African pension funds back CardinalStone’s US$76m private equity fund targeting West African SMEs
The growing appetite of African pension funds for private equity is gaining momentum, with three Nigerian pension managers joining international development finance institutions and other investors in a US$76 million first close of CardinalStone Capital Advisers’ second growth fund.
Three Nigerian pension managers joined international investment firms to back CardinalStone Capital Advisers' US$76 million private equity fund, targeting small and medium-sized enterprises in West Africa. The CCA Growth Fund II will invest in high-growth SMEs across Nigeria, Ghana, Côte d'Ivoire, and Senegal. The transaction signifies a shift in how Africa's long-term savings are being deployed, with pension capital supporting productive businesses and long-term economic growth.
The International Finance Corporation (IFC) and other investors expressed the importance of SMEs for job creation in West Africa, but also noted the limited access to capital these businesses face. The Ghana Venture Capital and Private Equity Association highlighted the need for regulatory permission, market stability, and stronger exit opportunities for private equity investments in Ghana.
The CardinalStone transaction showcases the potential of connecting African and international institutional investors to finance businesses in markets where long-term growth capital remains scarce.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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