The Coronation Infrastructure Fund has completed key regulatory requirements following approvals from the Securities and Exchange Commission (SEC), paving the way for the launch of its Series II Offer for subscription.
The Fund disclosed this on Thursday in a statement after a formal document-signing ceremony held at Coronation Plaza in Lagos to finalise transaction agreements.
The upcoming subscription is part of the Fund’s SEC-approved N200 billion Shelf Programme and builds on the performance of its inaugural issuance.
The Fund’s Series I issuance, launched in September 2023, raised N8.79 billion from 33 institutional and retail investors, with Pension Fund Administrators accounting for 42 per cent of the total capital raised.
Since inception, the Fund has paid N3.31 billion in cumulative income distributions to unit holders, supported by a portfolio strategy focused on asset preservation and sustainable returns.
Speaking at the ceremony, the Managing Director and Chief Executive Officer of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, expressed confidence in the market response to the upcoming offer.
He said the signing represented a significant milestone towards the launch of Series II and reflected the strength of partnerships, regulatory confidence and the Fund’s disciplined investment approach.
Aig-Imoukhuede said the success of Series I demonstrated strong investor demand for well-structured infrastructure investment opportunities capable of delivering attractive risk-adjusted returns while contributing to economic development.
He added that Series II would build on the Fund’s track record by connecting long-term capital with infrastructure projects that support Nigeria’s growth and create value for investors.
Also speaking, the Head of the Coronation Infrastructure Fund, Mayowa Ikotun, said proceeds from the new offer would be invested in key real-sector debt opportunities.
Ikotun explained that the Fund would continue to focus on a diversified portfolio of infrastructure debt investments across sectors including telecommunications, transport, energy, utilities, social infrastructure and real estate.
He said the Fund would target projects with resilient cash flows and strong credit fundamentals to provide investors with attractive long-term risk-adjusted returns.
“Our objective remains to provide investors with attractive long-term risk-adjusted returns while helping to bridge Nigeria’s infrastructure financing gap,” Ikotun said.
The Fund Manager confirmed that proceeds from the Series II Offer would be deployed directly as debt financing for eligible infrastructure projects, operating companies and Special Purpose Vehicles.
The Fund said details of the offer timetable and subscription guidelines would be announced after final notification disclosures are made to regulators.
