CardinalStone Raises ₦12.63bn as Infrastructure Financing Gains Momentum
CardinalStone Asset Management Limited has successfully raised ₦12.63 billion in investor commitments following the close of Series 1 of its CardinalStone Infrastructure Debt Fund. This marks a major milestone in the firm’s long-term plan to channel private capital into Nigeria’s critical infrastructure space.
What Happened
The ₦12.63bn raised represents the first tranche under the CardinalStone Infrastructure Debt Fund, which is itself the maiden sub-fund of the broader ₦500bn CardinalStone Umbrella Infrastructure Fund. The successful close signals growing investor confidence in structured infrastructure investments, particularly those offering stable and predictable returns.
CardinalStone confirmed that capital raising will continue under the Debt Sub-fund, while preparations are already underway to launch the Equity Sub-fund within the same umbrella structure.
Why This Fund Is Different
The CardinalStone Umbrella Infrastructure Fund is Nigeria’s first umbrella-style infrastructure fund, designed to allow investors participate in both debt and equity strategies under a single governance and risk framework. This structure gives investors flexibility while maintaining strong oversight and alignment with international best practices.
Where the Money Will Be Invested
The Debt Sub-fund will focus on financing bankable infrastructure projects through instruments such as senior debt, subordinated debt, and convertible facilities. Priority sectors include:
• Power and renewable energy
• Gas infrastructure
• Telecommunications and digital infrastructure
• Transportation and logistics
• Social infrastructure
• Utilities
The fund applies a disciplined investment process backed by robust risk management, independent investment oversight, and a comprehensive ESG framework.
Why It Matters for Nigeria
Nigeria faces an estimated infrastructure investment gap of over $3 trillion over the next 30 years. With pension funds and insurance companies managing trillions of naira, infrastructure debt presents a powerful way to mobilise long-term capital into projects that support economic growth, job creation, and service delivery—while still offering investors steady, long-duration returns.
What CardinalStone Is Saying
According to Group Managing Director Michael Nzewi, the successful close validates CardinalStone’s vision and execution capability, highlighting strong appetite for well-structured infrastructure investments in Nigeria.
Executive Director Elile Olutimayin noted that the umbrella fund was deliberately designed to attract patient, long-term capital by offering both debt and equity exposure within a single, transparent governance structure.
Fund Manager Ekeminiabasi Isung emphasised that the focus remains on disciplined capital deployment into assets with strong risk-adjusted returns and predictable cash flows.
Big Picture Takeaway
This fund close reinforces a key trend in Nigeria’s capital market: private capital is increasingly stepping in to fund long-term infrastructure, filling gaps that public financing alone cannot address. For investors, infrastructure debt is fast emerging as a compelling asset class that balances impact with stability.
CardinalStone Asset Management Limited has successfully raised ₦12.63 billion in investor commitments following the close of Series 1 of its CardinalStone Infrastructure Debt Fund. This marks a major milestone in the firm’s long-term plan to channel private capital into Nigeria’s critical infrastructure space.
What Happened
The ₦12.63bn raised represents the first tranche under the CardinalStone Infrastructure Debt Fund, which is itself the maiden sub-fund of the broader ₦500bn CardinalStone Umbrella Infrastructure Fund. The successful close signals growing investor confidence in structured infrastructure investments, particularly those offering stable and predictable returns.
CardinalStone confirmed that capital raising will continue under the Debt Sub-fund, while preparations are already underway to launch the Equity Sub-fund within the same umbrella structure.
Why This Fund Is Different
The CardinalStone Umbrella Infrastructure Fund is Nigeria’s first umbrella-style infrastructure fund, designed to allow investors participate in both debt and equity strategies under a single governance and risk framework. This structure gives investors flexibility while maintaining strong oversight and alignment with international best practices.
Where the Money Will Be Invested
The Debt Sub-fund will focus on financing bankable infrastructure projects through instruments such as senior debt, subordinated debt, and convertible facilities. Priority sectors include:
• Power and renewable energy
• Gas infrastructure
• Telecommunications and digital infrastructure
• Transportation and logistics
• Social infrastructure
• Utilities
The fund applies a disciplined investment process backed by robust risk management, independent investment oversight, and a comprehensive ESG framework.
Why It Matters for Nigeria
Nigeria faces an estimated infrastructure investment gap of over $3 trillion over the next 30 years. With pension funds and insurance companies managing trillions of naira, infrastructure debt presents a powerful way to mobilise long-term capital into projects that support economic growth, job creation, and service delivery—while still offering investors steady, long-duration returns.
What CardinalStone Is Saying
According to Group Managing Director Michael Nzewi, the successful close validates CardinalStone’s vision and execution capability, highlighting strong appetite for well-structured infrastructure investments in Nigeria.
Executive Director Elile Olutimayin noted that the umbrella fund was deliberately designed to attract patient, long-term capital by offering both debt and equity exposure within a single, transparent governance structure.
Fund Manager Ekeminiabasi Isung emphasised that the focus remains on disciplined capital deployment into assets with strong risk-adjusted returns and predictable cash flows.
Big Picture Takeaway
This fund close reinforces a key trend in Nigeria’s capital market: private capital is increasingly stepping in to fund long-term infrastructure, filling gaps that public financing alone cannot address. For investors, infrastructure debt is fast emerging as a compelling asset class that balances impact with stability.