CardinalStone wraps up raise for maiden fund

CardinalStone Capital Advisors (CCA) has wrapped up the raise for its maiden private equity fund, garnering commitments from an investor mix made up of development finance institutions and institutional investors totaling $64 million. The fund’s LPs include several high net worth individuals, as well as Kuramo Capital, CDC, FMO, the IFC, and the Nigerian Sovereign Investment Authority.

CardinalStone Capital Advisors Growth Capital Fund (CCAGF) had an original final close goal of $80 million with a $100 million hard cap. In an emailed response to Africa Capital Digest, a representative from the fund’s manager indicated that they had had to leave an approved commitment of $16 million “on the table” as the investor’s process was going to take too long, pushing the final close beyond the two-year anniversary of the fund’s first close. There are no plans to re-open the fund for further commitments – once the fund has deployed most of its capital, the investment team will look at raising its successor.

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