CardinalStone Capital Advisers (CCA), an investment adviser based in Lagos, Nigeria, has recently achieved a US$50mn first close of its private equity fund, CardinalStone Capital Advisers Growth Fund LP (CCAGF or the Fund). Anchor investors in the first close included Kuramo Capital, CDC Group, FMO—the Dutch development bank and the Nigerian Sovereign Investment Authority.
The Fund will invest in Small and Medium Sized Enterprises (SMEs) in Nigeria and Ghana, with a view to developing the targeted SMEs into sector leaders by supporting them through a strategic and operational intensive investing approach. CCAGF is a generalist fund and will make equity investments of US5mn – US$15mn across a range of sectors, including agribusiness, industrials, consumer goods and services, healthcare, education and financial services.
Prior to the Fund, CCA made investments as the principal investment division of CardinalStone Partners and spun off into an independent fund manager in 2016. The CCA team is led by Yomi Jemibewon and Femi Ogunjimi.
CCA plans to raise up to US$100mn in total commitments by the final close of the Fund.