CardinalStone Capital Advisers has secured up to $15 million from International Finance Corporation to support fast-growing small and medium-sized enterprises across West Africa.
The funding will be deployed through CardinalStone Growth Fund II, a generalist private equity vehicle targeting businesses in Nigeria, Ghana and francophone West Africa. The fund focuses on consumer goods, healthcare, agribusiness, industrials and financial services.
Growth Fund II is structured as a $120 million vehicle aimed at profitable companies that struggle to access long-term capital. IFC's investment will provide both funding and advisory support, with a focus on governance, risk management and operational efficiency.
CardinalStone said the partnership will help portfolio companies expand into new markets, improve internal systems and scale operations. Managing partner Yomi Jemibewon said SMEs remain central to economic growth in the region and require structured capital to unlock their potential.
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Founded in 2016, CardinalStone Capital Advisers is a spin-off from CardinalStone Partners, an investment bank established in 2008. The firm focuses on backing mid-sized, often family-owned businesses and supporting their transition into institutionally managed companies with regional reach.
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Key Takeaways
IFC's commitment to CardinalStone Growth Fund II reflects a broader shift toward supporting mid-market companies that sit between early-stage startups and large corporates. In West Africa, these SMEs account for a large share of employment and output but often face limited access to patient capital. Private equity funds focused on operational improvement play a growing role in filling this gap. Beyond capital, they bring governance standards, financial discipline and strategic support that help businesses professionalize and scale. For IFC, partnering with local managers allows it to deploy capital more efficiently while leveraging on-the-ground knowledge of markets such as Nigeria and Ghana. It also supports regional integration, as portfolio companies expand across borders within West Africa. As bank lending tightens and public markets remain shallow, private equity is increasingly becoming a key financing channel for established African businesses seeking growth capital.
