Nigeria’s investment firm, CardinalStone Asset Management Limited, has closed Series 1 of its Infrastructure Debt Fund (CSIDF), securing N12.625 billion in investor commitments.

The facility is part of the company’s effort to bridge the country’s infrastructure deficit, a Moody’s report estimated at $3 trillion across three decades.

The gap highlights the need for increased private capital participation. With pension funds and insurance companies managing several trillions of naira in assets, infrastructure debt presents a great opportunity to deliver stable, long-term returns while financing assets critical to economic growth.

The CSIDF is the first sub-fund under the N500 billion CardinalStone Umbrella Infrastructure Fund (CSUIF) – Nigeria’s first umbrella infrastructure fund structure – designed to offer investors flexibility to participate across both debt and equity strategies.

Group Managing Director of the firm, Michael Nzewi, said: “The successful close validates both our vision and execution capabilities. Raising N12.625 billion in our first tranche demonstrates the growing appetite for well-structured, long-term infrastructure investments in Nigeria.”

The CSIDF 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 company said.

It said the fund adopts a disciplined investment approach supported by robust risk management, independent investment oversight, and a comprehensive environment, sustainability, and governance (ESG) framework that aligned with international best practices.

Executive Director of the company, Elile Olutimayin, noted: “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.”

Fund Manager, Ekeminiabasi Isung, noted: “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.”