VEROD CAPITAL GROWTH III-A LP
Who is our client
Verod Capital Growth III, a Nigerian based fund providing growth capital to medium-sized business in Anglophone West Africa (primarily Nigeria & Ghana). The fund is managed by Verod Capital Management, an investment firm providing growth capital to medium-sized business.
The intended USD 15m investment is an opportunity to be an anchor investor in the successor fund of an existing relationship with whom FMO has great experience in the past.
Why we fund this project
Through providing growth financing and institutionalizing SME/mid-sized companies in the market. The Fund will help them grow, thus creating employment and tax revenues. Verod’s strategy of import substitution will also help decrease the import bill of the currently severely cash strapped Nigerian government.
Environmental and social rationale
E&S rating of B. FMO is positive on Verod’s commitment to ESG. At the time of establishing Fund II, FMO provided significant guidance on the appropriate E&S standards to be implemented and an initial training to the team on ESG. Over the years we have taken multiple steps to build ESG capabilities of the Fund Manager. These efforts will continue with our investment in Fund III.
- Website client
- Infrastructure, Manufacturing and Services
- Signing date
- Total FMO financing
- USD 15.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)