CardinalStone Capital Advisers, a Nigeria based private equity fund, has reached financial close on its US$64-million fund. The fund is intended to invest between US$5-million and US$10-million in small to medium enterprises in agribusiness, FMCG, education, healthcare and financial services based in Nigeria and Ghana. Investors in the fund include Kuramo Capital, CDC Group (UK based fund), FMO (the Dutch development bank), IFC (part of the World Bank Group), the Nigerian Sovereign Investment Agency and some High-Net-Worth investors.

CardinalStone Capital Advisers was established in 2016 to invest in two West African economies, Nigeria and Ghana. These countries both have attractive demographics, a stable political landscape, and a history of positive macroeconomic trends therefore providing an enabling environment to build industry leading businesses. The fund has previously invested in in Arco Marine (marine logistics company companies in Nigeira) Stoneworks (a granite quarry business that supplies building aggregates in Nigeria) Crest Agro Products (an operator in Nigeria’s cassava value chain), and Dataguard Document Management Services (provider of document storage and management services in Nigeria).