The firm was incorporated on 14th November 2002 and commenced operations on 1st April 2003. It was initially established to deploy and manage the Small and Medium Enterprises Equity Investments Scheme (SMEEIS) reserves for First Bank of Nigeria (FBN).

However, with the discontinuation of the scheme years later, the firm was repositioned to become a proprietary investment vehicle – making private equity investments from its balance sheet. For the past 16 years, FBNQuest Funds Limited has been deploying capital and managing private equity investments in Small & Medium Enterprises, Mid-cap companies, selective real estate interests primarily in Nigeria with deal sizes between N150 million and N2 billion as well as Fund Interests in Venture Capital Funds.

FBNQuest Funds’ investment portfolio comprises of direct investments in private companies, limited partnership interests in venture capital funds and direct investments in real estate and hospitality assets. Over the years, we have backed notable VC fund managers who have collectively invested in over 120 startups across Africa and high growth sectors thus emphasizing our commitment to impact, sustainability and economic growth. Our direct investments in companies are through a combination of debt, equity and quasi-equity instruments.