Old Mutual and NSIA team up to raise $700mln for funds

Image Credit: IRRI

Old Mutual Investment Group (OMIG) and the Nigerian Sovereign Investment Authority (NSIA) are teaming up to launch two funds and raise a total of $700 million to invest in the country’s real estate and agriculture sectors. Among the objectives set by the agreements, which were signed last week, are for the real estate fund to raise $500 million for investments in commercial, retail and hospitality assets and for the agriculture fund to raise $200 million for deals that capitalize on the opportunities the country’s agriculture sector offers.

Both funds are expected to be seeded by Old Mutual and the NSIA to the tune of $100 million each in respect of the real estate fund and $50 million in respect of the agriculture fund. Its planned that deal origination and execution activities will be undertaken by both parties jointly.

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