NGX lists N4.1b AVA Infrastructure Fund
Nigerian Exchange (NGX) at the weekend listed N4.075 billion AVA Infrastructure Series 1 Fund on its trading platform.
Regulatory filing showed that AVA Infrastructure Series 1 Fund’s 4,075 units were listed on the main board of NGX at N1 million each as a closed-end Fund and naira-denominated unit trust scheme. AVA Capital Partners Limited is the issuing house for the fund, the trustee to the fund is STL Trustees Limited, custodian of the fund is United Bank of Africa Plc and the registrar for the fund is Cordros Registrars Limited.
Securities and Exchange Commission (SEC) had approved the N200 billion Infrastructure Fund of asset management firm, AVA Global Asset Managers Limited.
AVA Global Asset Managers recently launched its Series I issuance of the fund, sized at up to N200 billion on January 29, 2024 and closed on March 6, 2024, aim at bolstering infrastructural development within the country.
Managing Director, AVA Global Asset Managers, Mr. Efe Shaire stated that the fund aimed to strategically allocate private credit with a focus on impactful projects with robust and predictable future cash flows.
“The fund aims to address Nigeria’s infrastructure gaps by strategically channelling institutional capital into infrastructure projects and is designed to encourage innovative businesses in sectors such as power, telecommunications, agribusiness and 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 utilise long-lived assets,” Shaire stated.
He emphasised the importance of private sector involvement in infrastructure financing, stressing the necessity for collaborative efforts, innovative financial products, and other strategic initiatives from private sector entities.
The NGX noted that the listing of the fund on NGX was a clear indication of the growing interest and demand for sustainable investing in Africa and the Exchange’s commitment to the same.
“NGX is committed to give visibility to sustainable financial instruments listed on its platform and to encourage more listings in the sustainable finance segment as part of its sustainability drive for the capital market,” NGX stated.
