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Outperforms 33.75%, 24.70% recorded by predecessors
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Debutant Offer raises N8.79bn
Oladele, Akinjo, head, Infrastructure Fund, Coronation Asset Management
Business a.m. Reporter
Coronation Asset Management Limited has made history with the closing of its inaugural Coronation Infrastructure Fund (CIF) Series 1 offer, securing an unprecedented N8.79 billion in subscriptions, amounting to an industry-record 43.95 percent subscription rate for a debut infrastructure fund.
This landmark Series 1 offer for the fund stands as a testament to the significant interest in the Nigerian infrastructure sector. With a subscription rate of 43.95 percent, the CIF significantly outperformed its predecessors, surpassing the 33.75 percent and 24.70 percent subscription rates recorded for similar inaugural infrastructure funds in the market.
Moreover, the CIF has established a new record for the largest sum raised by a debut infrastructure fund in the Nigerian market, underlining the impressive feat of Coronation Asset Management Limited in launching the remarkable initiative.
According to the group, the fund raised will be invested in infrastructure projects across the country and sectors critical for economic stability and growth of Nigeria.
Oladele Akinjo, head of infrastructure fund at Coronation Group, expressed pride in the groundbreaking success of the Series 1 offer, attributing the significant feat to the trust and confidence investors have placed in the group’s capacity to deliver innovative and sustainable infrastructure projects throughout Nigeria.
Akinjo stated further that the Coronation Group remains steadfast in its mission to drive meaningful infrastructure development across the country, leveraging its expertise, experience, and unmatched track record of success to transform the Nigerian infrastructure landscape.
“The high subscription rate reflects the market’s recognition of our commitment to creating a prosperous future for our clients and the African continent. We are grateful for the support and look forward to driving impactful change through our infrastructure initiatives. The success of the CIF Series 1 offer illustrates a strong investor appetite for well-structured and impactful investment opportunities in this sector,” he noted.
In a similar vein, Aigbovbioise Aig-Imoukhuede, managing director of Coronation Asset Management, applauded the groundbreaking subscription rate achieved by the Coronation Infrastructure Fund’s Series 1 offer, attributing it to the group’s established reputation and the trust it has built with investors over time.
Aig-Imoukhuede noted that the successful outcome of the CIF’s inaugural offer underscores Coronation Group’s solid market position and the confidence investors have in its ability to deliver exceptional returns and sustainable value.
With the conclusion of the CIF Series 1 Offer, Coronation Asset Management has marked a significant milestone in its quest to revolutionise the Nigerian infrastructure sector.
Furthermore, Coronation Group’s success in securing the highest subscription rate for a debut infrastructure fund has set a new bar for excellence in the Nigerian financial sector, cementing the group’s position as a respected and innovative force in the industry.
The group maintained that it remains committed to driving positive change and enhancing the lives of its clients and the African continent, reflecting its unwavering focus on creating sustainable wealth, fostering economic growth, and shaping a brighter future for generations to come in the African financial landscape.
