Injaro Ghana Venture Capital Fund raises GHS127mn at first close

27 Sep 2022

Injaro Investment Advisors, a Ghanaian growth capital investor, has announced the successful first closing of the Injaro Ghana Venture Capital Fund (IGVCF), its inaugural Ghana Cedi denominated fund with GHS127m ($12.27) in total commitments.

IGVCF is targeting total capital commitments of up to GHS200m ($19.32) and remains open for additional commitments.

Injaro expects to hold a final close before the end of next year.

IGVCF is the first fund of its kind in Ghana with local pension funds as anchor investors.

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 interests of the Ghana Education Service Occupational Pension Scheme); and the Venture Capital Trust Fund.

Jerry Parkes, Managing Director of IIAL, said: “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 that 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.”

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 and also in Côte d’Ivoire.

With over 12 years of operations, Injaro Investments, the parent company of IIAL, manages $ 65m across multiple funds, notably Injaro Agricultural Capital Holding and Agri-Business Capital Fund.

 

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