Synergy Private Equity Fund II

Synergy Capital Managers (Synergy) is a private equity firm that specialises in expansion, growth capital, and management buyouts and buy-ins of high-growth companies in sub-Saharan Africa, particularly Nigeria, Ghana, Liberia and Sierra Leone.

Our investment

In April 2018 CDC committed $25 million to Synergy Private Equity Fund II.

Expected impact

Synergy’s second fund will expand the availability of equity financing for high growth SMEs in Anglophone West Africa, primarily focussed on Nigeria and Ghana, but also with the potential to allocate up to 10% of the fund to Sierra Leone and Liberia.

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:
Synergy Managers (Mauritius) Limited

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

  • Active
  • Exited
Investment name Country Region Sector Start date Status
First Aluminium Nigeria Nigeria Africa, West Africa Manufacturing February 2019 Active
Bell Oil and Gas Nigeria Africa, West Africa Manufacturing May 2019 Active