Coronation raises N8.79bn at debut infrastructure fund

Coronation Asset Management Limited has raised N8.79 billion from its Series 1 Offer of the Coronation Infrastructure Fund (CIF).

According to a recent report issued by Coronation, this is the highest subscription level ever recorded in the market for a debut infrastructure fund, with a subscription rate of 43.95 percent.

This issuance surpassed the previous rates of 33.75 percent and 24.70 percent recorded by similar organisations, representing the largest amount raised in the market for a maiden infrastructure fund.

Oladele Akinjo, head of infrastructure funds at Coronation Group, said that the success of the CIF Series 1 offer illustrates a strong investor appetite for well-structured and impactful investment opportunities in this sector.

“This achievement underscores the confidence investors have in our ability to deliver substantial and sustainable infrastructure projects across Nigeria. The high subscription rate reflects the market’s recognition of our commitment to creating a prosperous future for our clients and the African continent, he said.”

“The funds raised will be invested in infrastructure projects across the country and sectors critical for the economic stability and growth of Nigeria,” the report stated.

Aigbovbioise Aig-Imoukhuede, managing director of Coronation Asset Management, stated that “Coronation Group’s ability to secure such a high subscription rate is a testament to its robust market position and the trust it has garnered from investors over a sustained period of time”.

“This subscription level sets a new standard in the market and reinforces Coronation Group’s position as a trusted and visionary leader in the financial services industry. As the Group continues to drive impactful change, it remains focused on its mission to create sustainable wealth and a prosperous future for its clients and the African continent,” the report said.