CardinalStone Capital Advisers Closes Maiden Fund, Announces First Investments

Nigerian private equity fund manager, CardinalStone Capital Advisers (CCA), has announced the close of its CardinalStone Capital Advisers Growth Fund LP (CCAGF) at USD 64 Mn. Investors include Kuramo Capital, CDC Group, the International Finance Corporation (IFC), the  Dutch Entrepreneurial Development Bank (FMO), the Nigerian Sovereign Investment Authority (NSIA), and several high net-worth individuals.

CCAGF is a generalist fund which aims to support the growth of SMEs operating in Nigeria and Ghana. The fund makes between USD 5 Mn and USD 10 Mn equity investments in high-growth SMEs operating across a range of sectors, including agribusiness, education, healthcare, industrials, FCMG and financial services. The Fund has invested in two Nigerian companies – iFitness and AppZone Group.