CardinalStone Capital Advisers hits $76m first close for Fund II

CardinalStone Capital Advisers (CCA), a leading West Africa-focused private equity fund manager, has announced a first close of US$76 million for its second fund, CCA Growth Fund II (CCAGF II).

The new fund will continue CCA’s strategy of helping high-growth small and medium-sized enterprises (SMEs) scale into regional champions. It will target investment opportunities across key West African markets, with Nigeria, Ghana, Côte d’Ivoire and Senegal as anchor countries.

CCAGF II is 2X qualified and will place strong emphasis on shared prosperity, enhanced equity and environmental sustainability.
The first close attracted a diverse group of global and local investors.

Returning backers from the predecessor fund include the International Finance Corporation (IFC), British International Investment (BII) and SCM Capital. New investors include the Dutch Good Growth Fund and CardinalStone Partners, alongside leading Nigerian pension funds Stanbic IBTC Pension Managers, Access ARM Pensions and FCMB Pensions.

Farid Fezoua, Director for Equity, Funds and Venture Capital at IFC, said: “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. 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.”

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Sara Taylor, Director and Head of Private Equity Funds and Co-Investments at BII, added: “Central to our new strategy, launched earlier this year, is the ambition to mobilize 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 partners Femi Ogunjimi, Yomi Jemibewon and Shirley Somuah. In a joint statement, they said: “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.”