Coronation Asset Management Limited has announced the successful closure of the Series 1 Offer of the Coronation Infrastructure Fund (CIF), raising an impressive N8.79 billion.
This remarkable achievement represents the highest subscription level ever recorded in the market for a debut infrastructure fund, with a subscription rate of 43.95 per cent.
This issuance marks a significant milestone as it achieved the highest subscription percentage in the market for a debut infrastructure fund, surpassing the previous rates of 33.75 per cent and 24.7 per cent recorded by the similar organisations.
Also, it represents the largest amount raised in the market for a maiden infrastructure fund.
Head of Infrastructure Fund at Coronation Group, Oladele Akinjo, said “We are immensely proud of the success of our Series 1 offer. This achievement underscores the confidence investors have in our ability to deliver substantial and sustainable infrastructure projects across Nigeria.
“The high subscription rate reflects the market’s recognition of our commitment to creating a prosperous future for our clients and the African continent. We are grateful for the support and look forward to driving impactful change through our infrastructure initiatives. The success of the CIF Series 1 offer illustrates a strong investor appetite for well-structured and impactful investment opportunities in this sector.”
The funds raised will be invested in infrastructure projects across the country and sectors critical for the economic stability and growth of Nigeria.
Affirming investors’ confidence in the Coronation, the Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, noted: “Coronation Group’s ability to secure such a high subscription rate is a testament to its robust market position and the trust it has garnered from investors over a sustained period.”
