African pension funds back CardinalStone’s US$76m private equity fund targeting West African SMEs

The growing appetite of African pension funds for private equity is gaining momentum, with three Nigerian pension managers joining international development finance institutions and other investors in a US$76 million first close of CardinalStone Capital Advisers’ second growth fund.

Chief Executive Officer of the Ghana Venture Capital and Private Equity Association (GVCA), Amma Gyampo, said the industry welcomes the growing participation of pension funds in private markets.

It highlights the potential of Africa’s institutional capital to support businesses, deepen private capital markets, and contribute to long-term economic growth.