FCMB Asset Management (FCMBAM) and TLG Capital have announced the full deployment of the oversubscribed ₦100 bn FCMB–TLG Private Debt Fund Series 1.

"This is Nigeria's first local currency private credit fund, oversubscribed by 16 of the country's leading institutional investors and fully deployed ahead of schedule," said Zain Latif, Principal at TLG Capital (pictured). 

"We see extremely compelling opportunities in Nigeria today to finance the aspirations of farmers, doctors, engineers, and business builders. We applaud the investors that backed this first-of-its-kind fund last year, when very few anticipated the growth story we're now seeing play out," he added.

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 mid‑market 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.

“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, Co‑Founder, TLG Capital.