• CardinalStone Capital Advisers plans to raise $120 million for its second SME-focused fund in West Africa.

• The International Finance Corporation considers an equity investment of up to $15 million, subject to board approval on Jan. 12, 2026.

• The fund will invest mainly in Nigeria and Ghana, with exposure to Francophone markets including Ivory Coast and Senegal.

Nigerian fund manager CardinalStone Capital Advisers plans to invest the proceeds of its second fund in high-growth small and medium-sized enterprises across Nigeria, Ghana and Francophone West Africa, including Ivory Coast and Senegal.

CardinalStone Capital Advisers (CCA) is preparing to launch a new investment vehicle dedicated to SMEs in West Africa. The fund, named CardinalStone Capital Advisers Growth Fund II (CCAGF II), targets $120 million. The vehicle aims to improve SME access to capital in a region where private equity markets remain underdeveloped.

The fund will focus its investments on Nigeria and Ghana, while expanding into Francophone West Africa, particularly Ivory Coast and Senegal. It will target high-potential companies operating in sectors considered strategic for regional growth. These sectors include consumer goods and services, agribusiness, selected industrial segments and financial services.

To anchor the fund, the International Finance Corporation plans an equity investment of up to $15 million. This commitment remains subject to approval by the IFC board, scheduled for January 12, 2026. The participation aims to strengthen the fund’s credibility and attract additional institutional investors.

The fund will be domiciled in Mauritius and will follow a generalist investment strategy. It will invest mainly through equity and equity-linked instruments combined with close operational support. CardinalStone will focus on professionalizing SMEs, improving governance and preparing companies for regional expansion. SMEs account for 92% of businesses and contribute 70% of gross domestic product, according to data from the Ghana Statistical Service.

CCA Growth Fund II builds on the manager’s first fund, which closed in 2021 at $64 million, below its initial target. Despite the smaller size, the first vehicle enabled CardinalStone to structure and support SMEs across multiple sectors. That fund deployed ticket sizes ranging from $5 million to $10 million per investment.

This article was initially published in French by Sandrine Gaingne

Adapted in English by Ange Jason Quenum