NGX Lists N4.075bn AVA Infrastructure Series 1 Fund

Nigerian Exchange (NGX) Limited on Friday listed N4.075bn of AVA Infrastructure Series 1 Fund on its main board, comprising 4,075 units at N1.0m each issued at par under its N200bn Issuance Programme.

AVA Infrastructure Series 1 Fund is a closed-end Fund and naira-denominated unit trust scheme, of which 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.

Meanwhile, the Securities and Exchange Commission (SEC) approved the N200bn 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 N200bn on January 29, 2024 and closed on March 6, 2024, aimed at bolstering infrastructural development within the country.

A statement by the company said “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,” it said.

According to the managing director of AVA Global Asset Managers, Efe Shaire, the fund aims to strategically allocate private credit with a focus on impactful projects with robust and predictable future cash flows.

He emphasized 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 listing of the fund, the NGX noted, is a clear indication of the growing interest and demand for sustainable investing in Africa and the Exchange’s commitment to the same.

“The 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,” the statement added.