt investment model pioneered by FCMBAM and TLG Capital in Nigeria. The capital will be deployed as corporate debt to carefully selected opportunities, providing long-term local-currency capital to mid-sized companies with commercially viable and impact-oriented projects aligned with the UN Sustainable Development Goals.
So far, nine portfolio companies have digitised distribution of essential goods, manufactured local medical consumables, processed more food products, expanded clean energy access, and increased exports. Series II aims to scale these impacts, encouraging import substitution and boosting local manufacturing capacity.
Key Quotes from Fund Managers
James Ilori, CEO of FCMB Asset Management Limited, said: “When we launched the country’s first Naira-denominated Private Debt Fund, we set out to prove that domestic institutional capital could be unlocked and channelled responsibly into Nigeria’s mid-sized businesses. That PFAs anchored this Series II, contributing more than three-quarters of the capital, tells us that conviction is now shared by one of the country’s most discerning groups of investors.”
Zain Latif, CEO of TLG Capital, added: “Two oversubscribed issuances in under two years tell you something has changed in Nigeria. Local pension capital is anchoring private credit for the real economy. The most important number is not the ₦20.69 billion, it is the 78% that came from Nigerian pension funds. Domestic institutional capital invested in Naira into Nigerian mid-sized businesses is the most sustainable pool of funding this continent has.”
About the Fund Managers
FCMB Asset Management Limited (FCMBAM) is the asset management arm of FCMB Group Plc, incorporated in 1997. Rated A(NG) and A1(NG) by GCR Ratings and A (IM) by Agusto & Co., it manages over ₦540 billion in Assets Under Management.
TLG Capital is a private, employee-owned, London-based investment firm specialising in Sub-Saharan Africa since 2009. It has invested across 25 African countries, completed 65 deals and 35 exits, and raised over US$350 million. The firm recently announced the second close of its Africa Growth Impact Fund II (AGIF II) at US$120 million, anchored by IFC, Swedfund, Norfund, Proparco and Bpifrance.
