TLG Capital

Are African corporates missing out on funding opportunities due to outdated financial and operational systems? Technology is not just a tool—it’s a catalyst for growth and sustainable impact. However, the high cost of data and limited access to high-speed internet across the continent pose significant challenges for African SMEs. Many struggle to present accurate and up-to-date financial information due to outdated systems. At TLG Capital, we worked closely with one of our portfolio companies post-funding to implement advanced financial and operational technologies. These tools empowered the business with real-time financial insights, improved inventory management, and optimized manufacturing data. Implementing these systems was a transformative process, requiring months of on-site installation and training. Three months in Nigeria brought its own unique experiences, from sampling local cuisine and overcoming malaria to meeting exceptional people who left a lasting impression. This transformation has helped our portfolio company streamline operations and evolve into a technology-driven enterprise. Today, they are better positioned to access future funding opportunities and scale sustainably. At TLG Capital we remain committed to supporting businesses in unlocking their potential and driving technological advancement across Africa. #Innovation #Funding #Technology

Kicking off 2025 in style ... on Nigerian TV ?? It was a pleasure to speak on New Year's Day with Ladi Williams on Channels Television, and provide some thoughts and predictions for what 2025 has in store. Thank you Ladi and Channels team for the fascinating conversation! A few themes that we expect to see resonate in Nigeria - TLG Capital are very positive on the country and will be overweight going into 2025. ???- Positive developments on the energy front should be net positive for FX, production and stabilising macro, although inflation and FX risks in the medium term remain as they are mainly driven by supply side dynamics ??- Central bank and Financial Institutions will be interesting to watch as CBN's recapitalisation continues amidst high local rates, cash reserve ratios. It will remain to be seen how any legacy NPLs come "out of the wash" through banks, and the earlier CBN decision to not capitalise retain earnings may have something to do with the provisions we will see flow through ???????? - Local corporates and entrepreneurs remain some of the most resilient and entrepreneurial we have seen int the region. With a number of acquisitions having culminated over the past year or two, primarily driven by international corporates exiting to local syndicates, the value creation journey will begin which we will be watching very closely.

After 3 transformative years at McKinsey & Company, I joined TLG Capital as an Investment Professional earlier this year. At TLG, the mandate is simple, partner with African financial institutions to provide much needed credit investments into SMEs across the continent. ? Even in challenging macroeconomic conditions like many African markets find themselves in today, there are incredible entrepreneurs growing impactful, profitable businesses. These opportunities sometimes lie beyond the ‘traditional’ markets and require a willingness to put in the work. ? Recently, a trip to Djibouti with my colleague Aum Thacker offered insights into one such opportunity. I’ve shared some reflections on that experience - I hope you enjoy the read and I look forward to sharing more stories.

I’m long the Naira in my personal account. Charlie Robertson put it well, and we agree. It’s the best time to own quality Nigerian assets than we’ve seen at any point during TLG’s life. As a fund manager, we hedge FX Risk as a rule, but yields available to finance in local currency are compelling.. with such an incredible dynamism to the entrepreneurs. It’s part of why we launched the first ever local currency Naira credit fund in the country with FCMB Asset Management Limited (shoutout to Nduka Offiah and Aum Thacker) This isn’t investment advice, of course, and the particular opportunity an investor selects matters. But it’s very exciting to see this comment from Renaissance Capital.

