Nigeria: FRAGG Investment Management to run new fund
FRAGG Investment Management Ltd has been appointed as the fund manager by the board of Grooming Endowment Trust.
The Grooming Endowment Trust is seeded with approximately $15 million with the target of reaching a cap of $50 million.
The Grooming Endowment Trust is set up by Grooming Centre, a non-governmental organisation and one of the largest microfinance institutions in Nigeria with a primary aim to address the near absence of financial services to the large population of people engaged in small trading and micro productive activities in Nigeria. FRAGG intends to manage the fund in line with the fund’s mandate to fill a market gap in the African market, by providing financial resources and technical assistance to multi-sector SMEs in the impact and climate domain. It will specifically target viable multi-sector impact SMEs with a clearly defined business model, social and environmental goals.
The fund set-up and consequent appointment of FRAGG as fund manager comes at a time where access to finance is critical for SMEs in the light of the global pandemic and huge funding gap in the region. FRAGG proposes to utilise its extensive experience spanning over a decade in fund management and investment advisory to multi-sector, as well as deep knowledge of the impact investment ecosystem to identify viable business models, provide technical support and funding in order to achieve a balanced long-term social and financial risk-adjusted return.
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