CardinalStone Capital Advisers, Nigerian-based equity fund, has appointed Shirley Somuah as a partner to boost its operations in Ghana ahead of the new office opening in Accra in Q2 of 2022.
This expansion according to CardinalStone will be the company’s first physical presence in Ghana and Somuah will join current partners, Yomi Jemibewon and Femi Ogunjimi, as the company takes a move towards institutionalization by strengthening its leadership bench.
Somuah, as defined by the equity fund manager, has over a decade of experience spanning management consulting and investing, and has been integral to the firm’s activities in both Nigeria and Ghana during her tenure in CCA.
CardinalStone disclosed that she has been part of the investment team managing the $64m CCA Growth Fund (CCAGF) which targets growth stage SMEs in Nigeria and Ghana, since the inception in 2016.
Somuah, speaking on her new role as Partner at CCA noted that she is thrilled to join Yomi and Femi as a partner in the firm.
“I am passionate about transformational impact at scale, and look forward to working with more growth stage companies in the coming years. We’ve always considered ourselves as entrepreneurs and venture-builders as investors, and we are not afraid to roll-up our sleeves for more challenging businesses – this model and unique approach to PE investing has delivered significant results for CCA,” she said.
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She encouraged CCA’s commitment to gender balance in the PE and investment space in Africa noting that the equity fund manager has more gender balanced teams with 30 percent of partners and 30 percent of the all leadership team being women.
Femi, while confirming Somuah’s role as partner at CCA explains that she is equal to the task and has discharged her former duties effectively.
“Her track record when it comes to sourcing, analyzing and executing deals is peerless and thanks to her wealth of experience in the West African market, she has a unique perspective on the entrepreneurial and investment landscape we operate in,” Femi said.
Similarly, Yomi added that Somuah’s role at CCA extends beyond her strength as an investment professional .
“She was one of our earliest team members in our Principal Investments days, and an integral part of our transition to private equity. Her leadership and mentorship have contributed significantly to building the team and institution we have today,” Yomi said.
Meanwhile, CCA disclosed that the newly appointed partner was a Vice President on the Principal Investments team at CardinalStone Partners, and before that was a management consultant with Oliver Wyman, serving clients in North America, the Middle East and Africa from the New York and Dubai offices, who holds an MBA from The Wharton School of the University of Pennsylvania, and a BSc. in Management Science and Engineering from Stanford University. She chairs the Board of the non-profit West Africa Vocational Education.
However, CCA explained that it partners with high potential growth-stage businesses, providing capital and serving as a thought partner on their journey of scale.
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