The Fund was established to support the growth and institutionalization of SMEs operating in Nigeria and Ghana
CardinalStone Capital Advisers (CCA), a Lagos based private equity fund manager, has announced the final close of its maiden private equity fund, the CardinalStone Capital Advisers Growth Fund LP (CCAGF or the Fund) at US$64 million. The Fund which recorded its first close in December 2018 and final close in September 2020, was established to support the growth and institutionalization of small and medium-sized enterprises (SMEs) operating in two of West Africa’s leading economies—Nigeria and Ghana.
The CCAGF is a generalist fund that makes equity investments of US$5 million – US$10 million in high growth SMEs operating across a range of sectors which include industrials, agribusiness, consumer goods and services, education, healthcare and financial services. CCAGF investors, which are a mix of commercial and development finance institutions include Kuramo Capital, the UK Government’s CDC Group, FMO – the Dutch Entrepreneurial Development Bank, the International Finance Corporation (IFC, part of the World Bank Group), the Nigerian Sovereign Investment Authority (NSIA) and a number of high-net-worth individuals.
Source: Naiara Metrics
