CCAGF II First Close Announcement
CardinalStone Capital Advisers, a leading West Africa-focused private equity fund manager, announces a
first close of its second fund, CCA Growth Fund II, at US$76 million.
CCAGF II will build on CCA’s strategy and track record from the predecessor fund (CCAGF I) of
accelerating the transition of high-growth SMEs into regional champions. The Fund will target
investment opportunities across key West African markets; with Nigeria, Ghana, Côte d’Ivoire, and
Senegal being anchor countries. CCAGF II is 2X qualified, and will invest with a strong focus on shared
prosperity, enhanced equity, and environmental sustainability.
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; joined by new
investors – the Dutch Good Growth Fund, and CardinalStone Partners; as well as leading 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 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 Femi Ogunjimi, Yomi Jemibewon and Shirley Somuah. The Partners reflected that “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.”
Through its first fund, CCA made commitments to 7 SMEs, enabling over 8,000 jobs and supporting an
additional 1,000 SMEs across the value chain. CCA Growth Fund II will build on this momentum, investing
to address West Africa’s key development imperatives.
About CardinalStone Capital Advisers
CardinalStone Capital Advisers (CCA) is a West Africa-focused private equity fund manager that provides
growth capital to high-potential SMEs. CCA partners with exceptional entrepreneurs to invest in
businesses that have the potential for transformational impact across the West Africa region.
CCA is a generalist investor, with six priority sectors – agribusiness, industrials, consumer goods and
services, healthcare, education, and financial services. It leverages a combination of deep local expertise
and broad industry networks in positioning each of its portfolio companies to deliver attractive returns.
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