In 2018, we committed $15 million to the fund. Over the preceding two and a half years, we worked with this 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 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.
- 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.
Investments made by this fund
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