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CardinalStone Capital Advisers, a Lagos-based private equity firm co-founded by Nigerian banker Yomi Jemibewon, has secured up to $15 million from the International Finance Corporation (IFC) for its generalist private equity fund designed to deploy capital across consumer goods, healthcare, agribusiness, industrials, and financial services.
The proposed investment of up to $15 million, marking a strategic push to support small and medium-sized enterprises (SMEs) across Nigeria, Ghana, and Francophone West Africa, comes as CardinalStone positions Growth Fund II as a $120 million vehicle targeting profitable, fast-growing businesses that struggle to access patient capital.
Fund focus and objectives
CCA Growth Fund II, the generalist private equity fund in partnership with IFC, is designed to deploy capital into high-potential SMEs with the expectation of providing the fund with both capital and global advisory expertise, strengthening risk management, corporate governance, and operational efficiency for portfolio companies.
While this latest investment supports CardinalStone's strategy of unlocking SME growth as a lever for economic development, CCA Growth Fund II will now leverage the funding to accelerate market entry, support operational improvements, and scale businesses that can deliver jobs, innovation, and value creation across West Africa.
Jemibewon said the deal with IFC represents a “pivotal moment for the fund and our region’s entrepreneurial ecosystem,” emphasizing that SMEs remain the backbone of West African economies and that structured investment can transform potential into sustainable growth.
A track record of building scalable businesses
CardinalStone Capital Advisers (CCA) traced its roots to 2016, when it was founded as a spin-off from CardinalStone Partners, which focuses on West African private equity. Its parent firm, CardinalStone Partners (an investment bank), was founded in 2008 by Femi Ogunjimi and Yomi Jemibewon, alongside other partners.
Known for developing operational SMEs in Nigeria and Ghana, CardinalStone will leverage IFC’s support to access pipelines of companies with scalable models and regional growth potential. Since its inception, the firm has focused on providing capital and guidance to mid-sized enterprises, connecting family-owned businesses with institutional investors and facilitating expansion beyond local markets.
