Stanbic IBTC asset management launches N19bn infrastructure fund

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Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, has announced the launch of NGN19.997 billion Series III offer under its Stanbic IBTC Infrastructure Fund NGN 100 billion Programme.

The financial institution disclosed that the fund, which opens on Friday, 25 November 2022, is scheduled to close on Wednesday, 21 December 2022.

It said the fund aims to bridge the funding gap in Nigeria’s infrastructure sector through investing in a careful selection of eligible infrastructure investments across core infrastructure sectors in Nigeria.

“The Fund, structured as a close-ended collective investment scheme, seeks to provide a target return of 2% to 5% above the prevailing yield on a Federal Government of Nigeria Bond with a similar tenor to the remaining tenor of each series.

“The Series III Issuance is for a tenor of 10 years and offers 188,650,000 units of NGN100 each issued at NGN106.00 per unit under the Stanbic IBTC NGN 100 billion Infrastructure Fund Programme,” the bank said in a statement.

Dolu Olugbenjo, Chief Investment Officer, Stanbic IBTC Infrastructure Fund, noted that the Fund has made significant strides to meet its commitment to investors and its dedication to developing Nigeria’s capital market.

He explained that it has successfully made cash distributions to eligible unit holders in three incremental installments within the first nine months of operation and had successfully raised capital over the last two issuances with proceeds disbursed to impact investing.

The Fund also continues to support projects that provide real developmental impact and has invested in infrastructure deals in healthcare and energy sectors that have created direct and indirect employment opportunities for the projects’ host communities.