Nigerian Pension Funds Anchor Oversubscribed ₦20.69bn Series II Issuance of the FCMB-TLG Private Debt Fund
Nigeria’s pioneer Naira-denominated Private Debt Fund, FCMB-TLG Private Debt Fund, records 103.43% subscription, deepening the pool of long-term local-currency capital available to mid-sized companies
FCMB Asset Management Limited (FCMBAM) and TLG Capital today announced the successful close of the FCMB-TLG Private Debt Fund Series II Offer. The Offer raised ₦20.69 billion, against a ₦20 billion target, under the Fund’s ₦100 billion Issuance Programme — an oversubscription of 3.43%.
The Series II Offer attracted strong 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 (HNIs), corporate investors, and FCMB Asset Management Limited (FCMBAM). FCMBAM, as Fund Manager, invested 3% of the Offer size, as required by regulation.
This successful outcome reflects the continued confidence investors place in our investment management capabilities in Private Debt and high governance standards. The outcome of Series II carries on the tradition of investor oversubscription for the FCMB-TLG Private Debt Fund, as the Series I Offer of N10 billion was also oversubscribed by 4.30% in September 2024.
The Fund fully deployed its Series 1 capital in less than twelve (12) months, providing debt financing to nine (9) 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 1 has delivered strong performance, distributing N3.46 billion to Unitholders, representing a cumulative Dividend Yield of 33.22% as of 31 March 2026.
The completion of the Series II issuance represents far more than a fundraising achievement. It is a strong validation of the Private Debt investment model, which FCMBAM and TLG Capital pioneered in Nigeria in 2024 through the launch of the country’s first Naira-denominated Private Debt Fund. It also marks another important milestone in Nigeria’s growing impact investment landscape, reinforcing investor confidence in private capital solutions that combine competitive financial returns with measurable economic impact.
The capital raised under Series II will be deployed as corporate debt to carefully selected Private Debt opportunities, providing suitable long‑term, local‑currency capital to mid‑sized companies with commercially viable and impact-oriented opportunities across sectors of the Nigerian economy aligned with the United Nations Sustainable Development Goals (UN SDGs). Through the deployment of funds so far, nine portfolio companies have been able to digitise the distribution of essential goods, manufacture local medical consumables, process more food products, expand access to clean energy, and export more goods overseas. Series 2 will allow FCMBAM and TLG Capital to do this on a larger scale, thereby creating more impact and addressing key challenges such as encouraging import substitution and increasing the capacity of local manufacturing companies. Overall, the activities of the Fund will continue to aid increased economic growth and development 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 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.” Said James Ilori, the Chief Executive Officer (CEO) of FCMB Asset Management Limited
According to the Fund’s Technical Partner, TLG Capital: “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,” said Zain Latif, CEO of TLG Capital
About FCMB Asset Management Limited (FCMBAM)
FCMBAM is the asset management arm of FCMB Group Plc. Incorporated in 1997, the company provides portfolio management and investment advisory services to individual and institutional clients globally. FCMBAM, rated A(NG) and A1(NG) by GCR Ratings and A (IM) by Agusto & Co., is one of Nigeria’s leading asset managers, with over ₦540 billion in Assets Under Management.
About TLG Capital Investments Limited (TLG Capital)
TLG Capital is a private, employee-owned, London-based investment firm specialising in Sub-Saharan Africa since 2009. TLG 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.
