The offer opened on Monday, January 26, 2025, and is aimed at qualified institutional investors and high-net-worth individuals.

As with Series 1, proceeds from the Series 2 offer will be invested in the debt portion of the capital structure of mid-sized companies with commercially viable and impact-driven operations.

These investments will focus on sectors of the Nigerian economy aligned with the United Nations Sustainable Development Goals (SDGs).

The fund is structured to provide investors with competitive, risk-adjusted returns while supporting businesses operating in agriculture, clean energy, education, healthcare, information technology, and transport and logistics.

The FCMB-TLG Private Debt Fund is Nigeria’s first naira-denominated private debt fund. It operates under a ₦100 billion programme approved by the Securities and Exchange Commission (SEC) in 2024.

Commenting on the launch, James Ilori, chief executive officer of FCMB Asset Management Limited, said the strong performance of the first series demonstrated investor confidence in the fund’s strategy and management.

“The oversubscription of Series 1 was a clear testament to the trust and confidence investors have in our expertise and ability to manage the FCMB-TLG Private Debt Fund.

“With Series 2, we are deepening our commitment to delivering consistent value through private debt investments that balance opportunity with prudence,” Ilori said.

He added that the new series would build on the success of the maiden issuance by offering investors attractive returns while providing mid-sized companies with long-term capital needed to scale their operations and contribute to economic growth.

Also speaking, Isha Doshi of TLG Capital Investments Limited said the launch reflects the growing partnership between TLG Capital and FCMB Asset Management.

“The Series 2 Offer reflects the strengthening partnership between TLG Capital and FCMB Asset Management with a shared focus on building a robust local private credit ecosystem.

“Through this collaboration, we are helping to deepen the asset class, catalyse domestic capital, and support Nigerian businesses with long-term, well-structured financing that underpins sustainable growth,” Doshi said.

In a significant milestone, TLG Capital also confirmed the first close of the TLG AGIF II fund, raising $75 million towards its $200 million target.

The fund is anchored by the World Bank’s International Finance Corporation (IFC) and backed by a coalition of forward-looking investors: Swedfund, Norfund, and Bpifrance.

Through this partnership, the UK-funded Manufacturing Africa programme will fast track investment by supporting Africa Growth Impact Fund II with due diligence, corporate finance, ESG compliance, gender inclusion, supply chain and manufacturing operations support to eligible manufacturing companies targeted for investment by the fund.

In a challenging economic climate, this collaboration is designed to support Nigerian manufacturers in accessing the capital they need to grow, create jobs and drive long term economic growth.

In view of this, the first Nigerian company enlisted for the UK Manufacturing Africa’s support to raise $7.5 million debt finance under this arrangement is Terra Aqua; an aluminium recycler based in Ogun State.

TLG Capital has expressed interest in investing this whole amount in the company subject to meeting environmental, social and governance (ESG) and other operational performance indicators that Manufacturing Africa will guide the company through.

This single deal has the potential to create 200 direct jobs and 752 indirect jobs utilising a recycling process that requires 95% less energy than producing primary aluminium.

Since 2020, Manufacturing Africa has supported 41 deals that are seeking to raise over $1 billion of foreign direct investment and create 38,000 direct jobs across Nigeria.

Across Africa as a whole, the programme has raised almost $2.4bn and created 102,000 new jobs. With the financial close of 13 of these deals, the programme has directly facilitated the inflow of over $150 million of foreign direct investment into Nigeria.

Speaking on this latest partnership, Mr. Jonny Baxter, the UK deputy high commissioner in Lagos, said:

“A strong manufacturing sector is key to driving economic growth and industrialisation in Nigeria and across Africa. By supporting TLG Capital, we’re fostering greater capital flows into Nigeria, which in turn supports job creation, generates wealth and secures a prosperous future. TLG Capital is one of the key partners we are working with to improve foreign direct investments that support manufacturing in Nigeria, which will have a lasting positive impact on both our economies”

Thomas Pascoe, Manufacturing Africa programme Team Leader, said:

“This landmark investment emphasises the scale of the development opportunity in manufacturing across Africa. Manufacturing Africa has already helped create 102,000 jobs through the $2.4bn of FDI we have supported, and we look forward to working closely with TLG Capital to support investments by the AGID II fund.”

Isha Doshi, co-founder of TLG Capital, said:

“Today, one in four SME loans in Africa is under stress, and yet, the entrepreneurial spirit is unshaken. AGIF II is about capital that understands context—financing that’s flexible, strategic, and backed by advisory horsepower from Manufacturing Africa. TLG AGIF II brings together both capital and capacity building.”

The company, founded in 2021 and currently headquartered in Nigeria, aims to address the common challenges faced by SMEs when it comes to securing timely payments and managing their cash flows effectively.

Zuvy was born out of a fortuitous encounter on Twitter, where co-founders Angel Onuoha and Ahmad Shehu connected over their shared passion for digitizing financial services and supporting small businesses in Africa.

