Small Foundation backs fund of funds
Ci Gaba secures Small Foundation investment to unlock local-currency SME funding in Ghana.
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Small Foundation has announced a new investment in Ci Gaba, a Ghana-based, local-currency fund of funds designed to unlock domestic institutional capital for small and medium enterprise (SME) finance.
This investment seeks to mobilise capital from Ghanaian pension funds into SME-focused venture capital, private equity, and debt funds.
SMEs are widely recognised as engines of growth, employment and innovation, yet they remain chronically underserved by capital. In Ghana and across sub-Saharan Africa, domestic pension funds and other institutional investors manage growing pools of long-term capital, but only a small share is invested towards local enterprises.
This gap is not due to lack of opportunity, but rather structural barriers: limited familiarity with the asset class, a shortage of local fund managers with established track records, and continued reliance on foreign currency capital, which exposes funds and businesses to volatility.
“Mobilising local capital isn’t just about funding SMEs, it’s about transforming markets so that investors have confidence, and local enterprises have the resources they need to succeed. That’s the mission of Ci Gaba,” said Hamdiya Ismaila, founder of Savannah Impact Advisory and fund manager of Ci Gaba.
“Catalytic capital allows us to absorb risk where it matters most, so that local investors can participate with confidence. Our investment in Ci Gaba is about shifting capital flows, not just supporting a single fund,” commented Conor Brosnan, CIO and chair at Small Foundation.
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