Image: © DGGF
The Dutch Good Growth Fund (DGGF) has partnered with CardinalStone Capital Advisers (CCA), joining the fund’s first close alongside returning investors International Finance Corporation (IFC), British International Investment and SCM Capital, and new investors including CardinalStone Partners, Stanbic IBTC Pension Managers, Access ARM Pensions and FCMB Pensions. On 4 August 2026, CCA announced the first close of the CardinalStone Capital Advisers Growth Fund II ("CCAGF II"). CCAGF II builds on the strategy and track record of predecessor fund CCAGF I, accelerating the transition of high-growth SMEs into regional champions across Nigeria, Ghana, Côte d’Ivoire and Senegal, its four anchor markets.
CCA is a generalist investor with six priority sectors combining deep local expertise with broad industry networks, with the goal to advance inclusive and sustainable growth across West Africa. The fund acts as lead or co-lead investor, supporting businesses with at least three years of commercial track record.
CCAGF II is 2X qualified and invests with a strong focus on three pillars: shared prosperity, enhanced equity, and environmental sustainability. By doing so, the fund addresses the equity gap between early-stage capital and larger mid-cap funds in West Africa. Through predecessor fund CCAGF I, CCA supported 7 SMEs, enabling over 8,000 jobs and supporting an additional 1,000 SMEs across the value chain.
Investment
DGGF commits USD 8 million to CardinalStone Capital Advisers Growth Fund II. The fund's target size is approximately USD 120 million.
Sector
Agribusiness, industrials, consumer goods and services, healthcare, education, and financial services.