Verod Capital, a private equity manager based in Nigeria, has held the final closing of its Verod Capital Growth Fund II at $115m, exceeding its original target of $100m.

Verod Fund II has received support from a diverse group of global investors, which includes a mix of fund of funds, asset managers, sovereign wealth funds, pension funds, family offices and development finance institutions with extensive experience supporting fund managers in West Africa and other emerging markets.

Danladi Verheijen, Co-Founder and the Managing Partner of Verod Capital, said: “We are very grateful for the confidence of our world-class set of investors in our team and differentiated value-creation strategy.

“We were able to attract an extremely high caliber set of investors and we look forward to working with them to support growth businesses in our market,” he added.

The investment strategy for Verod Fund II is to build a diverse portfolio across several fast-developing industries including light manufacturing, consumer goods and services, business services, agriculture, education and financial services.

To date, the Fund has made five commitments and has invested over 25% of its capital into four compelling businesses including: Shaldag, the largest aquaculture facility in West Africa; Union Trustees, a leading trustee, nominee and custodial services provider to Nigerian bond issuers; Niyya Food & Drinks, the largest Nigerian producer of non-concentrate fruit juice and dairy products; and Central Securities Clearing Systems (CSCS), the central depository, clearing and settlements agent for the Nigerian Stock Exchange and OTC platforms.

Verod Capital has established its reputation for creative investment selection, generating strong returns for investors and active support of management teams to improve company operations.

Eric Idiahi, Verod Capital’s Co-founder and Partner, said: “As evidenced in our previous and current portfolio, we are generating attractive returns, while also creating substantial co-investment opportunities for our investors and developing economic, environmental and social impact for the local economy.”

Asante Capital was the fund’s placement adviser.

Clifford Chance, UUBO and BLC Chambers were the fund’s counsel and legal advisers.