At a Glance
- TLG Capital widens private credit access as demand grows across key African markets.
- AGIF II attracts global investors supporting small and mid-sized African companies.
- New deals in education, healthcare and private debt highlight TLG’s 2025 expansion.
TLG Capital, the private credit firm focused on sub-Saharan Africa, is expanding its presence in Africa’s private credit market as more companies seek stable financing in uncertain conditions.
The London-based firm, active across sub-Saharan Africa, has completed 41 investments and 30 exits since 2012, giving it one of the region’s most consistent track records.
Institutional investors, including IFC, Norfund, Swedfund and Bpifrance, continue to back its Africa Growth Impact Fund II, which targets small and mid-sized businesses. With demand for structured credit rising, TLG is becoming a key lender for firms facing economic pressure.
Its anchor fund, the Africa Growth Impact Fund II (AGIF II), backs small and mid-sized companies and draws support from IFC, Norfund, Swedfund and Bpifrance. More than 100 institutional and individual investors across four continents now support TLG’s work.
For six consecutive years, TLG has won the Credit Investor Award from Private Equity Africa, a stretch of recognition that reflects the demand for disciplined lenders on the continent. With Africa expected to account for the bulk of the world’s near-term population increase, investors are watching for managers able to build businesses through long cycles. This year, TLG was also one of only four Africa-focused funds included in the IA 50 list.
Major 2025 movements and milestones
In March, TLG exited a $12 million investment in a Nigerian consumer platform, earning an 18 percent return in dollar terms over six years, a notable result during a period of currency depreciation, record inflation and broad economic pressure in Nigeria. The firm still delivered more than double the invested capital in dollars.
Days later in March, Norfund committed $10 million to AGIF II, pushing the fund’s first close to $75 million alongside IFC, Swedfund, Bpifrance and several family offices. The capital targets companies facing financial strain caused by external shocks rather than poor fundamentals.
In April, TLG expanded its network of technical partners, adding Manufacturing Africa, McKinsey & Company, BDO, ESS and Ndarama Works to provide operational support often out of reach for mid-sized African firms.
Backing African education with scalable credit
In July, the firm closed a $6.5 million facility for the Ark Group, operator of schools serving more than 850 students in Kenya. The financing will upgrade classrooms and strengthen school operations.
“Every extra year of schooling has a measurable impact on income and health outcomes,” said TLG co-founder Isha Doshi. The main co-founders of TLG Capital are Zain Latif and Isha Doshi for the investment firm TLG Capital.
Scaling Nigeria’s private debt market
On Aug. 22, FCMB Asset Management and TLG completed the deployment of their oversubscribed FCMB–TLG Private Debt Fund Series 1, underscoring growing interest in structured financing in Nigeria. FCMBAM manages more than N500 billion, while TLG oversees more than $180 million across its strategies and recently launched AGIF II.
Strengthening healthcare capacity in East and West Africa
In September, TLG provided up to $2 million in secured financing to a Ugandan pharmaceutical distributor, expanding access to essential medicines. TLG has a long history in the sector, beginning with its 2009 investment in Quality Chemicals Industries. This latest deal is the firm’s eighth healthcare investment across several West and Central African countries.
TLG’s next phase of capital raising
On Sept. 19, the firm announced plans to raise $200 million by 2026 to widen credit access for small businesses. Investment manager Aum Thacker said the raise should close by late next year, building on AGIF II’s first-close commitments.
New Strategic Partnerships in West Africa
On Nov. 11, TLG structured a $10 million credit facility for an African-founded investment holding company acquiring an insurance platform in Ghana. The firm sees the deal as part of its effort to support institutions shaping Africa’s next decade.