They recognized the prevalent issue of payment delays that plague SMEs in Nigeria, with some large corporations taking up to 90 days to settle invoices for services rendered. While this practice may benefit the cash flow of these corporations, it significantly impacts SMEs with limited financial resources.

The primary focus of Zuvy lies in serving businesses operating in the fast-moving consumer goods (FMCG), healthcare, and supply chain sectors, where payment delays are most pronounced. To access Zuvy’s innovative invoice financing solution, businesses simply submit their invoices, and in return, Zuvy provides them with much-needed cash.

To ensure the legitimacy of the loan applications and facilitate easier repayment, Zuvy establishes a connection with the business receiving the services. The receiving business confirms the relationship with the invoice-issuing business and agrees to direct the repayment to Zuvy. Repayment terms are flexible and tailored to the specific needs of each business, ranging from 30 to 90 days.

By leveraging its collaboration with the service recipients, Zuvy enhances the credibility of the loan applications, streamlines the repayment process, and reduces the risk of default.

The company also employs internal metrics to determine the eligibility of businesses for financing. Compared to traditional loans, Onuoha believes that invoice financing offers a more suitable and accessible option for small businesses seeking capital.

Before launching Zuvy, Angel Onuoha held a position as a product manager at Google and co-founded BLK Capital Management, a student-run hedge fund, during his time as an undergraduate at Harvard University. Meanwhile, Ahmad Shehu previously served as a product engineer at Mono, a startup specializing in open banking solutions.

Zuvy operates on a revenue model that involves charging a fee for cash advances. Additionally, users gain access to a digital wallet, made possible through strategic partnerships with select commercial banks.

The company’s inventory management tool, integrated into its platform, allows users to issue invoices and manage their finances efficiently. This feature enables Zuvy to determine the appropriate level of financing to offer to each business, customizing the offers based on their specific requirements and repayment capacity.

TLG Capital, a prominent investment firm, led Zuvy’s funding round, which consisted of a combination of debt — $4 million and equity — $580,000. Several other venture capital firms and angel investors also participated in the funding round. The debt portion of the investment will be instrumental in expanding Zuvy’s loan book, catering to the growing demand from vendors across Nigeria.

Zuvy’s innovative approach to invoice financing and its commitment to supporting SMEs in Africa positions it as a game-changer in the financial services landscape. With its secured funding, the company is poised to revolutionize the way SMEs manage their cash flows, empowering them to thrive and contribute to the region’s economic growth.

TLG Capital, a pan-African alternative investments firm, announced today that it has partnered with OnePipe to provide credit services to the informal sector in Nigeria.

The firm provided up to 2.25 billion Naira in a collateralized credit facility for OnePipe, a Nigerian financial infrastructure company that uses its technology platforms to enable traditional businesses to embed financial services into their operations.

The deal was completed by the TLG Africa Growth Impact Fund (AGIF) and represents TLG Capital’s 34th investment.  The investment will be used to provide inventory finance to small shops in Nigeria.

OnePipe is a fast-growing financial infrastructure company that enables merchants to access goods on credit from larger distributors who work with OnePipe.

The company has built an extensive network of field officers and partners, including banks, and payment service providers. OnePipe also has secured a strong roster of equity investors, including Atlantica Ventures, P1 Ventures, Norrsken Foundation, Techstars, Tribe Capital, V&R Associates, Canaan Partners, DFS Labs, Ingressive Capital, Acquity, Raba, Saison Capital, The Fund, and Two Culture Cap.

The investment by TLG Capital will allow OnePipe to expand its operations with a vision of becoming a leading provider of financial services to the informal sector in Nigeria. According to the International Labour Organization, the informal sector accounts for over 85% of employment in Africa.

Providing financial access to this sector is crucial for economic development and poverty reduction. OnePipe’s model is well-positioned to address this need, and TLG Capital’s investment will help to support this effort.

Ope Adeoye, the CEO of OnePipe, said: “TLG’s extensive experience structuring debt in Nigeria and their deep network across Africa, particularly in venture, made them the partner of choice as we look to scale. TLG is our first debt partner and has been a powerful resource in planning our growth and balance sheet strategy. Through this partnership, we’re looking to build the infrastructure to provide credit and payment services to the two-thirds of Nigerian business owners who don’t have access to effective and practical banking services.”

Isaac Marshall, an investment professional at TLG, said: “Nigeria’s $220 billion cash-based informal sector comprises 38 million enterprises that are the most neglected segment of Nigerian businesses, avoided by both the fintechs and traditional financiers. With a clever product to help these businesses to obtain both credit and better purchasing terms on their goods, OnePipe has pioneered a model that can provide sustainable income growth to tens of millions of micro-enterprises.”

TLG Capital’s investment in OnePipe aligns with several Sustainable Development Goals, including SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth), and SDG 9 (Industry, Innovation and Infrastructure). By providing credit to informal micro-businesses, OnePipe is helping to create sustainable income growth and promote economic development.

TLG Capital and OnePipe are excited to collaborate on this initiative and look forward to working together to promote financial inclusion and economic growth in Nigeria.