January 21, 2019
Kuramo Capital Management (“Kuramo”), an Africa focused investment management firm, is pleased to announce its fifth anchor fund commitment in Nigeria in five years. Kuramo has made a US$15 million commitment to CardinalStone Capital Advisers Growth Fund (“CCAGF”), a generalist private equity fund launched by CardinalStone Capital Advisers (“CCA”) which will focus on investing in small and medium-sized businesses in Nigeria and Ghana.
The US$ 15 million commitment represents the 10th of such a commitment by Kuramo to local first-time fund managers in sub-Saharan Africa (SSA). Kuramo continues to be committed to helping shape the Africa private equity ecosystem by identifying and providing GPs and entrepreneurs access to our platform which includes institutional capital, a global footprint and deep understanding of the region. Teams like CCA which exhibit sound investment experience and a global world-view to doing business on-the-ground, are critical in our strategic partnership approach to investing in sub-Saharan Africa.
Walé Adeosun, Kuramo’s Founder, CEO and Chief Investment Officer commented:
“We are very excited by the commitment to CCAGF. Supporting indigenous private equity firms is critical to Kuramo’s strategy of generating excellent long-term risk-adjusted returns for our investors. We believe indigenous teams like CCA with presence on the ground have an edge in identifying attractive opportunities due to their extensive local networks. Additionally, imparting global best business practices to their portfolio companies from their prior experiences helps to actualize the growth opportunity.”
The CCA team is led by founding partners Yomi Jemibewon and Femi Ogunjimi. The Fund will focus on Small and Medium Sized Enterprises (SMEs) in Nigeria and Ghana and will make equity investments across a range of sectors, including agribusiness, industrials, consumer goods and services, healthcare, education and financial services. According to the CCA founding partners, “We are very pleased to arrive at this symbolic milestone of our first close of the CCA Growth Fund (“CCAGF”). This achievement would not have been possible without the belief and ardent support of Kuramo Capital even before the commencement of our fund-raising process—we are extremely grateful to the Kuramo team for this.”
Headquartered in New York, Kuramo is a pioneer in providing catalytic capital to sub-Saharan Africa’s private equity ecosystem since opening a regional office in Lagos in 2012. Since then, through its three SSA focused funds, Kuramo has anchored several highly successful first-time funds that have gone on to raise subsequent funds with an aggregate AUM of over US$ 1.5 billion. These funds have had significant positive impact, investing in over 100 companies and providing thousands of employment opportunities.