CardinalStone Capital Advisers raises $50m

The Lagos, Nigeria-based private equity investment adviser holds first close for Ghana and Nigeria-focused fund.

CardinalStone Capital Advisers has held a first close for CardinalStone Capital Advisers Growth Fund at $50 million. The fund, which is targeting $100 million, will invest in small and medium-sized enterprises operating in the agribusiness, industrials, consumer goods, healthcare, education and financial services sectors in Nigeria and Ghana.

Anchor investors in the fund include the Nigerian Sovereign Investment Authority, alternative investment manager Kuramo Capital and development finance institutions CDC and FMO.