Injaro Ghana Venture Capital Fund (IGVCF) raises GHS25mn
May 3, 2023
The Minerals Income Investment Fund (MIIF) and Injaro Investment Advisors Ltd (IIAL) are delighted to announce the decision by the management and Board of Directors of MIIF to commit GHS25M to the Injaro Ghana Venture Capital Fund (IGVCF) which is managed by IIAL.
Consistent with MIIF’s mission to become a lever for Ghana’s development and Injaro’s objective of building sustainable African businesses, the investment strategy for IGVCF is to partner with best-in-class profitable Ghanaian SMEs with strong growth potential across various sectors including Mining Support Services, 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 across 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.
Edward Nana Yaw Koranteng, the Chief Executive Officer of MIIF, commented “This is MIIF's first investment in the alternative asset class and we are delighted at this. The objective of MIIF, in line with President Nana Akufo Addo's vision, is to invest in the development of the entire mining eco-system or value chain which covers the mining supplies and services sector even to the micro or SME level. As part of our alternative investment or diversification strategy, MIIF sees this Injaro opportunity, to invest in private equity, as a conduit to support this mining sub-sector and ultimately the growth of the real economy in Ghana".
Jerry Parkes, Managing Director of IIAL, commented “The Injaro team is excited and grateful for this opportunity to work with MIIF to further entrench Private Equity as an attractive asset class which can be an effective tool for growing the real economy in Ghana while delivering long term social and financial returns for local investors. Having already secured GHS127M for IGVCF primarily from local pension funds, and with a mandate from investors to grow the fund to GHS400M, the Injaro team welcomes commitments from institutional investors that want to diversify their portfolios and who are aligned with Injaro’s vision of growing the real economy in Ghana”
The Minerals Income Investment Fund (MIIF) is Ghana’s minerals sovereign fund. MIIF was established pursuant to the Minerals Income Investment Fund Act, 2018 (Act 978) as amended to receive royalties’ payments from mineral production activities in Ghana and to manage the government’s equity interest in mining companies.
Injaro Investment Advisors Limited (IIAL) is an investment advisory firm licensed by the Ghana Securities & Exchange Commission and is part of an international group which manages over USD100M across multiple funds and has investments across Sub-Saharan Africa. Injaro has expertise in the areas of private equity, corporate finance advisory, asset management, management consulting and project management. Injaro manages the Injaro Ghana Venture Capital Fund (IGVCF), a private equity fund registered under the laws of Ghana and licensed by the Securities and Exchange Commission of Ghana to make investments in equity, quasi-equity or debt in small and medium-sized enterprises mainly in Ghana.