Verod is a leading West-African private equity investor seeking to partner with fast growing companies, led by strong, result driven management teams, and which have the potential to become large, dominant and sustainable enterprises. We are focused on creating economic value, and also resolutely committed to creating jobs, promoting gender equality and supporting environmental sustainability. We are active across various sectors, including but not limited to light manufacturing, consumer goods, business services, agriculture, education, healthcare and financial services.
A firm with a rich, long-standing entrepreneurial culture, Verod was founded in 2008 as an investment boutique operating out of West Africa. In its infancy, Verod raised capital on a deal-by-deal basis.
In 2014, in response to the growing opportunities in West Africa and conversely, the increased appetite of foreign institutional investors looking to expand into new markets, Verod transitioned into one of the truly indigenous Private Equity firms in West Africa. Following a successful capital raising drive in a particularly challenging macroclimate in Nigeria and West Africa as a whole, the firm exceeded its original target fund size, and Verod Capital Growth Fund II launched as the largest first time fund in Nigeria’s history.
Verod is backed by a rich blend of mainly foreign and institutional investors including pension funds, sovereign wealth funds, insurance companies, asset management firms, fund of funds, family offices and development finance institutions (with extensive experience supporting Fund Managers across emerging markets).
Verod looks to actively drive economic development across key industries; opportunistic by nature, the firm has developed a deep understanding of its local market and its track record to date demonstrates its ability to select high quality deals based on well thought-through investment strategies. Through proprietary research and its deep network of regional industry professionals and financial institutions, Verod is able to source attractive, at times off-market investment opportunities exhibiting strong potential for marked growth in earnings.
Overall, Verod strives to be economically and socially responsible in both its for-profit and non-profit endeavours and at its core strives to generate attractive risk-adjusted returns. One of the firm’s key philosophies is its belief that successful investing is not incompatible with responsible investing; indeed, Verod believes it is simply plain good business.
Verod consistently follows a transparent and disciplined process in identifying, selecting and pursuing investment opportunities. Once the respective Financial, Commercial, Legal and ESG Due Diligence reviews are finalised, results are presented to Verod’s Investment Committee (which includes an outside, independent member), which makes investment recommendations.
Leveraging its in house transactional advisory expertise, the firm aims to negotiate and structure investments to provide the necessary framework for growth, and typically takes an active role in monitoring and managing portfolio companies to execute on the business plan and position the portfolio company for a successful exit.
Overall, the investment process typically includes deal sourcing, deal screening, rigorous due diligence, structuring and financing. Once an investment is made, the respective deal team stays actively involved in each business to direct, monitor and increase the value of portfolio investments from the period of investment to exit. Verod will typically look to achieve significant capital appreciation within the medium to long-term, and on the whole, will look to:
As mentioned, a key part of Verod’s core strategy is to develop sector leaders, with a focus on companies with the potential for strong growth.
The firm will seek to invest equity or equity-linked instruments with downside protection typically in high-growth middle market opportunities in Sub-Saharan Africa, primarily West Africa. The firm aims to build a diverse portfolio across several fast-developing industries including but not limited to, Consumer Goods and Services, Financial Services, Light Manufacturing, Agribusiness, Business Services and Education.
The Firm targets investment opportunities in companies that typically possess:
The wider Verod team is composed of a high caliber, diverse group of professionals with complementary strengths and depth of experience in investing and supporting operations of partner companies.
The wider Verod team is composed of a high caliber, diverse group of professionals with complementary strengths and depth of experience in investing and supporting operations of partner companies.
Oreon has invested in the following schools: | |
Tangerine Pensions Tangerine Life Tangerine General |
Oreon has invested in the following schools: | |
Tangerine Pensions Tangerine Life Tangerine General |
Oreon has invested in the following schools: | |
Tangerine Pensions Tangerine Life Tangerine General |
Oreon has invested in the following schools: | |
Tangerine Pensions Tangerine Life Tangerine General |
Oreon has invested in the following schools: | |
Tangerine Pensions Tangerine Life Tangerine General |
Oreon has invested in the following schools: | |
Tangerine Pensions Tangerine Life Tangerine General |
Verod is a market leader in Gender Lens Investing (GLI), with a strong focus on supporting female-led businesses and prioritising gender equity across our internal business. We are guided in our day-to-day operations by gender smart policies and principles, and proudly boast a gender-balanced team and Investment Committee. We have invested extensive resources into further embedding GLI across our processes, focusing on identifying opportunities, enhancing our investment approach, building our team's capacity for gender-smart practices, and offering tailored assistance to our portfolio in the form of gender action plans. With over 80% of our portfolio partner companies meeting the 2X Criteria, Verod's commitment and intentional approach to gender has been recognised with an exclusive invitation to participate in 2024 in the newly launched 2X Certification pilot program.
Our commitment and efforts to improve outcomes for women are bolstered by strategic partnerships with 100 Women in Finance Nigeria, the Women in Healthcare Network, the ILPA Diversity in Action initiative, and 2X Global. commitment to gender equity in investments.
Africa's economic growth is driven by governance improvements, sector reforms, and its youthful, innovative population. This dynamic shift is generating new investment opportunities and reshaping industries. Addressing poverty, Verod champions inclusive growth, creating 4,200 jobs in 2023 to benefit society at all levels. Committed to equitable development, we actively contribute to Africa's sustainable and inclusive economic narrative.
Our sustainable investing centres on a strong climate strategy, aligning with SDG 13.2.2, integrating climate action into our investment process. This includes climate risk assessments and action plans, paired with Environmental and Social initiatives, as a core part of our ESG/Impact analysis. We have successfully implemented a system to track and manage emissions across portfolio companies. In addition, by promoting energy-efficient technologies and transitioning to sustainable energy sources, we have achieved a reduction of 17,452 tons of CO2 emissions over four years.
Daystar Power, active in four countries with over 300 installations and 36 MW of solar capacity, specializes in captive power solutions for commercial and industrial clients. The company has significantly reduced CO2 emissions by 30,500 tons and addressed the gender gap by employing 28 female solar engineers, also cutting client energy costs by about 30%. Verod's investment aimed to bridge Africa's energy gap by supporting a key off-grid energy provider, successfully exiting in 2022 through a sale to Shell Energy.
DTRT, West Africa's leading apparel manufacturer based in Ghana, exports over 10 million units annually to the U.S. With Verod's investment, DTRT grew from 41 to over 2,600 jobs in five years, emphasizing female employment and leadership, especially from local communities with limited formal education. DTRT focuses on empowering women, including those with disabilities, with skills in garment technology, advancing some to supervisory roles. Our collective aim is to drive business competitiveness while promoting economic, social, and environmental benefits through the global apparel sector.
In Nigeria, a country with over 211 million people and a high disease burden, including malaria, tuberculosis, and HIV/AIDS, access to authentic medicines is crucial yet challenging, with only 58% of the population having access to essential drugs. Medplus, the largest retail pharmacy chain in Nigeria, plays a vital role in improving this access through its extensive network, offering affordable, genuine medications, wellness products, and supplements. With plans to expand, Medplus, supported by Verod, also provides expert counselling, maternal health screenings, and chronic disease management to address Nigeria's healthcare needs effectively.
Download our 2022 Sustainability report here
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Deal of the Year 2023 | West Africa Investment by Verod Capital and DPI into Pan African Towers
West Africa Private Equity Deal of the Year 2022
West African Fund Manager of the Year
Small Cap Deal of the Year
Outstanding First-Time GP
Exit of the year Large-cap (GZI)