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Home Markets And Trends Nigeria-Ghana: CardinalStone Capital Advisers Opens a Special Fund of $64 million

Nigeria-Ghana: CardinalStone Capital Advisers Opens a Special Fund of $64 million

This fund titled CardinalStone Capital Advisers growth Fund LP will target innovative small and medium sized enterprises in the sectors of industry, agri-business, health and wellbeing, consumer goods, education and financial services of two countries.

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According to the African private Equity and Venture Capital Association (AVCA), one of its members CardinalStone Capital Advisers, a fund manager based in Lagos, Nigeria has concluded the process to constitute a dedicated fund called CardinalStone Capital Advisers Growth Fund LP, amounting to $64 million. The funding round of this generalist fund will bring in several investors among which are Kuramo capital, IFC (a subsidiary of the World Bank dedicated to the private sector), Dutch Entrepreneurial Development Bank, Nigerian Sovereign Investment Authority and a host of others.

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This fund titled CardinalStone Capital Advisers growth Fund LP, according to AVCA, will aid through private equity innovative small and medium sized enterprises in the sectors of industry, agri-business, health and wellbeing, consumer goods, education and financial services in Nigeria and Ghana. In the next two years, six and seven enterprises in these two countries should have received the capital of these funds.

CardinalStone Capital Advisers through this venture intends to expand its portfolio of assets in these two countries, a portfolio that has so far fallen short of its ambitions and potential, with investments in only two enterprises namely iFitness Center limited and Fintech AppZone Limited.

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