• Ci Gaba VC Limited secures $34.9 million in its first close, targeting a final $90 million (1 billion GHS).
• The fund-of-funds invests in venture capital, private equity, and private debt targeting SMEs across West Africa.
• Institutional investors, including FMO and Stanbic, support operational capacity to boost local investment and governance practices.

Savannah Impact Advisory, a Ghanaian fund manager, announced on March 25 that its fund-of-funds vehicle, Ci Gaba VC Limited, raised 383 million GHS ($34.9 million) in its first fundraising round. The company aims to reach a final close of 1 billion GHS ($90 million).

Ci Gaba invests in venture capital, private equity, and private debt funds focused on small and medium-sized enterprises (SMEs). The fund targets managers in Ghana and select West African markets, including Nigeria, Senegal, and Côte d’Ivoire. Savannah Impact Advisory positions Ci Gaba as the first private fund-of-funds based in West Africa.

Ci Gaba seeks to overcome barriers limiting institutional participation in West Africa’s private markets. Despite regulatory improvements in Ghana, pension funds and other institutional investors remain underexposed to private assets due to perceived risk, operational capacity constraints, and limited experience.

Through its investments, Ci Gaba aims to improve access to capital for early-stage companies. The fund also supports local fund managers and institutional investors to strengthen governance, management practices, and investment infrastructure.

Strategic Support from Investors

Ci Gaba’s fundraising benefited from backing by Impact Investing Ghana, FSD Africa Investments, Small Foundation, Stanbic Investment Management Services, CAL Asset Management, Argidius Foundation, and FMO. FMO contributed $1.25 million in operational support to help implement the fund.

These investors aim to consolidate Ci Gaba’s operational capacity, secure sustainability, and gradually mobilize larger volumes of institutional capital. Hamdiya Ismaila, CEO of Savannah Impact Advisory, said:

“Mobilizing local capital is not just about funding SMEs; it is about transforming markets so investors have confidence and local businesses have the resources to succeed. That is Ci Gaba’s mission.”

Chamberline Moko