FCMB and TLG close Series II private debt offer, raising ₦20.69B for Nigeria
What's the deal? TLG CapitalDealroom has a profile for this one. Try Dealroom → and FCMBDealroom has a profile for this one. Try Dealroom → 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. The offer sits under the fund's ₦100 billion ($72 million) issuance programme.
Who backed it? The offer drew 22 investors, including 12 pension fund administrators (PFAs). PFAs supplied 78% of the capital, with the rest from high-net-worth individuals, corporate investors, and FCMBAM.
What's the endgame? 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.
Why now? The fund fully deployed its Series I capital in under 12 months, financing nine mid-sized companies. Since its September 2024 inception, Series I has distributed ₦3.46 billion ($2.49 million) to unitholders — a cumulative dividend yield of 33.22% as of March 31, 2026.
Between the lines: Both executives framed the pension anchor as the story. "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 group of investors," said James Ilori, chief executive officer of FCMBAM.
The signal: TLG chief executive officer Zain LatifDealroom has a profile for this one. Try Dealroom → called the raise proof that domestic institutional money can fund Nigeria's real economy in naira. "Two oversubscribed issuances in under two years tells you something has changed in Nigeria," he said, adding that the model is "repeatable, not a one-off."
Read more: Africa Private Equity News
