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—an oversubscription of 3.43%. The fund, Nigeria’s pioneer Naira-denominated Private Debt Fund, operates under a ₦100 billion Issuance Programme. The Series II issuance attracted 22 investors, including 12 Pension Fund Administrators (PFAs), who contributed 78% of the capital raised. The remaining funds came from High-Net-Worth Individuals (HNIs), corporate investors, and FCMB Asset Management Limited, which invested 3% of the Offer size as required by regulation.
Strong Investor Confidence and Oversubscription Trend
This successful outcome reflects continued investor confidence in FCMBAM’s investment management capabilities in Private Debt and high governance standards. The Series II oversubscription follows the Series I Offer of ₦10 billion, which was also oversubscribed by 4.30% in September 2024. James Ilori, CEO of FCMB Asset Management Limited, stated: “When we launched the country’s first Naira-denominated Private Debt Fund in Nigeria, we set out to prove that domestic institutional capital could be unlocked and channelled, responsibly and profitably, into some of 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.”
Deployment and Impact of Series I Capital
The Fund fully deployed its Series I capital in less than twelve months, providing debt financing to nine mid-sized companies across approved sectors including Agriculture, Clean Energy, Education, Healthcare, IT/Technology, and Transport/Logistics. Since inception in September 2024, Series I has delivered strong performance, distributing ₦3.46 billion to Unitholders, representing a cumulative Dividend Yield of 33.22% as of 31 March 2026. The nine portfolio companies have digitised distribution of essential goods, manufactured local medical consumables, processed more food products, expanded access to clean energy, and increased exports.
Series II Deployment and Economic Significance
The capital raised under Series II will be deployed as corporate debt to carefully selected Private Debt opportunities, providing long-term, local-currency capital to mid-sized companies with commercially viable and impact-oriented opportunities aligned with the United Nations Sustainable Development Goals (UN SDGs). The deployment aims to encourage import substitution and increase capacity of local manufacturing companies, aiding economic growth in Nigeria. Zain Latif, CEO of TLG Capital, commented: “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. Indeed, the most important number in this raise 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, and Series II proves the model is repeatable, not a one-off.”
About the Fund Managers
FCMB Asset Management Limited (FCMBAM) is the asset management arm of FCMB Group Plc, incorporated in 1997. It provides portfolio management and investment advisory services to individual and institutional clients globally. Rated A(NG) and A1(NG) by GCR Ratings and A (IM) by Agusto & Co., FCMBAM 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, with investments across 25 African countries, 65 deals, 35 exits, and over US$350 million raised. 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.
