Verod Capital has acquired 100% of AXA Mansard Pensions, a Nigeria licensed pension fund administrator that provides pension fund administration services to both private and public sector employees. The acquisition deal will be finalized as soon as approval has been provided by the National Pension Commission of Nigeria. The acquisition amount was not disclosed. AXA Mansard Pensions was established in 2006 and was majority owned by AXA Mansard Insurance Plc. AXA Mansard Insurance Plc announced its intention to divest from the AXA Mansard Pensions in the first quarter of 2020.
Verod Capital Partners is a private equity firm with a strong track record in Small to Medium Enterprise (SME) investments with a fund size of $150m. Verod Capital Partners has historically invested in SME companies in West Africa including Nigeria, Ghana, Liberia, Sierra Leone and Gambia. Verod Capital has previously exited its ownership of UTL Trust Management, a trust company based in Lagos, Nigeria, which reflects its experience in the investment and exit of the this type of asset class in its portfolio.