First close for TLG Capital-backed Nigeria debt fund
"This marks the first-ever local currency private debt fund in the country with 17 investors subscribing," said Zain Latif, principal at TLG Capital.
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TLG Capital and Nigeria’s FCMB Asset Management have announced the first close of N10.4 billion (c. $6.4 million) in Series 1 of their N100 billion (c. $61.7 million) FCMB-TLG Private Debt Fund.
Zain Latif, principal at TLG Capital said in a LinkedIn post, "This marks the first-ever local currency private debt fund in the country with 17 investors subscribing across the Nigeria ecosystem and attracting some of the best known pension fund administrators in the country.
"FCMB Asset Management and TLG Capital are driving this innovation, empowering local markets and offering a critical solution to the persistent exchange rate risk that has challenged US$ investors in sub-Saharan Africa for years. With 104.3% oversubscription in the initial offer, this strong investor interest reaffirms the confidence in Nigeria’s capital market and the potential of local currency debt to reshape the landscape."
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