POST-SUMMIT COMMUNIQUÉ | PEVCA Policy & Capital Summit 2026

About the Summit

The PEVCA Policy & Capital Summit 2026 was held on Wednesday, 25 March 2026, at the Civic Centre, Victoria Island, Lagos. The Summit brought together 162 delegates — financial sector regulators, pension fund administrators, private equity and venture capital fund managers, development finance institutions, government representatives, and legal and advisory experts — for a full day of structured, invitation-only policy dialogue.

The Summit was designed as a working policy forum rather than a traditional conference. Every session was structured to produce specific outputs: a shared baseline of the regulatory landscape, frank dialogue between regulators and market participants, practical working sessions between institutional investors and fund managers, and a set of concrete, public commitments from the industry.

The central question of the day: what will it take to meaningfully unlock domestic institutional capital for Nigeria's private markets?

Programme Overview

Morning — Policy

LRC Regulatory Landscape Briefing, delivered by the PEVCA Legal & Regulatory Committee. Keynote address on Government as a Partner in Capital Formation by Sanyade Okoli, Special Adviser to the President on Finance and the Economy. Keynote address on Lessons from Raising Local Institutional Capital by Bolaji Balogun, CEO, Chapel Hill Denham. Flagship panel: Policy Reality Check — Regulator–Market Dialogue, moderated by Folake Elias-Adebowale, Chair of the PEVCA LRC, with Mayokun Ajibade (CBN), John Briggs (SEC), and Dahiru M. Abdulqadir (PenCom).

Afternoon — Capital

Panel: Framing the Conversation — What Will Unlock Local Institutional Capital?, moderated by Michael Famoroti (Stears). Closed-door SEC Roundtable, co-convened by Folake Elias-Adebowale and SEC Director General Dr Emomotimi Agama. Three concurrent LP–GP Engagement Sessions: Allocation Readiness, Risk & Governance, and Market Infrastructure.

Closing — Pathways Forward

Capital Synthesis Panel. Pathways Forward Panel, moderated by Christine Sijuade (UUBO), with Yemi Osindero, Dotun Olowoporoku (Ventures Platform), and Chinua Azubuike (InfraCredit). Closing Remarks by Anna Evi-Parker, Executive Secretary, PEVCA.

Key Themes from the Day

1. The regulatory gap is real — but smaller than assumed

Several regulatory constraints cited by market participants were identified as misunderstandings of existing rules rather than genuine prohibitions. Closing this perception gap — through better industry education, clearer regulatory communication, and structured forums — is itself a high-value intervention.

2. Structural fit, not appetite, is the binding constraint

Dollar-denominated funds, large minimum ticket sizes, long lock-up periods, and governance frameworks designed for international investors do not fit comfortably within Nigerian pension fund portfolios. Structural adaptation — local-currency elements, smaller tickets, more predictable cash flow profiles — is the most direct path to unlocking domestic capital.

3. Perceived risk — not actual risk — is holding back allocation

The Allocation Readiness session surfaced an important nuance: the risk profile of well-structured private capital funds is often better than institutional investors assume. The perceived vs actual risk gap, compounded by board-level governance bottlenecks, means that earmarked capital frequently fails to deploy. Structural innovation — blended finance, catalytic capital, government-backed vehicles — is the most effective tool for addressing this barrier.

4. Governance and reporting standards are the most actionable near-term lever

Across the Risk & Governance session, LPs were consistent: quarterly reporting is the minimum acceptable standard; ILPA and IPEV alignment is expected; and proactive communication is a prerequisite for confidence. These are changes GPs can make without waiting for regulatory intervention.

5. Data infrastructure is a systemic constraint

The absence of reliable, standardised industry data — on fund performance, track records, and market benchmarks — constrains both LP due diligence and GP credibility. The industry needs shared infrastructure, not just individual firm investment.

6. Regulatory engagement must be structured and sustained

Productive engagement with regulators cannot be episodic. The closed-door SEC roundtable demonstrated what structured, agenda-driven dialogue can produce. The industry is committed to formalising this engagement through a dedicated task force.

7. Exit pathway clarity is a critical fundraising requirement

Credible, clearly articulated exit strategies — not just pipelines — are essential to building institutional confidence. This was identified across multiple sessions as an area where GP practice needs to improve.

Pathways Forward — Six Public Commitments

The Summit closed with the Pathways Forward panel, which translated the day's discussions into six specific, publicly stated commitments. These were read back to the full Summit audience before closing remarks and are hereby placed on the public record. PEVCA will report on progress at the PEVCA Summit 2027.

1. Industry Governance & Reporting Standard

Action: PEVCA will develop and publish a minimum governance and reporting framework applicable to PE and VC fund managers in Nigeria.

Timeline: Draft within 3 months; pilot adoption within 6 months.

What success looks like: 10–15 GPs adopt the standard. Used as a reference point by PFAs and LPs in due diligence.

2. GP–LP Engagement Platform

Action: PEVCA will establish a quarterly GP–LP forum focused on domestic capital allocation from prospective institutional investors.

Timeline: First session within 90 days.

What success looks like: Regular participation from PFAs. A pipeline of investable opportunities shared between GPs and LPs.

3. Regulatory Engagement Track (SEC & PenCom)

Action: PEVCA will form a joint industry taskforce to engage the SEC and PenCom on 2–3 priority regulatory reforms — including clarity on PFA allocation frameworks, recognition of GP governance standards, treatment of VCs as alternative assets, and capitalisation requirements for PE fund managers.

Timeline: Engagement initiated within 60 days.

What success looks like: A formal dialogue structure established. Written regulatory feedback within 6–9 months.

4. Data & Track Record Repository

Action: PEVCA will create a shared industry data repository on GP performance and track record, developed with a volunteer cohort of GP members.

Timeline: Framework within 6 months.

What success looks like: First dataset published and available to LPs for due diligence.

5. Standardised Documentation Framework

Action: PEVCA, working with the Legal & Regulatory Committee and member law firms, will develop standardised legal agreements and documentation across PE and VC transactions.

Timeline: Framework within 60 days; first drafts within 4 months; full suite within 6 months.

What success looks like: Reduction in deal execution time. Enhanced consistency across the ecosystem.

6. 12-Month Accountability Convening

Action: PEVCA commits to a public progress review at the PEVCA Summit 2027.

Timeline: 12 months.

What success looks like: Public tracking of commitments. Measurable capital mobilisation progress.

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Acknowledgements

PEVCA is grateful to the following for making the 2026 Summit possible:

Lead Sponsors

Aruwa Capital Management | Stears

Co-Sponsors

Àrgentil Capital Management | Uhuru Investment Partners | Udo Udoma & Belo-Osagie

Industry Partners

African Private Capital Association (AVCA) | PenOp

Media Partner

BusinessDay

PEVCA thanks every speaker, panellist, facilitator, moderator, and delegate who contributed their time, expertise, and candour to the Summit.

Next Steps

PEVCA will publish updates on the progress of each commitment through its member communications and public channels. Organisations wishing to participate in working groups or task forces established through the Pathways Forward commitments are invited to contact PEVCA directly.

Contact: info@pevcang.org | www.pevcang.org

Issued by the Private Equity and Venture Capital Association, Nigeria (PEVCA)

26 March 2026