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Àrgentil Capital Management has landed backing from one of the world's leading blended finance platforms to structure and launch a $75 million private equity fund targeting small and medium-sized enterprises in Nigeria and Ghana.
The Nigeria-based asset management firm was selected for the first cohort of the Blended Finance Accelerator for Fund Managers, a program run by Convergence Blended Finance in partnership with Global Affairs Canada. The program provides selected fund managers with catalytic grant funding and hands-on acceleration support to help them design and launch blended finance vehicles for developing markets.
Àrgentil is using the proof-of-concept stage support to develop the Àrgentil Investment Fund, known as ÀSIF. The fund carries a $75 million target and is structured around growth-oriented private equity investments in underserved SMEs across its two target markets.
The fund is built with a dual-currency structure. That design is intended to open the door to both international investors and domestic pension funds, two pools of capital that rarely participate in the same vehicle. Convergence's support will focus on refining that foreign-exchange structuring framework and strengthening the local-currency sleeve.
Investor engagement is a central piece of what Convergence is helping Àrgentil advance. The acceleration support puts particular emphasis on validating the model with local pension funds, a constituency that holds significant capital but has historically faced structural barriers to participating in private equity vehicles of this kind.
Getting pension funds into ÀSIF would mark a meaningful step in demonstrating that dual-currency blended finance can work at scale in West Africa. Àrgentil's selection into the A4FM cohort signals that Convergence sees the model as viable and worth backing at the structuring stage.
SME financing remains one of the most persistent gaps across sub-Saharan Africa. Nigeria and Ghana together represent a large share of that unmet demand, and ÀSIF's structure is designed to mobilize the kind of patient, local-currency-aware capital that most SMEs in both countries have never had access to.
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