Manny Ita –
CardinalStone Asset Management Limited has finalized the Series 1 offer of the CardinalStone Infrastructure Debt Fund (CIDF), successfully raising ₦12.63 billion from institutional and high-net-worth investors. The successful close, announced on February 4, 2026, marks the first tranche of the firm’s broader ₦500 billion Umbrella Infrastructure Fund, a structure recently authorized by the Securities and Exchange Commission (SEC) to provide flexible investment strategies in the Nigerian market. The debt sub-fund is specifically designed to provide long-term, “patient” capital through various instruments, including senior and subordinated debt, targeting critical sectors such as power, gas infrastructure, telecommunications, and social infrastructure.
Commenting on the successful fundraising, Michael Nzewi, Group Managing Director of CardinalStone, stated that the ₦12.63 billion raise “validates both our vision and execution capabilities,” while highlighting that the outcome “demonstrates the growing appetite for well-structured, long-term infrastructure investments in Nigeria.” The fund seeks to address the country’s infrastructure gap by channeling private capital into bankable projects that offer sustainable risk-adjusted returns. Ekeminiabasi Isung, the fund manager, emphasized the fund’s strategic focus, noting that the priority is “disciplined capital deployment into bankable infrastructure assets with strong risk-adjusted returns.”
The CIDF utilizes a commitment-style capital call model, a mechanism intended to reduce “cash drag” and ensure that investor funds are deployed efficiently as projects reach financial close. By focusing on essential utilities and logistics, the fund aims to provide a hedge against inflation for institutional investors, such as pension fund administrators and insurance companies, who require long-dated assets to match their liabilities. This Series 1 close is expected to catalyze further tranches under the ₦500 billion program, reinforcing the role of the domestic capital market in financing Nigeria’s industrial and social development.
