FCMB Asset Management Limited (FCMBAM) has received regulatory approval from the Securities and Exchange Commission (SEC) for the FCMB-TLG Private Debt Fund Series II, with an issuance target of up to N20 billion. A statement on Monday confirmed the milestone, highlighting it as a key step in the Fund’s expansion strategy.

Following the approval, a formal signing ceremony took place in Lagos, where the relevant transaction documents were executed, signalling the imminent launch of the Series II issuance.

Building on Early Success

According to The PUNCH, the FCMB-TLG Private Debt Fund was initially launched in May 2024 as a 10-year, closed-ended fund registered with the SEC. Managed by FCMBAM with technical support from TLG Capital, the fund completed its first series with N10 billion raised as part of a larger N100 billion programme. It holds the distinction of being Nigeria’s first naira-denominated private debt fund.

James Ilori, CEO of FCMB Asset Management, described the Series II approval as a strong endorsement of the fund’s management and its potential to deepen Nigeria’s private debt market. He said, “The approval of the Fund’s Series II Issuance validates the SEC’s confidence in our ability to create value for investors, support investee companies, and contribute to economic growth. We remain committed to sectors that drive sustainable development.”

Ilori further acknowledged the contributions of the regulator and professional partners in achieving the registration, assuring stakeholders that the Series II offer is scheduled to open in January 2026, pending regulatory clearance.

Strengthening Strategic Partnerships

Isha Doshi of TLG Capital Investments Limited noted that the Series II approval underscores the growing partnership between TLG Capital and FCMBAM. “Through this collaboration, we aim to strengthen Nigeria’s private credit ecosystem, mobilise domestic capital, and provide structured, long-term financing to support businesses and sustainable growth,” Doshi said.

Focus on Impactful Sectors

Similar to Series I, the Series II issuance will target qualified institutional investors and high-net-worth individuals, deploying capital as corporate debt to mid-sized Nigerian companies. The fund will focus on sectors aligned with the United Nations Sustainable Development Goals, including agriculture, clean energy, education, healthcare, information technology, and transport and logistics.

In line with global best practices, Series II will integrate environmental, social, and governance (ESG) principles into its investment strategy, aiming not only for competitive, risk-adjusted returns but also for long-term, responsible investment impact.

Institutional Background

FCMB Asset Management Limited, the asset management arm of FCMB Group Plc, has been providing portfolio management and investment advisory services since 2000, serving a wide range of individual and institutional clients. TLG Capital Investments Limited, based in London, has specialised in Sub-Saharan African investments since 2009. The TLG Group manages assets exceeding $180 million across private credit and growth strategies and recently launched the Africa Growth Impact Fund II, which secured a $75 million first close backed by IFC, Swedfund, Norfund, and Bpifrance.