FCMB Asset Management & TLG Capital Launch Series 2 Private Debt Fund
FCMB Asset Management, in partnership with TLG Capital, has announced the launch of Series 2 of the FCMB–TLG Private Debt Fund, following the successful deployment of the oversubscribed Series 1. This move highlights the growing demand for private debt in Nigeria as a scalable and risk-managed source of capital to drive economic growth.
The Series 1 fund attracted 16 investors, including leading Pension Fund Administrators, and provided financing to five Nigerian companies across critical sectors. This demonstrated the potential of private debt to deliver competitive risk-adjusted returns while supporting sustainable development.
Objectives and Strategy
James Ilori, CEO of FCMB Asset Management, emphasized that the fund aims to provide alternative capital access for mid-sized companies, particularly in sectors aligned with United Nations Sustainable Development Goals (SDGs). He explained that Series 1 successfully contributed to Nigeria’s economic growth and development, and Series 2 will continue this mission, combining financial returns with social and economic impact.
Isha Doshi, Co-Founder of TLG Capital, highlighted the growing private credit opportunities in Nigeria. She noted that Series 1 proved the asset class is investable at scale, allowing local institutions to participate confidently. TLG Capital’s Africa Private Credit expertise, combined with FCMB’s fiduciary strength, is designed to create jobs, support business growth, and deliver strong returns.
Key Sectors & Impact
The fund focuses on essential sectors with high economic and social multipliers:
• Agriculture: Financing for one of Nigeria’s largest cocoa exporters to boost exports.
• Healthcare: Support for a major producer of medical consumables, including syringes and facemasks, strengthening local health security.
• Clean Energy: Working capital for a solar home and office systems provider, expanding energy access and reducing diesel reliance.
• IT/Technology: Debt for a fast-growing tech company transforming distributive trade, formalizing supply chains, and enhancing SME inventory access.
Series 2 Goals
Series 2 will continue to provide senior secured financing to resilient mid-market businesses, maintaining disciplined underwriting, covenant protection, and measurable impact frameworks. The fund aims to deliver competitive risk-adjusted returns alongside tangible development outcomes. Target sectors include Healthcare, Education, Transport & Logistics, and Clean Energy. Regulatory approvals from the Securities and Exchange Commission, Nigeria are pending for the launch.
Key Takeaways:
• Series 2 builds on the oversubscribed success of Series 1.
• Investors gain access to a scalable, risk-managed private debt platform.
• Financing supports critical sectors that boost Nigeria’s economy and social development.
• The partnership leverages UK Manufacturing Africa programme and McKinsey expertise for hands-on value creation.
• The fund exemplifies inclusive growth, sustainability, and job creation.
This launch reinforces FCMB Asset Management and TLG Capital’s commitment to innovative, impact-driven finance that strengthens Nigeria’s private sector while delivering meaningful returns to investors.
FCMB Asset Management, in partnership with TLG Capital, has announced the launch of Series 2 of the FCMB–TLG Private Debt Fund, following the successful deployment of the oversubscribed Series 1. This move highlights the growing demand for private debt in Nigeria as a scalable and risk-managed source of capital to drive economic growth.
The Series 1 fund attracted 16 investors, including leading Pension Fund Administrators, and provided financing to five Nigerian companies across critical sectors. This demonstrated the potential of private debt to deliver competitive risk-adjusted returns while supporting sustainable development.
Objectives and Strategy
James Ilori, CEO of FCMB Asset Management, emphasized that the fund aims to provide alternative capital access for mid-sized companies, particularly in sectors aligned with United Nations Sustainable Development Goals (SDGs). He explained that Series 1 successfully contributed to Nigeria’s economic growth and development, and Series 2 will continue this mission, combining financial returns with social and economic impact.
Isha Doshi, Co-Founder of TLG Capital, highlighted the growing private credit opportunities in Nigeria. She noted that Series 1 proved the asset class is investable at scale, allowing local institutions to participate confidently. TLG Capital’s Africa Private Credit expertise, combined with FCMB’s fiduciary strength, is designed to create jobs, support business growth, and deliver strong returns.
Key Sectors & Impact
The fund focuses on essential sectors with high economic and social multipliers:
• Agriculture: Financing for one of Nigeria’s largest cocoa exporters to boost exports.
• Healthcare: Support for a major producer of medical consumables, including syringes and facemasks, strengthening local health security.
• Clean Energy: Working capital for a solar home and office systems provider, expanding energy access and reducing diesel reliance.
• IT/Technology: Debt for a fast-growing tech company transforming distributive trade, formalizing supply chains, and enhancing SME inventory access.
Series 2 Goals
Series 2 will continue to provide senior secured financing to resilient mid-market businesses, maintaining disciplined underwriting, covenant protection, and measurable impact frameworks. The fund aims to deliver competitive risk-adjusted returns alongside tangible development outcomes. Target sectors include Healthcare, Education, Transport & Logistics, and Clean Energy. Regulatory approvals from the Securities and Exchange Commission, Nigeria are pending for the launch.
Key Takeaways:
• Series 2 builds on the oversubscribed success of Series 1.
• Investors gain access to a scalable, risk-managed private debt platform.
• Financing supports critical sectors that boost Nigeria’s economy and social development.
• The partnership leverages UK Manufacturing Africa programme and McKinsey expertise for hands-on value creation.
• The fund exemplifies inclusive growth, sustainability, and job creation.
This launch reinforces FCMB Asset Management and TLG Capital’s commitment to innovative, impact-driven finance that strengthens Nigeria’s private sector while delivering meaningful returns to investors.