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Verod beats target with $115mln final close

Image Credit: Brookhouse School

Nigerian investment firm Verod Capital has held the final close for its second private equity fund at $115 million, exceeding its original target of $100 million. The capital was raised from a diverse mix of global investors made up of a mix of asset managers, fund-of-funds, sovereign wealth funds, pension funds, family offices and development finance institutions. Verod Capital Growth Fund II will target opportunities in a number of rapidly growing sectors including light manufacturing, consumer goods and services, business services, agriculture, education and financial services.

“We are very grateful for the confidence of our world-class set of investors has in or team and differentiated value-creation strategy,” commented Verod’s co-founder and managing Partner, Daladi Verheijen in the statement announcing the close. “We were able to attract an extremely high caliber set of investors and we look forward to working with them to support growth businesses in our market.”

The fund has already started to make investments, committing more that $28 million in five transactions to date. These include deals in Shaldag, an aquaculture facility, Union Trustees, Niyya Food and Drinks and Central Securities Clearing Systems.

Asante Capital acted as placement agent for the fund raise, while Clifford Chance, Udo Udoma & Belo-Osagie and BLC Chambers provided legal advisory services to the fund.

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  1. Verod Beats Target with $115mln Final Close | Verod
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