Verod Capital, a Lagos-based private equity firm, has held a first close on its debut fund at $55 million, PEI has learnt.
The fund is targeting $100 million, and is on target to hold a final close on its hard-cap of $125 million before the end of the year, according to sources familiar with the matter.
Placement agent Asante Capital is understood to be helping Verod with the fundraise. Both Asante and Verod declined to comment.
Verod is seeking to make growth capital investments of between $5 million and $10 million, focusing on the consumer products, services, manufacturing, agribusiness, financial services, energy, and media and technology sectors, according to its website.
Verod has already made three investments from its new fund, with a fourth expected before the end of the year. This includes an investment in Niyya Food and Drinks, a producer of fresh fruit juice and dairy products with more than 3,000 hectares of farm land across Nigeria.
Prior to launching its fund, Verod raised capital on a deal-by-deal basis to invest in Nigerian companies. In May the firm purchased a 10,000-tonnes catfish and tilapia fisheries facility, its first agribusiness deal, as part of a plan to increase its focus on the sector, PEI sister publication Agri Investor reported at the time. Verod managing director Danladi Verheijen told Agri Investor that the acquisition was the firm’s ninth investment since it launched in 2008.