Flagship Fund Vehicle

CMF I - Caldwell Marginal Fund I

The first dedicated capital vehicle for Nigerian marginal field development.

Fund Overview

A disciplined, operator-led entry into Nigerian upstream.

Caldwell Marginal Fund I (CMF I) is Caldwell Energy's flagship closed-end fund vehicle, structured to finance the acquisition and development of 3–5 Nigerian marginal fields in Phase I. CMF I provides institutional investors with direct exposure to Nigeria's upstream sector through a disciplined, operator-led, SPV-structured platform.

IPO Pathway

CMF I assets form the foundation of Caldwell Energy's planned IPO on LSE / NGX / ADGM in Year 7–9.

$100M

Target AUM

Fund Size

8 Years

Fund Life

Closed-End Structure

Phase I

Stage

Nigerian Marginal Fields

Cayman

Caldwell Energy GP Ltd

Capital Structure

Per-project financing, ring-fenced security.

$30M–60M senior debt per field SPV.
Security package: RSA / licence pledge, escrow, EPC performance bonds, DSRA.
Post first-oil: refinancing via trader facility / FSA.
Blended cost of capital: 12–15%.

Returns Framework

Institutional-grade targets, quarterly distributions.

22–28%

Target Gross IRR

2.5–3.5x

Target MOIC

Quarterly

Distributions Post First-Oil