Coronation Asset Mgt Opens N20bn Infrastructure Fund Series II Offer

Nume Ekeghe

Coronation Asset Mana-gement Limited has launched the Series II issuance of up to N20 billion under its N200 billion Coronation Infrastructure Fund Shelf Programme, deepening access to long-term infrastructure investments for qualified institutional and high-net-worth investors.

The offer, which received approval from the Securities and Exchange Commission (SEC), is designed to mobilise long-term private capital for infrastructure financing while providing investors with exposure to a diversified portfolio of infrastructure debt investments targeting competitive long-term risk-adjusted returns.

The 99-year closed-end infrastructure fund invests across key sectors, including telecommunications, transportation, energy, utilities, social infrastructure and real estate, focusing on projects, companies and special purpose vehicles (SPVs) with resilient cash flows and strong credit fundamentals.

The Series II issuance builds on the performance of the fund’s inaugural offering, which was launched in September 2023. According to the fund manager, Series I raised N8.79 billion in net subscriptions and delivered a net return of 23.27 per cent in 2025. 

The fund has also distributed N3.31 billion to unit holders through semi-annual distributions and has been listed on the Nigerian Exchange (NGX), where its unit price has appreciated from N100 at inception to N154.30 as of July 31, 2026.

Coronation Asset Management disclosed that about 93 per cent of the net subscriptions from the first issuance have already been deployed into eligible infrastructure projects across transportation, energy, social infrastructure and real estate. It added that it has secured a further pipeline of investment commitments valued at N11.7 billion, which will be funded upon the successful completion of the Series II offer.

Managing Director and Chief Executive Officer of Coronation Asset Management Limited, Aigbovbioise Aig-Imoukhuede, said the new issuance reflects growing investor confidence in infrastructure as an asset class and the firm’s commitment to financing Nigeria’s infrastructure development.

He said: “The opening of the Series II Offer marks another important milestone in our commitment to mobilising long-term private capital for infrastructure investment. The success of our inaugural issuance demonstrated strong investor confidence in the Fund’s investment strategy and reaffirmed the growing demand for professionally managed infrastructure investment opportunities.

“Through Series II, we are expanding access to investments that seek competitive long-term risk-adjusted returns while directing capital towards infrastructure assets that support productivity, connectivity and long-term economic growth.”

Also speaking, Head of Coronation Infrastructure Fund, Mayowa Ikotun, said the fund would continue to pursue disciplined investment strategies focused on high-quality infrastructure assets.

“Infrastructure investment requires patient capital, disciplined credit underwriting and a deep understanding of the underlying assets. Through Series II, we will continue to build a diversified portfolio of infrastructure debt investments across resilient sectors, maintaining our disciplined investment approach while supporting infrastructure businesses and projects with sustainable cash flows and strong credit fundamentals,” he said.

The Series II offer is open to qualified investors, including Pension Fund Administrators, subject to applicable investment limits, asset managers, insurance companies, multilateral and international financial institutions, high-net-worth individuals and other eligible institutional investors.

The offer has a 10-year tenor, with a minimum subscription of 100,000 units and additional investments in multiples of 50,000 units. It targets a minimum return of 300 basis points above the prevailing yield on a comparable 10-year Federal Government of Nigeria bond, subject to market conditions and the performance of the underlying investments.