FSD Africa Investments (FSDAi), a UK-backed specialist financial sector investor, has announced a $7.5m investment in the Ci-Gaba (Progress) Fund, a Ghanaian-domiciled fund of funds designed to mobilise pension capital into private equity and private debt investments across Ghana and West Africa.

The investment supports Ci-Gaba’s first close of its $75m fund and marks a major milestone for Ghana’s first private fund of funds focused on domestic capital mobilisation at scale. 

The first close attracted strong participation from Ghanaian pension funds, with commitments exceeding its $30mn target, demonstrating growing confidence in locally structured private market investment vehicles.

“We’ve reached this first close in record time, with more than two-thirds anchored by local pension funds,” said Anne-Marie Chidzero, Chief Investment Officer at FSDAi. “Drawing on FSD Africa’s market-building work in Ghana, we have co-created and underwritten an investment vehicle that aligns with regulatory requirements and governance standards, enabling pension funds to invest confidently in alternative assets.”

Ci-Gaba's fund will strengthen Ghana’s financial ecosystem by investing in both experienced and emerging fund managers operating across high-growth sectors including financial services, healthcare, agriculture, clean energy, education, and technology. By channelling domestic institutional capital into small and growing businesses, Ci-Gaba is expected to support up to 25,000 jobs and contribute to enterprise growth, while helping diversify pension portfolios beyond traditional government securities.

"This marks an important step forward for the PE/VC ecosystem in Ghana and Africa at large. FSDAi’s investment is a strong vote of confidence in Ci-Gaba's role in unlocking local capital, mobilising pension funds, and building a stronger, more inclusive market,” said Hamdiya Ismaila, CEO of Savannah Impact Advisory. “The investment process has strengthened our structure, aligned us with key stakeholder interests, especially pension funds and positioned us for scale. This is true catalytic capital, and we are excited about the opportunities and impact this partnership will unlock across the region.”

His Excellency, Dr Christian Rogg, British High Commissioner to Ghana, said: “The UK is proud of our support to Ci-Gaba, which embodies a commitment to inclusive economic development that will drive private investment across West Africa. This is a clear example of putting the UK’s new Approach to Africa into action – one that moves the UK from donor to investor, built on respect, shared interests and equal partnership.”