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CardinalStone Capital Advisers (CCA), a private equity fund manager focused on West Africa, has announced the first close of its second fund, CCA Growth Fund II (CCAGF II), at $76 million.
The new fund will build on the strategy and results of CCA’s first fund, CCA Growth Fund I. It will provide growth capital to high-potential small and medium-sized businesses and help them expand into larger regional companies.
Femi Ogunjimi, Yomi Jemibewon and Shirley Somuah lead CCA. The Partners said, “This first close milestone of CCAGF II allows us to continue partnering with exceptional entrepreneurs to scale businesses that drive transformative change across West Africa. We are grateful for the support of our returning and new investors, and particularly pleased by the strong participation of domestic Nigerian pension funds and asset managers. CCAGF II will allow the entire CCA team to continue to make impactful investments that deliver superior returns.”
CardinalStone Capital Advisers is a West Africa-focused private equity fund manager that provides growth capital to promising small and medium-sized businesses.
The firm works closely with entrepreneurs to help businesses expand, strengthen their operations, and create long-term economic value across the region.
CCA invests across six main sectors: agribusiness, industrials, consumer goods and services, healthcare, education, and financial services. The firm combines local market knowledge with industry networks to help its portfolio companies grow and deliver strong returns.
“Small and medium enterprises are the engine of job creation in West Africa, yet far too many still lack access to the long-term capital they need to grow,” said Farid Fezoua, Director for Equity, Funds, and Venture Capital at IFC. “This investment is about closing that gap, connecting high-potential businesses with the capital and support they need to scale, create jobs, and drive economic opportunity across the region.”
CCAGF II will focus on investment opportunities across key West African markets, with Nigeria, Ghana, Côte d’Ivoire, and Senegal serving as its main markets.
The first close attracted investors from Africa and around the world. Returning investors include the International Finance Corporation (IFC), British International Investment (BII), and SCM Capital.
New investors include the Dutch Good Growth Fund and CardinalStone Partners, along with Nigerian pension funds Stanbic IBTC Pension Managers, Access ARM Pensions, and FCMB Pensions.
Through its first fund, CCA made investments in seven SMEs, helping support more than 8,000 jobs and an additional 1,000 SMEs across their value chains. Last year, CCA led an $18 million Series B investment in Arnergy Solar, a Nigerian renewable energy company.
