CardinalStone Asset Management Limited has closed Series 1 of the CardinalStone Infrastructure Debt Fund, securing N12.63bn in investor commitments.

According to a statement from the firm on Wednesday, the successful close of the funding round marked an important milestone in CardinalStone’s broader infrastructure ambitions.

The firm expects to continue capital raising under the Debt Sub-fund while advancing plans for the Equity Sub-fund under the CardinalStone Umbrella Infrastructure Fund.

The PUNCH reports that the CardinalStone Infrastructure Debt Fund is the maiden sub-fund under the N500bn CardinalStone Umbrella Infrastructure Fund, Nigeria’s first umbrella infrastructure fund structure, designed to offer investors flexibility to participate across both debt and equity strategies.

Commenting on the close, Group Managing Director, CardinalStone, Michael Nzewi, said, “This successful close validates both our vision and execution capabilities.

Raising N12.63bn in our first tranche demonstrates the growing appetite for well-structured, long-term infrastructure investments in Nigeria.”

Nigeria faces an infrastructure investment gap estimated at over $3tn over the next three decades, highlighting the need for increased private capital participation. With pension funds and insurance companies managing trillions of naira in assets, infrastructure debt presents a compelling opportunity to deliver stable, long-term returns while financing assets critical to economic growth.

The Debt Sub-fund will invest in debt instruments, including senior, subordinated, and convertible facilities, across priority sectors such as power and renewables, gas infrastructure, telecoms and digital infrastructure, transportation and logistics, social infrastructure, and utilities. The Fund adopts a disciplined investment approach supported by robust risk management, independent investment oversight, and a comprehensive ESG framework aligned with international best practices.

Executive Director, CardinalStone, Elile Olutimayin, added, “The CardinalStone Umbrella Infrastructure Fund was designed to allow investors to participate across both debt and equity strategies within a single, robust governance framework. It is the first local infrastructure fund to offer this level of flexibility through an umbrella structure, supporting the long-term, patient capital required to develop and execute critical infrastructure projects in Nigeria.”

The Fund Manager, Ekeminiabasi Isung, affirmed, “Our priority is disciplined capital deployment into bankable infrastructure assets with strong risk-adjusted returns. We are focused on structuring investments that generate predictable cash flows while meeting the long-term needs of Nigeria’s infrastructure ecosystem.”

The CardinalStone Umbrella Infrastructure Fund is a N500bn close-ended alternative investment programme designed to mobilise long-term capital into critical infrastructure assets across Nigeria. Its umbrella structure enables flexible participation across two sub-funds, debt and equity, supported by robust governance and ESG integration.