Lagos, Nigeria — The AVA Infrastructure Fund (AVAIF), a closed-end fund managed by AVA Global Asset Managers Limited and listed on the Nigerian Exchange Limited (NGX), has released its Unaudited Financial Statements and Quarterly Investor Report for the period ended September 30, 2026. Demonstrating steady capital preservation and robust asset backing, the Fund reported a total Net Asset Value (NAV) of ₦4.520 billion, translating to an impressive NAV per unit of ₦1.109 million across its 4,075 units in issue.
Key Financial Highlights (Q3 2026 vs. Q2 2026)
Net Asset Value (NAV): Rose to ₦4.520 billion (up from ₦4.340 billion in Q2 2026), bolstered by organic portfolio growth and retained earnings.
Profit After Tax (PAT): Recorded ₦180.095 million for the third quarter, maintaining strong profitability following Q2’s ₦189.840 million.
Interest Income: Grew significantly to ₦131.844 million on infrastructure investments, compared to ₦96.202 million in Q2.
Asset Composition: Cash and cash equivalents stood strong at ₦2.679 billion, while active financial assets at amortised cost (urban and social infrastructure sector loans) accounted for ₦1.700 billion. Money market instruments and bank deposits comprised 62.40% of current asset allocations, reflecting a liquid and defensive posture.
Portfolio Performance & Pipeline Updates
While maintaining its core deployment target toward senior project finance loans (holding a current allocation of 37.60% against a policy range of 90%–100%), the Fund Manager noted disciplined capital allocation and active portfolio oversight.
Power Sector Investment Delay: Although the Investment Committee approved a strategic power sector investment during the quarter, facility disbursement was temporarily paused because the project sponsor did not fully satisfy the conditions precedent to drawdown. Management indicated readiness to advance the transaction once compliance criteria are met.
Advanced Credit Reviews: Two major high-impact opportunities within telecommunications infrastructure and gas distribution are currently undergoing rigorous credit review and transaction documentation.
Active Assets: The Fund’s two existing urban and social infrastructure assets continue to perform strictly in line with expectations, generating predictable cash flows. Over the medium to long term, AVAIF continues to target robust net yields of 3% to 5% above comparable 10-year Federal Government of Nigeria (FGN) bonds.
Investor Outlook & Distributions
With a solid distribution history—having successfully executed four payout cycles since inception—unitholders anticipate the upcoming distribution slated for October 2026. Backed by top-tier transaction parties including STL Trustees Limited as Trustee and UBA as Custodian, AVAIF remains well-positioned to bridge Nigeria’s infrastructure financing gap while delivering strong risk-adjusted returns to investors.
