LRC Bulletin Issue 05: Mid-Year Review and Strategic Outlook

Nigeria's private capital market has moved past one question and arrived at another. The question used to be: is capital available? Today, with pension fund headroom expanding, transaction volumes rising, and a new generation of fund managers raising across asset classes, the answer is increasingly yes.

The real question now is: can it work?

LRC Bulletin Issue 05 examines exactly that — across 135 pages and 20 practitioner articles covering the full investment lifecycle, from first commitment to final distribution. Contributors include Norrsken22, Udo Udoma & Belo-Osagie, Verod Capital, G. Elias, Duale Ovia & Alex-Adedipe, Andersen, Detail Commercial Solicitors, Solt Legal, Jackson Etti & Edu, ÆLEX, Deloitte, and Uhuru Investment Partners.

This edition is organised around four themes:

Capital Mobilisation examines why Nigerian pension funds — holding ₦31.3 trillion in assets, with PenCom now permitting up to 15% in private equity — are still deploying only 0.82%, and what fund managers need to build to qualify for that capital.

Capital Deployment introduces a framework for separating what matters: deal count is not deployment value, deployment value is not fund performance, and a paper valuation is not a distribution. It also examines the structural conditions for Nigeria's private credit market, venture debt, and the onshore versus offshore question for Nigerian startups.

Capital Management covers the longest and least-documented phase of any private capital investment — governance through the portfolio lifecycle, management incentive structures, GP-led secondaries, and warranty and indemnity insurance in Nigerian PE exits.

Capital Return examines what it actually takes to get capital back to investors — from exit design at term sheet stage, to the Certificate of Capital Importation as the most common failure point in cross-border repatriation, to FCCPC merger control deal risk, the NGX as a PE exit route, and fintech regulatory approvals.

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Acknowledgements

This edition is built on the thinking of practitioners actively shaping Nigeria’s private capital market — across fundraising, deployment, management, and exit. PEVCA acknowledges the firms and authors whose contributions bring clarity to the structural questions now defining the industry