The Series issuance of the Fund, sized at up to ₦20bn which launched on Monday, January 29, 2024 is set to close on Wednesday, March 6, 2024.
The Fund aims to address Nigeria’s infrastructure gaps by strategically channeling institutional capital into infrastructure projects and is designed to encourage innovative businesses in sectors such as Power, Telecommunications, Agribusiness & Supporting Infrastructure, Gas Distribution, Processing, and Storage.
The Fund’s main objective is to deliver consistent and reliable income to Unit holders through debt financing for infrastructure projects in Nigeria. It seeks to focus on projects or businesses that:
- Offer vital economic and social services,
- Exhibit stable cash flows, and
- Utilize long-lived assets.
Mr. Efe Shaire, the Managing Director of AVA Global Asset Managers Limited, stated that the Fund’s aim is to strategically allocate private credit with a focus on impactful projects with robust and predictable future cash flows. The Fund projects to attain a gross return on its portfolio that is 3% – 5%above the yield of the FGN bond with a comparable tenor.
The Program will be periodically offered to investors in Series or Tranches, aligned with the pipeline of opportunities, and the necessary investment size/ticket. The Fund Manager will determine the specifics of each Series/Tranche, including its tenor, which will not surpass the Program’s overall tenor.
The SEC has registered and approved this Fund as a closed-end, Naira-denominated Unit Trust Scheme. The Fund has the following transaction parties; AVA Global Asset Managers as the Fund Manager, STL Trustees as the Trustee, Olaniwun Ajayi LP as the Solicitors, United Bank for Africa as the Custodian, Cordos Registrars as the Registrars, Ernst & Young as the Independent Infrastructure Advisor and AVA Capital Partners as its Issuing House.
