Key Takeaways
- • TLG Capital and FCMB Asset Management closed the Series II offer of the FCMB-TLG Private Debt Fund, raising ₦20.69 billion ($14.90 million) against a ₦20 billion ($14.40 million) target.
- • The offer drew 22 investors, with 12 pension fund administrators supplying 78% of the capital; the remainder came from high-net-worth individuals, corporate investors and FCMBAM.
- • The Series II raise sits under the fund's ₦100 billion ($72 million) issuance programme and will be deployed as corporate debt into Nigerian mid-sized companies.
- • Series I was fully deployed in under 12 months across nine companies and has distributed ₦3.46 billion ($2.49 million), a cumulative dividend yield of 33.22% as of March 31, 2026.
Summary
TLG Capital and FCMB Asset Management (FCMBAM) have closed the Series II offer of their FCMB-TLG Private Debt Fund, raising ₦20.69 billion ($14.90 million) against a ₦20 billion ($14.40 million) target, according to Africa Private Equity News. The offer is being raised under the fund's ₦100 billion ($72 million) issuance programme.
The offer drew 22 investors, including 12 pension fund administrators (PFAs) that supplied 78% of the capital. The balance came from high-net-worth individuals, corporate investors and FCMBAM itself. Both executives highlighted the pension anchor as the key development. James Ilori, chief executive officer of FCMBAM, said that PFAs contributing more than three-quarters of the capital indicates that conviction is now shared by one of the country's most discerning groups of investors.
The Series II capital will be deployed as corporate debt into private credit opportunities in Nigeria. The fund targets mid-sized companies across agriculture, clean energy, education, healthcare, IT/technology, and transport/logistics.
The fund's first series provides the track record behind the raise. Series I, which launched in September 2024, was fully deployed in under 12 months, financing nine mid-sized companies. It has distributed ₦3.46 billion ($2.49 million) to unitholders, a cumulative dividend yield of 33.22% as of March 31, 2026.
Zain Latif, chief executive officer of TLG Capital, called the raise proof that domestic institutional money can fund Nigeria's real economy in naira. He said that "two oversubscribed issuances in under two years tells you something has changed in Nigeria," and described the model as "repeatable, not a one-off."
The offer drew 22 investors, including 12 pension fund administrators (PFAs) that supplied 78% of the capital. The balance came from high-net-worth individuals, corporate investors and FCMBAM itself. Both executives highlighted the pension anchor as the key development. James Ilori, chief executive officer of FCMBAM, said that PFAs contributing more than three-quarters of the capital indicates that conviction is now shared by one of the country's most discerning groups of investors.
The Series II capital will be deployed as corporate debt into private credit opportunities in Nigeria. The fund targets mid-sized companies across agriculture, clean energy, education, healthcare, IT/technology, and transport/logistics.
The fund's first series provides the track record behind the raise. Series I, which launched in September 2024, was fully deployed in under 12 months, financing nine mid-sized companies. It has distributed ₦3.46 billion ($2.49 million) to unitholders, a cumulative dividend yield of 33.22% as of March 31, 2026.
Zain Latif, chief executive officer of TLG Capital, called the raise proof that domestic institutional money can fund Nigeria's real economy in naira. He said that "two oversubscribed issuances in under two years tells you something has changed in Nigeria," and described the model as "repeatable, not a one-off."
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