FCMB and TLG close Series II private debt offer
The capital raised will be deployed as corporate debt into private credit opportunities in Nigeria.
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TLG Capital and FCMB Asset Management Limited (FCMBAM) have announced the close of the FCMB-TLG Private Debt Fund Series II offer.
The offer raised ₦20.69 billion ($14.90 million), against a ₦20 billion ($14.40 million) target, under the fund’s ₦100 billion ($72 million) issuance programme. The Series II offer attracted participation from 22 investors, including 12 pension fund administrators (PFAs). Notably, 78% of the capital raised came from PFAs, while the balance was from high-net-worth individuals, corporate investors, and FCMBAM.
The fund fully deployed its Series I capital in less than 12 months, providing debt financing to nine mid-sized companies across its approved sectors of focus, including agriculture, clean energy, education, healthcare, IT/technology and transport/logistics. Since the fund’s inception in September 2024, Series I has distributed ₦3.46 billion ($2.49 million) to unitholders, representing a cumulative dividend yield of 33.22% as of 31 March 2026.
The capital raised under Series II will be deployed as corporate debt into private debt opportunities in Nigeria.
“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 group of investors. We are grateful for the trust reposed in us, and together with our technical partner, TLG Capital, remain focused on disciplined deployment and rigorous portfolio governance, to deliver competitive risk-adjusted return on investment to subscribers in the fund,” said James Ilori, the CEO of FCMBAM.
“Two oversubscribed issuances in under two years tells 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 ($14.90 million), 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. FCMBAM is setting the asset management benchmark in this space, and our joint focus now turns to what matters most: disciplined origination, robust structuring, and commercial risk-adjusted returns,” commented Zain Latif, CEO of TLG Capital.
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