The fund, structured as a private “fund of funds,” is the first of its kind to be domiciled in West Africa.

It is targeting a final size of GHS 1 billion (about $90 million) and will channel investments into venture capital, private equity, and private debt funds that finance small and medium-sized enterprises (SMEs) in Ghana, Nigeria, Senegal, and Côte d’Ivoire.

Unlike traditional investment vehicles, Ci Gaba will not invest directly in businesses. Instead, it will allocate capital to specialized fund managers who are closer to specific sectors such as agriculture, technology, healthcare, and financial services.

This approach is intended to improve how capital reaches growing companies while strengthening the broader investment ecosystem.

The initiative comes at a time when access to financing remains a major constraint for African SMEs, despite the presence of large pools of domestic capital such as pension funds.

Industry data shows that institutional investors in the region have historically allocated only a small share of their assets to private markets due to risk concerns and limited capacity.

Ci Gaba is designed to address these gaps by creating a structured pathway for institutional investors to participate in private markets.

The first close was backed by a mix of local and international investors. Key participants include FSD Africa Investments, Small Foundation, Stanbic Investment Management Services, along with its associated pension trustees, such as AXIS Pension Trust and Enterprise Trustees, and CAL Asset Management Company. The Dutch development bank FMO is also supporting the fund’s operational development.

Notably, a large share of the early commitments has come from domestic institutional investors, particularly pension funds.

This reflects a broader shift in Ghana’s financial sector, where policymakers are encouraging greater allocation of long-term savings into private equity and venture capital to drive economic growth.

Savannah Impact Advisory, the fund manager, positions Ci Gaba as part of a wider effort to reshape how capital is deployed across Africa.