FCMB Asset Management (FCMBAM) and TLG Capital, two prominent players in Africa’s investment landscape, have successfully completed the full deployment of the FCMB-TLG Private Debt Fund Series 1, which was oversubscribed by investors. This milestone reflects the growing appetite for private debt instruments as a scalable and risk-managed financing solution for Nigeria’s real economy.
The fund’s deployment underscores the increasing relevance of private credit in Nigeria, particularly as a tool for channeling capital into resilient mid-market enterprises operating in essential sectors. These include healthcare, education, transport and logistics, and clean energy industries that are critical to Nigeria’s long-term development and economic diversification.
In response to strong investor demand and a robust pipeline of eligible businesses, FCMBAM and TLG Capital have announced plans to launch Series 2 of the FCMB-TLG Private Debt Fund. The upcoming series will continue to provide senior secured financing, maintaining the fund’s disciplined approach to underwriting, covenant enforcement, and impact measurement. The launch of Series 2 is subject to regulatory approval from the Securities and Exchange Commission (SEC), Nigeria, with further details to be disclosed in due course.
The fund is designed to deliver competitive, risk-adjusted returns while generating measurable development outcomes. It combines financial rigor with a strong impact framework, ensuring that investments not only yield returns but also contribute to job creation, business growth, and improved access to essential services.
Isha Doshi, Co-founder of TLG Capital, commented on the fund’s success and future prospects:
We’re seeing stronger private credit opportunities in Nigeria now than at any point in the last fifteen years. Through Series 1, we’ve demonstrated that this asset class is scalable and investable, giving local institutions the confidence to participate. Our partnership with FCMB Asset Management merges their fiduciary strength with our expertise in African private credit. This collaboration is further enhanced by support from the UK Manufacturing Africa programme and McKinsey, who provide hands-on value creation for our portfolio companies. Through both capital investment and capacity building, we help leading Nigerian businesses grow, create impact, and generate jobs—while delivering strong returns. For institutions with naira liabilities, this is the most effective way to invest.
The FCMB-TLG Private Debt Fund represents a new frontier in Nigeria’s investment ecosystem, offering institutional investors a structured, impact-driven vehicle to support the country’s economic transformation.
