FSD Africa Investments (FSDAi) has made a USD 7.5 million cornerstone investment into the Ci-Gaba (Progress in Twi) Fund, supporting the first close of the USD 75 million vehicle. As the first private fund of funds domiciled in Ghana, Ci-Gaba is designed specifically to channel domestic pension capital into private equity and private debt across Ghana and West Africa. The first close exceeded its USD 30 million target, with more than two-thirds of commitments coming from Ghanaian pension funds themselves.
Africa’s institutional investors, holding hundreds of billions in assets, have historically remained on the sidelines of the private markets that could drive continental transformation. By creating a robust, regulated vehicle that meets pension funds’ governance and risk requirements, Ci-Gaba addresses critical barriers including currency mismatches and perceived risk. The fund will deploy capital into high-growth sectors—financial services, healthcare, agriculture, clean energy, education, and technology—supporting both experienced and emerging managers. The anticipated outcomes include up to 25,000 jobs created and diversified pension portfolios less dependent on government securities, directly contributing to sustainable economic development.
FSDAi’s commitment absorbs early-stage risk, validating the model for other institutional investors. The fund’s structure, developed with support from Impact Investing Ghana and managed by Savannah Impact Advisory, incorporates technical assistance to strengthen fund managers, SMEs, and pension trustees, ensuring that capital is deployed effectively. This approach aligns with broader development goals of financial and capital markets development, demonstrating that domestic resources can be mobilised at scale to fund the businesses building Africa’s future.
Looking ahead, Ci-Gaba’s success in achieving a pension-anchored first close offers a replicable blueprint for other African markets. As the fund moves toward its final close, the focus will be on deploying capital to high-potential fund managers and tracking job creation and enterprise growth.