Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,934,182 members, 7,098,155 topics. Date: Sunday, 02 October 2022 at 08:21 AM

Uk's CDC Announced Commitment Towards Cca’s $100M Nigeria-focused SME Investment - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Uk's CDC Announced Commitment Towards Cca’s $100M Nigeria-focused SME Investment (152 Views)

EscrowLock Wins $100m Facebook Grant / Zenith Bank Restates Commitment To CSR, Unveils Christmas Decoration / Boeing Gives $100m To Help 737 Max Crash Families (2) (3) (4)

(1) (Reply)

Uk's CDC Announced Commitment Towards Cca’s $100M Nigeria-focused SME Investment by Jacseyi(m): 8:19pm On Jan 18, 2019
CDC, the UK’s development finance institution, has today announced a new investment designed to support high-growth SMEs in Nigeria. CDC has made a US$15 million commitment to CardinalStone Capital Advisors Growth Fund (“CCA”).

CCA is a first-time, Nigeria-focused fund that targets SMEs across six sectors: agriculture, industrials, FMCG, healthcare, education and financial services. CCA will use CDC’s capital to invest in companies which support job creation, as well as import substitution to diversify the Nigerian economy.

CDC has worked closely with the CardinalStone Capital Advisors team for two and a half years and played a key role in the formation of the fund. CDC is an anchor investor alongside Kuramo, a leading African investment firm, and has helped mobilise additional investment of US$15 million from the Dutch development bank FMO and NSIA (the Nigerian sovereign wealth fund).

The fund has reached US$50 million of commitments at first close. However, CCA plans to raise up to US$100mn in total commitments by the final close of the Fund.

Clarisa de Franco, CDC’s Managing Director said:

“As a pioneering investor in African private equity we are delighted to be supporting CardinalStone’s first fund that will bring investment and expertise to the local entrepreneurs and high growth SMEs that are vital to Nigeria’s long-term economic growth and job creation. We have worked with CardinalStone from the beginning, helping them build a team and raise other investment.

“CDC has invested in Nigeria for 70 years. The country plays a key part in CDC’s strategy of partnership and investment for economic growth in West Africa.”

CDC recently announced its ambition to invest up to US$4.5bn across Africa over the next four years. In November 2018 a CDC delegation led by Chief Executive Nick O’Donohoe and Chairman Graham Wrigley met Nigerian investors, regulators and politicians to discuss CDC’s continued ambition to partner with Nigeria, and to explore ways to encourage more domestic and foreign investment in the country.

CDC has played a pioneering role in supporting the private equity industry in Nigeria which channels growth capital to companies. Twenty years ago, CDC backed Nigeria’s first private equity fund, the Capital Alliance Private Equity Fund I from African Capital Alliance and has invested in all five of its subsequent funds. African Capital Alliance remains a market-leading investor in Nigeria. In November 2018, CDC also announced a US$25 million investment in Nigerian-led, Synergy Private Equity Fund II which invests in high-growth SME businesses in Nigeria and its West African neighbours.

Details from;

(1) (Reply)

Business. / Make Money Without Stress / Jumia Set To Receive ‘ecommerce Company Of The Year’ Award For Promoting Nigeria

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 43
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.