- CardinalStone Asset Management successfully closed Series 1 of its Infrastructure Debt Fund with ₦12.625bnin commitments, marking a strong start to its ₦500bnUmbrella Infrastructure Fund.
- The Debt Sub-fund will finance priority sectors including power, renewables, gas, telecoms, transportation, social infrastructure, and utilities, supported by strong governance and ESG frameworks.
- The firm plans continued capital raising and upcoming launch of the Equity Sub-fund, reinforcing its ambition to mobilize long-term capital for Nigeria’s infrastructure development.
CardinalStone Asset Management Limited (“CAM”) has announced the successful close of Series 1 of the CardinalStone Infrastructure Debt Fund (“CSIDF” or the “Debt Sub-fund”), securing ₦12.625 billion in investor commitments.
The CardinalStone Infrastructure Debt Fund is the maiden sub-fund under the ₦500 billion CardinalStone Umbrella Infrastructure Fund (“CSUIF”) — Nigeria’s first umbrella infrastructure fund structure, designed to offer investors flexibility to participate across both debt and equity strategies.
Commenting on the close, Michael Nzewi, Group Managing Director, CardinalStone, said:
“This successful close validates both our vision and execution capabilities. Raising ₦12.625 billion in our first tranche demonstrates the growing appetite for well-structured, long-term infrastructure investments in Nigeria.”
Nigeria faces an infrastructure investment gap estimated at over US$3 trillion over the next three decades, highlighting the need for increased private capital participation. With pension funds and insurance companies managing trillions of naira in assets, infrastructure debt presents a compelling opportunity to deliver stable, long-term returns while financing assets critical to economic growth.
The Debt Sub-fund will invest in debt instruments, including senior, subordinated, and convertible facilities, across priority sectors such as power and renewables, gas infrastructure, telecoms and digital infrastructure, transportation and logistics, social infrastructure, and utilities. The Fund adopts a disciplined investment approach supported by robust risk management, independent investment oversight, and a comprehensive ESG framework aligned with international best practices.
Elile Olutimayin, Executive Director, CardinalStone, noted: “The CardinalStone Umbrella Infrastructure Fund was designed to allow investors participate across both debt and equity strategies within a single, robust governance framework. It is the first local infrastructure fund to offer this level of flexibility through an umbrella structure, supporting the long-term, patient capital required to develop and execute critical infrastructure projects in Nigeria.”
The successful close of Series 1 marks an important milestone in CardinalStone’s broader infrastructure ambitions. The firm expects to continue capital raising under the Debt Sub-fund while advancing plans for the Equity Sub-fund under the CardinalStone Umbrella Infrastructure Fund.
CardinalStone expressed its appreciation to investors, regulators, and professional partners whose collaboration supported the successful completion of the first tranche.
Concluding, Ekeminiabasi Isung, Fund Manager, added: “Our priority is disciplined capital deployment into bankable infrastructure assets with strong risk-adjusted returns. We are focused on structuring investments that generate predictable cash flows while meeting the long-term needs of Nigeria’s infrastructure ecosystem.”
The CardinalStone Umbrella Infrastructure Fund is a ₦500 billion close-ended alternative investment programme designed to mobilize long-term capital into critical infrastructure assets across Nigeria. Its umbrella structure enables flexible participation across two sub-funds — Debt and Equity — supported by robust governance and ESG integration.
About CardinalStone
CardinalStone is a leading financial services institution operating in Nigeria, offering a comprehensive range of services across Investment Banking, Asset Management, Securities Trading, Trust Services, Financing, Registrar Services, and Pensions. Committed to excellence, innovation, and client satisfaction, CardinalStone is dedicated to empowering individuals and businesses to achieve their financial goals.
CardinalStone has a strong track record in Nigeria’s capital markets and was the first brokerage firm to cross ₦2 trillion in transaction value on the Nigerian Exchange. In recognition of its market leadership and execution capabilities, CardinalStone was also named Africa’s Best Broker by Euromoney in 2025.
