FCMB Asset Management Limited (FCMBAM) and TLG Capital have announced the successful close of the FCMB-TLG Private Debt Fund Series II Offer. The offer raised ₦20.69 billion, surpassing its ₦20 billion target under the Fund’s ₦100 billion Issuance Programme, resulting in an oversubscription of 3.43%.
The Series II Offer attracted robust participation from 22 investors. Notably, 12 Pension Fund Administrators (PFAs) accounted for 78% of the capital raised, with the remaining balance coming from High-Net-Worth Individuals (HNIs), corporate investors, and FCMBAM. FCMBAM, acting as Fund Manager, invested 3% of the Offer size in compliance with regulatory requirements.
This successful outcome underscores continued investor confidence in the investment management capabilities in Private Debt and high governance standards. The FCMB-TLG Private Debt Fund has a history of investor oversubscription, as its Series I Offer of ₦10 billion was also oversubscribed by 4.30% in September 2024.
The Series I capital was fully deployed in less than twelve months, providing debt financing to nine mid-sized companies across approved sectors. These sectors include Agriculture, Clean Energy, Education, Healthcare, IT/Technology, and Transport/Logistics. Since its inception in September 2024, Series I has delivered strong performance, distributing ₦3.46 billion to Unitholders, which represents a cumulative Dividend Yield of 33.22% as of 31 March 2026.
The completion of the Series II issuance is a significant validation of the Private Debt investment model, pioneered in Nigeria by FCMBAM and TLG Capital in 2024. It marks an important milestone in Nigeria’s growing impact investment landscape, reinforcing confidence in private capital solutions that offer competitive financial returns alongside measurable economic impact.
Capital raised under Series II will be deployed as corporate debt to carefully selected Private Debt opportunities. These opportunities will provide suitable long-term, local-currency capital to mid-sized companies with commercially viable and impact-oriented prospects across Nigerian economic sectors aligned with the United Nations Sustainable Development Goals (UN SDGs). Through the deployment of funds so far, nine portfolio companies have digitized essential goods distribution, manufactured local medical consumables, processed more food products, expanded clean energy access, and increased overseas exports. Series II aims to scale these efforts, fostering import substitution and boosting local manufacturing capacity, thereby contributing to increased economic growth and development in Nigeria.
James Ilori, the Chief Executive Officer (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. 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.”
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. 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.”
FCMBAM, the asset management arm of FCMB Group Plc, was incorporated in 1997 and provides portfolio management and investment advisory services globally. It is rated A(NG) and A1(NG) by GCR Ratings and A (IM) by Agusto & Co., managing over ₦540 billion in Assets Under Management. TLG Capital, a London-based investment firm specializing in Sub-Saharan Africa since 2009, has invested across 25 African countries, completing 65 deals and 35 exits, and has raised over US$350 million since inception. 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.
