Key Takeaways
- • TLG Capital, the London-based firm founded by Zain Latif, has launched what it calls Ghana's first local-currency private credit fund, targeting small and medium-sized enterprises (SMEs).
- • The fund will lend directly in Ghanaian cedis, removing foreign-exchange mismatch risk for borrowers that earn local revenue but service dollar-denominated debt.
- • The fund size was not disclosed.
- • The launch follows TLG's expansion in Nigeria, where it has committed over $65 million to 16 mid-sized businesses over the past two years and whose Africa Growth Impact Fund II reached a $195 million second close in 2026.
- • TLG has structured over $250 million across 50 deals, backed by development finance institutions including IFC, Norfund, Swedfund and Bpifrance.
Summary
London-based TLG Capital, founded by Zain Latif, has launched what it describes as Ghana's first local-currency private credit fund, according to Dealroom. The vehicle will target small and medium-sized enterprises and lend directly in Ghanaian cedis. The stated objective is to insulate borrowers from foreign-exchange volatility. The fund size was not disclosed.
The rationale centers on a currency mismatch common among regional companies: they generate local revenue but service dollar-denominated debt, which strains repayment. By lending in cedis, TLG removes that currency risk and addresses a segment that has limited access to long-term financing.
The launch follows TLG's expansion in Nigeria, where the firm has committed over $65 million to 16 mid-sized businesses over the past two years. A naira-denominated fund TLG runs with FCMB attracted local pension-fund backing, and its Africa Growth Impact Fund II reached a $195 million second close in 2026.
TLG was established in 2009 by former Wall Street bankers Latif and Isha Doshi. The firm finances companies too large for microfinance lenders but too small for global funds. It has structured over $250 million across 50 deals, with backing from development finance institutions including the World Bank's International Finance Corporation, Norfund, Swedfund and Bpifrance.
TLG recently closed a credit facility for Nigerian solar-cooling company Koolboks, pairing its private credit with a guarantee from Cascador delivered with Morgan Stanley, its second joint deal within weeks. To manage default risk across fragmented jurisdictions, TLG relies on bank guarantees and standby letters of credit rather than hard collateral.
The move is part of a broader push to build African private credit in local currencies, alongside initiatives such as British International Investment's Growth Investment Partners Ghana, which offers flexible cedi financing to SMEs. Latif estimates African small enterprises represent an untapped $1 trillion market, generating roughly 80% of jobs in key economies.
The rationale centers on a currency mismatch common among regional companies: they generate local revenue but service dollar-denominated debt, which strains repayment. By lending in cedis, TLG removes that currency risk and addresses a segment that has limited access to long-term financing.
The launch follows TLG's expansion in Nigeria, where the firm has committed over $65 million to 16 mid-sized businesses over the past two years. A naira-denominated fund TLG runs with FCMB attracted local pension-fund backing, and its Africa Growth Impact Fund II reached a $195 million second close in 2026.
TLG was established in 2009 by former Wall Street bankers Latif and Isha Doshi. The firm finances companies too large for microfinance lenders but too small for global funds. It has structured over $250 million across 50 deals, with backing from development finance institutions including the World Bank's International Finance Corporation, Norfund, Swedfund and Bpifrance.
TLG recently closed a credit facility for Nigerian solar-cooling company Koolboks, pairing its private credit with a guarantee from Cascador delivered with Morgan Stanley, its second joint deal within weeks. To manage default risk across fragmented jurisdictions, TLG relies on bank guarantees and standby letters of credit rather than hard collateral.
The move is part of a broader push to build African private credit in local currencies, alongside initiatives such as British International Investment's Growth Investment Partners Ghana, which offers flexible cedi financing to SMEs. Latif estimates African small enterprises represent an untapped $1 trillion market, generating roughly 80% of jobs in key economies.
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