How we think about capital.
Perspectives on private markets, transaction structure and investment discipline in Nigeria.
Private credit isn't just lending
The question is never whether a business is good. It is what exactly repays the capital, and what happens if that source fails.
Read →Investment StrategyWhen to buy a business instead of financing it
The same company can be a credit opportunity or an equity opportunity. What determines the answer is what the owner actually needs.
Read →UnderwritingHow we think about downside protection
Return matters. Preservation of capital begins with understanding what happens when the thesis does not hold.
Read →Private MarketsWhy good businesses make bad investments
Strong revenue and a growing market are not an investment case. Structure, security and exit are.
Read →Real AssetsLand is not an investment until something pays to use it
Appreciation is a position. Income is an investment. The difference matters more in Nigeria than most places.
Read →NigeriaWhat a Nigerian trade cycle actually looks like
Ninety to a hundred and twenty days from capital out to capital back, and why tenure should follow the cycle rather than the calendar.
Read →Have a transaction?
We assess opportunities on underlying economics, structure and risk.