The CardinalStone Capital Advisors Growth Fund is a Nigeria-focused SME fund focussed on providing much-needed capital to high growth SMEs that support job creation, as well as import substitution to diversify the Nigerian economy. In 2018, we committed $15 million to the fund. Over the preceding two and a half years, we worked with the first-time fund manager on its fund structure, governance, investment committee composition, and supported the team as it fundraised. Other investors include the Dutch development bank, FMO, and NSIA, the Nigerian sovereign wealth fund.
The fund targets small and medium enterprise (SMEs) in the following six sectors: agriculture, industrials, FMCG, healthcare, education and financial services. The fund looks to invest in SMEs that provide products or services that can substitute imported ones; address structural or supply chain inefficiencies; and that have the potential to consolidate a highly-fragmented market.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa, West Africa
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Communications and IT Services, Other consumer services
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- CardinalStone Capital Advisers Ltd
- Start date
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- December 2018
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
Investments made by this fund
|Investment name||Country||Region||Sector||Start date||Status|
i-Fitness Centre Limited
i-Fitness provides fitness services in Nigeria.
|Nigeria||Africa, West Africa||Other consumer services||December 2019||Active|
Appzone is a software provider, which provides services for banking and financial services companies in Africa.
|Nigeria||Africa, West Africa||Communications and IT Services||December 2020||Active|