This was the 6th consecutive year that TLG Capital won the Credit Investor award from Private Equity Africa. This is a problem. It's wonderful to win, but it's also a sign that the African continent needs more fund managers and more business builders to enter the ecosystem. 86% of Earth's near-term population growth will take place in Africa, and more capital and more creativity will be needed to provide for that growth. I'd like to challenge the market: there are great deals that we see every day-- please do them. We'd like to see more local currency funds. More funds that work alongside banks. More funds that provide breathing room for great entrepreneurs to build. The list goes on. A more vibrant market is better for everyone and the deals are there. As a final point, any fund's performance is only as good as the entrepreneurs we back. Huge appreciation to all the incredible companies we've been lucky enough to partner with. And further thanks to the investors who have given us their trust. Gail Mwamba, thank you-- as always, you put on an amazing event and kuddos to the whole TLG Capital family, Zain Latif, Isha Doshi, Aum Thacker, Amanda Kabagambe, Matthew Kyeyune, Johnnie Puxley, Ayoola Abdul-Basit Oladipupo, Christian Rezek CA(SA), Tenke Z., Tiara Sahar Ataii, Nduka Offiah, Mehtaab Maudarbuccus, Oummé Nazir, Mohamed Salah Frad, Salma Bouaouina, Ahmed Dhouib, MBA, Rached Chaibi, EMBA, Fahad Hasan, Christos Kartalis, James Benoit, CFA, Aletor Alex Adoghe, frank adu jr, Edward Katongole, Erin Summe-Whitehead

Every African business is familiar with The Depreciation<>Inflation Spiral ??. African countries import their staple goods. So, currency devaluations skyrocket the price of basic household items: flour, detergent, fuel, etc. This drives higher local interest rates, constricts credit flow, and kills domestic businesses... which deepens reliance on imported goods... which drives further currency devaluation. And the cycle continues. Every investor's question is how do we cut the loop? This was the subject of our conversation with MIT Sloan School of Management's Legatum Center for Development and Entrepreneurship at MIT. Thanks to Rania Helmy, Dina H. Sherif, and Sayuri Sharper. Full article in the comments~ Key takeways:? 1) We need local solutions for local problems 2) We need to bolster local businesses that can replace imported goods.? 3) We need to provide that support via local currency funds raised from local institutions (as TLG Capital has recently done with FCMB Asset Management Limited in Nigeria) 4) We need to collaborate with local banks to identify the best businesses to support (as TLG Capital has recently done with Wema Bank Plc.) 5) We need multilaterals and international institutions to read local realities in designing solutions to currency challenges (as is done by MFX, TCX, and Medical Credit Fund | PharmAccess)

Two years on and the Nairobi expressway has completely changed traffic in the city. We can plan about 50% more meetings than was possible before. Kenya is an incredible country going through a hard time at the moment. Several businesses in different sectors told us that the fourth quarter has been the most difficult in memory. At the same time, many folks we spoke with were optimistic about liquidity and financing availability going into 2025. So much so, that TLG Capital has found USD interest rate pricing quite competitive compared with other markets going through similar macro challenges. Edward Katongole and I look forward to returning to Kenya very soon!

Some reflections on my recent visit to Kenya as part of a month in East Africa. Engagements with dozens of banks and several corporates made clear local challenges; with rising non-performing loans and a diverse banking sector, the Central Bank of Kenya faces a crucial moment. Can it balance depositor safety with the need for a more competitive financial environment? In my latest piece, I explore these dynamics and highlight case studies that reveal both the challenges and opportunities ahead for Kenya's banking sector. TLG Capital Isaac Marshall

Nigeria has joined the fast-growing global private debt market, with the first naira-denominated fund created by FCMB Asset Management and UK-based TLG Capital. Aum Thacker of TLG Capital told me the fund, which has an initial size of N100bn, is seeking to tap the long-term liabilities of N20trn-N30trn in the balance sheets of pension managers and insurers, among others, to provide credit to mid-sized companies.

?? Delighted to be featured in Bloomberg today as TLG Capital and FCMB Asset Management Limited bring Nigeria's first ever Private Credit Fund to the market ?? ??? Nigerian Pension funds have 20 trillion naira in AuM ??? More than half of this is invested in government securities (real rates are below inflation) We are proud to empower Nigeria’s savers and investors by offering them unprecedented access to a > $1 trillion alternative asset class. Over the past three years, we have worked closely with FCMB AM, from conceptualizing the investment strategy to sharing best practices in deal analysis and structuring. At TLG, we pride ourselves on being innovators , and our relationship with the FCMB group dates back to 2007. This first-of-its kind fund reaffirms our commitment to Nigeria, and demonstrates that sustainable growth is achievable through a long-term mindset.