CardinalStone Capital Advisers (CCA) is preparing for a major regional expansion with the launch of Growth Fund II, a $120 million private equity vehicle. This fund is designed to bridge the “missing middle” in West Africa, providing long-term capital to established, profitable small and medium-sized enterprises (SMEs) that have outgrown seed funding but lack access to traditional large-scale financing.
Spearheaded by co-founder and Managing Director Yomi Jemibewon, the fund represents a strategic shift toward deepening the nascent private equity market in both Anglophone and Francophone West Africa.
Strategic Objectives and Market Scope
Building on the foundation of their first fund (which closed at $64 million in 2021), Growth Fund II is doubling its target and widening its geographic footprint.
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Primary Markets: Nigeria and Ghana.
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Expansion Target: Francophone markets, specifically Côte d’Ivoire and Senegal.
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Investment Strategy: CCA takes minority stakes (equity and equity-linked) and provides “hands-on” operational support to professionalize management and strengthen governance.
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Regional Integration: The fund is domiciled in Mauritius to facilitate easier cross-border administration and investor relations.
Sector Focus: Resilient Everyday Demand
Growth Fund II is a generalist vehicle focusing on industries that sustain the real economy and demonstrate resilience against macroeconomic volatility:
The International Finance Corporation (IFC) is currently reviewing a proposed $15 million equity investment in Growth Fund II. This anchor commitment—scheduled for a board decision on January 12, 2026—is seen as a critical validation of CCA’s mid-market strategy.
The success of Fund I established CCA’s reputation through notable deals, including:
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i-Fitness: Nigeria’s leading fitness chain (successfully exited).
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Appzone: A prominent fintech infrastructure provider.
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Lynden Integrated Farms: Specialized agribusiness and poultry operations.
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Arnergy: Leading solar energy firm (attracted an $18 million Series B led by CCA in early 2025).
By targeting businesses that contribute up to 70% of the GDP in markets like Ghana, CardinalStone aims to build “market leaders” that are no longer dependent on their founders but are institutionally ready for global competition.
