FCMB Asset Management and TLG Capital’s oversubscribed Series 1 has allocated capital to five mid-market operators in Agriculture, Healthcare, Clean Energy and Technology.
The strategy raised capital from 16 investors across five investor categories, including leading Pension Fund Administrators, Fund Managers and other institutional investors.
FCMB Asset Management Limited (FCMBAM) and TLG Capital today announced the full deployment of the oversubscribed FCMB–TLG Private Debt Fund Series 1.
The successful raise and deployment underscore the accelerating demand for private debt as a scalable, risk-managed source of capital for Nigeria’s productive economy.
Series 1 at a glance
- Oversubscribed and fully deployed.
- Backed by 16 investors, including leading Pension Fund Administrators (PFAs).
- Financing provided to five Nigerian companies.
- Proceeds targeted essential sectors with clear economic and social multipliers:
- Agriculture: financing for one of Nigeria’s largest cocoa exporters, to expand its exports.
- Healthcare: support for one of Nigeria’s largest producers of medical consumables (including syringes and facemasks) to bolster local health security.
- Clean Energy: working capital support to a well-established solar home & office systems provider to extend energy access and reduce diesel reliance.
- IT/Technology: debt to one of Africa’s fastest-growing tech companies revolutionising distributive trade, helping formalise supply chains and SME access to inventory.
In response to investor demand and a strong pipeline, FCMBAM and TLG Capital are set to launch Series 2 of the FCMB–TLG Private Debt Fund.
Series 2 will continue to provide senior secured financing to resilient midmarket businesses in essential sectors, maintaining the Fund’s disciplined underwriting, covenant protection, and measurable impact framework. Further details will be announced, subject to applicable regulatory approval from the Securities and Exchange Commission, Nigeria.
The Fund targets competitive risk-adjusted returns alongside tangible development outcomes, focusing on key sectors such as Healthcare, Education, Transport and Logistics, and Clean Energy.
“Providing alternative access to suitable capital by mid-sized companies in sectors that align with the United Nations Sustainable Development Goals and delivering competitive risk-adjusted return on investment to investors are the key objectives of the FCMB-TLG Private Debt Fund. The Fund successfully met these objectives under Series 1, contributing meaningfully to Nigeria’s economic growth and development. This aligns with FCMB’s broader Purpose: To foster inclusive and sustainable growth in the communities we serve. We remain committed to working closely with our partners and regulators to continue delivering exceptional value to all our stakeholders, as we prepare to launch Series 2 of the Fund,” said James Ilori, Chief Executive Officer, FCMB Asset Management Limited.
“We’re seeing stronger private credit opportunities in Nigeria now than at any point in the last fifteen years. Through Series 1, we have proven that the asset class is investable at scale so that local institutions can participate with confidence. Our partnership with FCMB Asset Management brings together their fiduciary strength with our Africa Private Credit expertise. This partnership is turbocharged by the UK Manufacturing Africa programme and McKinsey, who provide hands-on value creation for our portfolio companies. Through capital investment and capacity building, we help leading Nigerian businesses to grow, make an impact, and create jobs while delivering strong returns. For institutions with Naira liabilities, this is the best way to invest,” said Isha Doshi, CoFounder, 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 by GCR Ratings and A (IM) (longterm) by Agusto & Co., is one of Nigeria’s leading asset managers with over N500 billion in Assets Under Management.
About TLG Capital Investment Limited (TLG Capital)
TLG Capital is a private, employee-owned, London-based investment firm specialising in Sub-Saharan Africa since 2009. The TLG Group manages in excess of US$180 million across private credit and growth strategies, and recently announced the launch of Africa Growth Impact Fund II (AGIF II) with a US$75 million first close anchored by IFC, Swedfund, Norfund, and Bpifrance.
