Injaro Ghana Venture Capital Fund reaches first close

Injaro Investment Advisors Limited (IIAL), a Ghanaian growth capital investor, announced the successful first closing of the Injaro Ghana Venture Capital Fund (IGVCF), its inaugural Ghana cedi denominated fund with GHS 127 million (c. $12.3 million) in total commitments. IGVCF is targeting total capital commitments of up to GHS 200 million (c. $19.4 million) and remains open for additional commitments. IGVCF is unique in the sense that it is the first fund of its kind in Ghana with local pension funds as anchor investors. This fund demonstrates the increasing allocation of capital from pension asset managers into collective investment schemes such as private equity funds.

The first closing includes participation from Stanbic Investment Management Services (representing Axis Pensions Trust and other investors); Petra Advantage Pension Scheme and Petra Opportunity Pension Scheme; Databank Asset Management Services (representing the interests of the Ghana Education Service Occupational Pension Scheme); and the Venture Capital Trust Fund.

The investment strategy for IGVCF is to partner with profitable SMEs with strong growth potential across various sectors including food and agribusiness, education, healthcare, inclusive financial services, industrial services (including services for the mining and oil and gas sectors) as well as light manufacturing. The fund will make equity, quasi equity or debt investments in SMEs mainly in Ghana and also in Côte d’Ivoire.

Jerry Parkes, managing director of IIAL commented, “The Injaro team is excited and grateful for this opportunity to embark on this journey with the support of this pioneering group of Ghanaian institutional investors. It has long been our belief that investing Ghanaian capital into local businesses that pursue value-addition and import-substitution strategies is a win for all parties and a long-term contributor to a strong cedi and a thriving economy. We cannot wait to roll up our sleeves and work alongside strong business founders to grow their businesses profitably for the benefit of all stakeholders.”

Injaro expects to hold a final close before the end of next year. IQ-EQ (Mauritius) will provide fund administration services to IGVCF.