GHANA – Injaro Investment Advisors Limited, a Ghanaian private capital fund manager, has announced the successful final close of its multi-sector Injaro Ghana Venture Capital Fund (IGVCF).
The Ghana Cedi-denominated private equity fund is backed by local pension funds. It achieved a final close with an AUM of GHS 216 million (US$17.35m) on December 29, 2023.
IGVCF is the first fund of its kind in Ghana with local pension funds as anchor investors.
IGVCF is highly committed to its mandate which is investing in SMEs across various sectors such as Food and Agribusiness, Education, Healthcare, Inclusive Financial Services, and Industrial Services in Ghana and Côte d’Ivoire.
IGVCF will also promote environmental, social and governance best practices across its portfolio companies in its bid to contribute to job creation and sustained economic growth.
The Fund has already made its inaugural investment in Zeepay Company Limited Series A.5 fundraising round, and is still in full deployment mode, accepting funding applications from companies.
In October last year,Injaro Investment Advisors, announced a US$2 million equity investment in Zeepay Ghana Limited, a wholly Ghanaian-owned global mobile finance service (MFS) provider.
Zeepay is a pioneering player in the digital termination of remittance (DTR) sector and the mobile money market, with a footprint in over 20 countries across the globe.
The company specializes in facilitating cross-border payments directly into mobile wallets, serving regions spanning Africa and the Caribbean.
Zeepay’s core vision is to foster financial inclusion and revolutionize cross-border payments, particularly in underserved, low-income markets.
Injaro’s investment is expected to fuel Zeepay’s expansion across multiple countries and reinforce its presence in these new markets.
In May last year, The Minerals Income Investment Fund (MIIF) and Injaro Investment Advisors announced the decision by the management and Board of Directors of MIIF to commit GHS25 million (US$2m) to the Injaro Ghana Venture Capital Fund.
Injaro Investment Advisors Limited is an investment advisory firm licensed by the Ghana Securities & Exchange Commission and is part of an international group that manages over US$100 million across multiple funds and has investments across Sub-Saharan Africa.
In September 2022 Injaro Ghana Venture Capital Fund closed its first Ghana Cedi-denominated fund with GHS127m (US$10.2m) in total commitments.
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.
Injaro has expertise in the areas of private equity, corporate finance advisory, asset management, management consulting and project management.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy, and more. SUBSCRIBE HERE