Cardinalstone Capital Advisers Growth Fund

CardinalStone is a Nigerian investment management firm. CardinalStone is a Nigerian investment management firm.

Our investment

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.

Expected impact

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.

Key facts

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 Advisors

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.