Verod’s Fund II exceeds target size

28 Jan 2016

Verod Capital is pleased to announce the final close of Verod Capital Growth Fund II (“Verod Fund II”) at $115mn, exceeding its original target of $100mn. Verod Fund II is supported by a diverse group of prominent global investors and includes a mix of fund of funds, asset managers, sovereign wealth funds, pension funds, family offices and development finance institutions with extensive experience supporting Fund Managers in West Africa and other emerging markets.

Danladi Verheijen, co-founder and the Managing Partner of Verod Capital, noted: “We are very grateful for the confidence of our world-class set of investors in our team and differentiated value-creation strategy. 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 investment strategy for Verod Fund II is to build a diverse portfolio across several fast-developing industries including light manufacturing, consumer goods and services, business services, agriculture, education and financial services.  To date, Verod Fund II has made five commitments and has invested over 25% of its capital into four compelling businesses including:

  • Shaldag Limited: the largest aquaculture facility in West Africa
  • Union Trustees Limited: a leading trustee, nominee and custodial services provider to Nigerian bond issuers
  • Niyya Food & Drinks Limited: the largest Nigerian producer of non-concentrate fruit juice and dairy products
  • Central Securities Clearing Systems (CSCS) Limited: the central depository, clearing and settlements agent for the Nigerian Stock Exchange and OTC platforms

 Verod Capital has established its reputation for creative investment selection, generating strong returns for investors and active support of management teams to improve company operations.  Eric Idiahi, Verod Capital’s co-founder and Partner said, “as evidenced in our previous and current portfolio, we are generating attractive returns, while also creating substantial co-investment opportunities for our investors and developing economic, environmental and social impact for the local economy.”

 Asante Capital was the fund’s placement adviser.  Clifford Chance, UUBO and BLC Chambers were the fund’s counsel and legal advisers.

 For more information, please contact Verod Capital at info@verodcapital.com

 

About Verod Capital:

Verod Capital seeks to partner with management teams that have successfully built reputable businesses that need financial support from an active investor to achieve industry-leading positions predominantly in Nigeria.  Verod’s first portfolio had 8 investments of which 4 have been fully realized with the overall portfolio currently valued at 4.8x MOIC.  Verod’s second fund ($115mn) has made five commitments, of which 4 have received investments.

 

About Asante Capital:

Asante is a leading independent private equity placement and advisory group focused on partnering with best-of-breed fund managers in both developed and emerging markets. Asante provides bespoke advisory and capital raising solutions for leading managers raising alternative investment funds around the world.

 

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