FCMB-TLG, Nigeria’s First Naira Private Debt Vehicle, Closes Series II at ₦20.69bn

FCMB Asset Management Limited (FCMBAM) has closed the Series II offer of the FCMB-TLG Private Debt Fund, raising ₦20.69 billion (US$15 million) and exceeding the ₦20 billion target by 3.43%.

The offer, conducted under the ₦100 billion FCMB-TLG Private Debt Fund Issuance Programme, drew commitments from 22 investors, including 12 Pension Fund Administrators (PFAs). PFAs accounted for 78% of the capital raised, with the remainder coming from high-net-worth individuals, corporate investors, and FCMBAM, which invested the required 3% as fund manager.

The result builds on Series I, which raised ₦10 billion in September 2024 and was oversubscribed by 4.30%. The fund, established in 2024 as Nigeria’s first naira-denominated private debt vehicle, continues to attract strong institutional interest.

Proceeds from Series II will be invested in senior secured corporate debt for mid-sized Nigerian companies in sectors such as agriculture, clean energy, education, healthcare, technology, transport and logistics. The strategy targets opportunities aligned with the United Nations Sustainable Development Goals and incorporates ESG factors.

The fund operates as a 10-year closed-end vehicle and is co-managed by FCMB Asset Management and London-based TLG Capital. It aims to deliver periodic income distributions to investors with an emphasis on capital preservation.

James Ilori, Chief Executive Officer of FCMB Asset Management, said:  

> “Providing alternative access to suitable capital for mid-sized companies in sectors that align with the United Nations Sustainable Development Goals and delivering competitive risk-adjusted returns to investors are the key objectives of the FCMB-TLG Private Debt Fund.”

Isha Doshi, Co-Founder of TLG Capital, added:  

> “We’re seeing stronger private credit opportunities in Nigeria now than at any point in the last fifteen years.”

Participating professional parties include lead issuing house FCMB Capital Markets Limited, joint issuing houses Coronation Merchant Bank Limited and Stanbic IBTC Capital Limited, solicitors Aluko & Oyebode, registrars CardinalStone Registrars Limited, trustee ARM Trustees, and technical partner TLG Capital. The Securities and Exchange Commission (SEC) approved the Series II launch in December 2025.

A recent investment from the fund includes a ₦200 million debt facility to Lagos-based Howbury Nursery & Primary School to finance campus expansion and upgrades.