The fund will focus primarily on Nigeria and Ghana, with selective investments in Côte d’Ivoire, Senegal and other Francophone West African markets.

The first close represents more than 63% of the fund’s $120 million target, according to public investment disclosures from the International Finance Corporation.

The fund will provide equity and equity-linked financing to businesses that need long-term capital to expand their operations, enter new markets and strengthen their organizational capacity.

Returning investors from CCA’s first growth fund include IFC, British International Investment and SCM Capital.

New investors include the Dutch Good Growth Fund, CardinalStone Partners and three Nigerian pension fund managers: Stanbic IBTC Pension Managers, Access ARM Pensions and FCMB Pensions.

The combination of development finance institutions, international investors and Nigerian pension funds gives CCA Growth Fund II a broader institutional investor base.

The participation of domestic pension managers also places Nigerian long-term capital alongside international funding in a private equity vehicle focused on growing businesses across the region.

CCA Growth Fund II is a 10-year, closed-end private equity fund structured through a main vehicle in Mauritius and parallel vehicles in Nigeria and Ghana, according to a Dutch Good Growth Fund transaction disclosure.

Its priority sectors include agribusiness, industrials, consumer goods and services, healthcare, education and financial services.

The Dutch Good Growth Fund disclosed a proposed investment of up to $9 million, while IFC approved an equity commitment of up to $15 million. The amounts committed by the other investors were not disclosed.

IFC said the fund will direct at least 70% of its capital to countries eligible for support from the World Bank’s International Development Association.

It also expects small and medium-sized enterprises to account for 80% of the fund’s portfolio companies.

“Far too many still lack access to the long-term capital they need to grow,” said Farid Fezoua, IFC’s director for equity, funds and venture capital.

BII’s participation aligns with its strategy to “mobilize domestic and international private capital,” according to Sara Taylor, the institution’s director and head of private equity funds and co-investments.

CCA Growth Fund II has also qualified under the 2X investment criteria, which assess whether investments advance economic opportunities for women.

The fund intends to direct 30% of its capital to women-led businesses while incorporating environmental sustainability and inclusive growth into its investment strategy.

CCA is led by partners Femi Ogunjimi, Yomi Jemibewon and Shirley Somuah. 

The firm said the new fund will continue its strategy of working with entrepreneurs to develop high-growth small and medium-sized businesses into larger regional companies.

The fundraising comes as many West African growth-stage businesses continue to face limited access to patient equity capital.

IFC describes the private equity markets in Nigeria and Ghana as underdeveloped, particularly in the small-cap segment, with fundraising constrained by macroeconomic uncertainty and limited institutional investor participation.

CCA said its first growth fund invested in seven small and medium-sized businesses, supported more than 8,000 jobs and reached an additional 1,000 enterprises through portfolio company value chains.

Its disclosed investments include businesses operating in renewable energy, healthcare, financial technology, fitness, agriculture and industrial equipment.

The $76 million first close gives CCA substantial capital to begin backing its next group of portfolio companies while it continues fundraising toward the $120 million target.

The participation of Nigerian pension funds alongside development finance institutions also broadens the sources of long-term capital available to West African businesses seeking to scale beyond traditional bank financing.