United Capital Unveils N150 Infrastructure Fund

United Capital Plc, leading financial services group in Africa focused on leveraging technology to empower businesses, individuals, and governments has launched the United Capital Infrastructure Fund (UCIF), a Naira-denominated fund established to provide long-term financing for the delivery of critical infrastructure that would bridge the infrastructure deficits in Nigeria and sub-Saharan Africa.

In a notice at the Nigerian Exchange on Monday, the company said UCIF had been duly registered by the Securities and Exchange Commission, as a closeended fund, with a N150 bilion issuance program.

“The Fund is positioned to finance bankable infrastructure assets that cut across sectors such as power and renewable energy, transportation, agribusiness and industrial infrastructure, healthcare, technology, mass housing, urban and social infrastructure,” the note said.

“United Capital Plc is the Sponsor of the Fund, which is being managed by United Capital Asset Management Limited (UCAML). The Fund has retained Africa Finance Corporation as the independent Financial Advisor, to provide additional layers of best practice of corporate governance which enhances the project appraisal and due diligence activities of the Fund Management team.”

Speaking at the launch of UCIF, Mr. Peter Ashade, the Group Chief Executive Officer of United Capital Plc stated that “the journey to launch the Fund has taken almost two years, during which period extensive preparatory studies and appraisals were carried out to establish the business case for the Fund, as well as to define a model and governance framework that would provide investors that have an appetite for long-term financing products (such as pension funds and insurance companies), with sufficient confidence of the attractiveness of UCIF, as an investment opportunity”.

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In addition, the MD/CEO, UCAML, Mrs. Odiri Oginni explained that “during the almosttwo years of preparatory activities, the Fund Management team scanned, screened and appraised numerous infrastructure projects and is now at advanced stages of conducting due diligence on a deal pipeline valued in excess of N54Billion which include projects such as renewable energy, agro-industrial parks, energy transition, power, healthcare, housing and hospitality”.

Oginni also explained that UCIF is working on building strategic alliances with financing counterparts such as multilaterals and public authorities, to ensure that appropriate financing securities and credit enhancement instruments are in place to de-risk the Fund’s portfolio investments.

United Capital Plc is a financial services group with activities that span Investment Banking, Asset Management, Securities Trading, Trustees, Wealth Management and Consumer Finance. The Group is headquartered in Lagos, Nigeria, with pan-nation operations and presence in West Africa.

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