FCMB Asset Management (FCMBAM) and TLG Capital have announced the full deployment of the oversubscribed ₦100 billion FCMB–TLG Private Debt Fund Series 1, marking a significant milestone in Nigeria’s investment landscape. This pioneering fund, the first local currency private credit fund in the country, attracted participation from 16 of Nigeria’s leading institutional investors and was fully deployed ahead of schedule.
According to Zain Latif, Principal at TLG Capital, the fund is unlocking opportunities across critical sectors of the economy. “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 said.
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In response to strong investor demand and an expanding pipeline, FCMBAM and TLG Capital are preparing to launch Series 2 of the FCMB–TLG Private Debt Fund. Series 2 will continue the model of providing senior secured financing to mid-market businesses in key sectors while maintaining disciplined underwriting standards, covenant protections, and a measurable impact framework. Regulatory approval from the Securities and Exchange Commission (SEC), Nigeria, will be sought before launch.
The Fund is designed to deliver both competitive risk-adjusted returns and measurable development impact. Target sectors include Healthcare, Education, Transport and Logistics, and Clean Energy—all areas crucial to economic resilience and aligned with the United Nations Sustainable Development Goals (SDGs).
James Ilori, Chief Executive Officer of FCMB Asset Management, emphasized the broader significance of the initiative. “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.”
Co-Founder of TLG Capital, Isha Doshi, also highlighted the momentum building in Nigeria’s private credit market. “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,” she said.
With the success of Series 1 and preparations underway for Series 2, the FCMB–TLG Private Debt Fund stands as a testament to the growing strength of private credit in Nigeria, offering investors both financial returns and developmental impact across critical sectors.
