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CardinalStone Capital Advisers (CCA) has reached first close of its CCA Growth Fund II (CCAGF II) at $76 million.
The fund will target investment opportunities across key West African markets, with Nigeria, Ghana, Côte d’Ivoire, and Senegal being anchor countries.
The first close of CCAGF II attracted a diverse group of global investors, with strong participation from domestic African pension funds and asset managers. The International Finance Corporation (IFC), British International Investment (BII) and SCM Capital returned as investors from CCAGF I. They were joined by new investors including Dutch Good Growth Fund and CardinalStone Partners, as well as Nigerian pension funds Stanbic IBTC Pension Managers, Access ARM Pensions and FCMB Pensions.
“Small and medium enterprises are the engine of job creation in West Africa, yet far too many still lack access to the long-term capital they need to grow,” said Farid Fezoua, director for equity, funds, and venture capital at IFC. “This investment is about closing that gap, connecting high-potential businesses with the capital and support they need to scale, create jobs, and drive economic opportunity across the region.”
Sara Taylor, director and head of private equity funds and co-investments at BII, commented: “Central to our new strategy, launched earlier this year, is the ambition to mobilise domestic and international private capital. The launch of the CCA Growth Fund II provides another milestone in demonstrating how DFIs can work with private institutions to drive investment where it is most needed. BII is committed to supporting partners like CCA who continue to demonstrate that they are vital drivers of development impact by supporting the growth of local businesses in West Africa.”
CCA is led by Femi Ogunjimi, Yomi Jemibewon and Shirley Somuah. “This first close milestone of CCAGF II allows us to continue partnering with exceptional entrepreneurs to scale businesses that drive transformative change across West Africa. We are grateful for the support of our returning and new investors, and particularly pleased by the strong participation of domestic Nigerian pension funds and asset managers. CCAGF II will allow the entire CCA team to continue to make impactful investments that deliver superior returns,” the partners reflected.
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