Injaro Investment Advisors Limited (IIAL), a Ghanaian growth capital investor, has announced a successful First Closing of the Injaro Ghana Venture Capital Fund (IGVCF), its inaugural Ghana cedi-denominated fund, with GH¢127million in total commitments.
The IGVCF is targetting total capital commitments of up to GH¢200million and remains open for additional commitments. IGVCF is unique in the sense that it is the first fund of its kind in Ghana with local pension funds as anchor investors.
This fund demonstrates the increasing allocation of capital from pension asset managers into collective investment schemes such as Private Equity funds.
The First Closing includes participation from Stanbic Investment Management Services (representing Axis Pensions Trust and other investors); Petra Advantage Pension Scheme and Petra Opportunity Pension Scheme; Databank Asset Management Services (representing the Ghana Education Service Occupational Pension Scheme’s interests); and the Venture Capital Trust Fund.
Present for the signing ceremony were Mr. Kwabena Boamah, Managing Director-Stanbic Investment Management Services; Mr. Yaw Owusu-Brempong, CEO-Venture Capital Trust Fund; Mr. Chris Hammond, Deputy Managing Director-Petra Trust; Mr. Nii Anyetei Ampa-Sowa, ‘Head-Databank Asset Management Services; Mr. Yaw Sampong, Executive Director-IIAL; Ms. Mirabelle Moreaux, Partner-IIAL; and Mr. Jerry Parkes, Managing Director-IIAL.
With over 12 years of operations, Injaro Investments Limited – the parent company of IIAL – manages US$65million across multiple funds; notably Injaro Agricultural Capital Holding Limited (IACHL) and Agri-Business Capital Fund (ABC Fund).
Consistent with Injaro’s objective of building sustainable African businesses, the investment strategy for IGVCF is to partner with best-in-class profitable SMEs with strong growth potential across various sectors: including Food & Agribusiness, Education, Healthcare, Inclusive Financial Services, Industrial Services (including services for the Mining and Oil and Gas sectors), as well as Light Manufacturing. IGVCF will also promote environmental, social and governance best-practices in its portfolio companies in its bid to contribute to job creation and sustained economic growth. The Fund will make equity, quasi-equity or debt investments in SMEs mainly in Ghana but also in Côte d’Ivoire.
Mr. Parkes commented: “The Injaro team is excited and grateful for this opportunity to embark on this journey with the support of this pioneering group of Ghanaian institutional investors. It has long been our belief that investing Ghanaian capital into local businesses which pursue value-addition and import-substitution strategies is a win for all parties, and a long-term contributor to a strong cedi and a thriving economy. We cannot wait to roll-up our sleeves and work alongside strong business founders to grow their businesses profitably for the benefit of all stakeholders”.
Injaro expects to hold a final close before the end of next year. IQ-EQ (Mauritius) will provide Fund Administration services to IGVCF.
