Monday, February 01, 2021 / 02:30AM / Fragg Investment Management / Header Image Credit: Groomingcentre.org
FRAGG Investment Management Ltd is pleased to announce that we have been appointed as the Fund Manager by the Board of Grooming Endowment Trust. The Grooming Endowment Trust is seeded with approximately 15 Million USD with the target of reaching a cap of 50 million USD.
The Grooming Endowment Trust is set up by Grooming Centre, a Non-Governmental Organization and one of the largest Microfinance Institutions in Nigeria with a primary aim to address the near absence of financial services to the large population of people engaged in small trading and micro productive activities in Nigeria. FRAGG intends to manage the Fund in line with the Fund's mandate to fill a market gap in the African market, by providing financial resources and technical assistance to multi-sector SMEs in the impact and climate domain. It will specifically target viable multi-sector Impact SMEs with clearly defined business model, social and environmental goals.
The Fund setup and consequent appointment of FRAGG as Fund manager come at a time where access to finance is critical for SMEs in the light of the global pandemic and huge funding gap in the region. FRAGG proposes to utilise its extensive experience spanning over a decade in fund management and investment advisory to multi-sector, as well as deep knowledge of the impact investment ecosystem to identify viable business models, provide technical support and funding in order to achieve a balanced long-term social and financial risk-adjusted return.
Details of funding requirements and selection criteria for SMEs in Nigeria to follow shortly.