Coronation Infrastructure Fund deployed N2.73 billion across three infrastructure projects in the third quarter of 2026, according to its latest investor report. The investments span power generation, logistics, healthcare, and social infrastructure, including student accommodation and affordable housing. The fund's net asset value stood at N9.44 billion as of September 30, 2026, down from N9.73 billion at the end of 2025, despite continued deployment of capital into infrastructure-backed loans. The fund's portfolio was fully allocated to senior project finance loans, reflecting its strategy of providing debt financing to infrastructure projects with defined repayment structures.
Energy accounted for the largest portion of the fund's exposure at 40.50 percent of investments, followed by social infrastructure at 22.94 percent, transportation at 22.69 percent and real estate at 13.87 percent. Project Light, a 30-megawatt independent power project, represented 40.50 percent of the portfolio and is being developed to supply corporate customers in Nigeria's commercial district, with commercial operations expected to begin in the first quarter of 2027. In transportation, Project Auto finances the acquisition of 300 Sinotruk trucks to expand an existing fleet to 1,160 vehicles, designed to facilitate the movement of about 550,000 tonnes of cargo monthly across Nigeria's six geopolitical zones. The fund also holds exposure to healthcare through Project Salt, which received N1.2 billion in the first quarter of 2026 to finance the completion of a manufacturing facility, and to social infrastructure through projects involving student accommodation with 548 bed spaces and the development of 3,000 affordable housing units in the South-East.
The fund's units rose from N116 at the beginning of the quarter to N154.30 at September 30, representing a 33 percent appreciation on the Nigerian Exchange. The closing market price stood 43.82 percent above the fund's net asset value per unit of N107.29, meaning investors buying on the exchange were paying a premium to the underlying value. The fund reported a weighted average portfolio yield of 21.03 percent and a weighted average loan tenor of 3.4 years. It paid a first-half 2026 distribution of N8.985 per unit, amounting to approximately N789.78 million, with cumulative distributions since the fund's launch in May 2024 reaching N3.31 billion across three payout cycles.
Interest income declined to N1.35 billion in the nine months ended September 2026, from N1.62 billion in the corresponding period of 2025, according to the fund's financial statements. Total income fell to N1.36 billion from N1.62 billion, while operating expenses declined to N158.68 million from N190.51 million. Operating profit consequently decreased to N1.20 billion from N1.43 billion. Coronation Infrastructure Fund commenced a Series 2 capital raise of up to N20 billion during the third quarter following approval from the Securities and Exchange Commission, intended to strengthen its capital base and increase capacity to finance additional infrastructure projects within its investment pipeline.
Nigeria requires approximately 100 billion dollars in annual infrastructure investment over the next decade to bridge gaps in roads, electricity, healthcare, and housing, according to figures cited in the report. Public spending covers less than 20 percent of this estimated requirement, highlighting the potential role of private capital in financing infrastructure development. Nigerian pension funds managed more than N31 trillion, with 1.57 percent allocated to infrastructure funds, including infrastructure bonds and Sukuk, as of August 2026. Revised investment guidelines from the National Pension Commission could create additional room for pension fund participation in infrastructure financing.