Ghana’s Ci Gaba Fund Hits USD 35 M First Close To Channel Pension Funds Into Startups

Ghana’s Ci Gaba Fund of Funds has reached a GHS 383 M (USD 35 M) first close, positioning itself as West Africa’s first domestically domiciled private fund of funds.

Managed by Savannah Impact Advisory and targeting GHS 1 B (USD 91 M), the fund will channel local institutional capital into private equity, venture capital, and private debt backing SMEs across Ghana, Nigeria, Senegal, and Côte d’Ivoire.

Investors include FSD Africa Investments, Small Foundation, Stanbic Investment Management Services, AXIS Pension Trust, Enterprise Trustees, CAL Asset Management, and FMO.

Notably, Ghanaian pension funds account for over two-thirds of commitments, reflecting a policy-driven push to allocate at least 5% of assets into private markets, which could potentially unlock hundreds of millions in growth capital.