FSDAi Nyala Facility



FSDAi Nyala Facility is a partnership with the Collaborative for Frontier Finance (CFF) and the Facility Manager, Nyala Venture, a Joint Venture of Cardano Development and Total Impact Capital Europe. It is a highly flexible investment vehicle testing novel capital allocation models serving small and growing businesses in sub–Saharan Africa. It will finance an emerging class of ‘capital providers” with a gender lens focus.

Investment Details


FSDAi Nyala Facility


A catalytic financing facility for an emerging class of capital providers serving small businesses


Capital Markets


Nigeria, Côte d’Ivoire, Ghana, Kenya, South Africa, Uganda, Senegal, Rwanda

In portfolio since


Our role

Committed capital: £8.8 M Instrument:  Flexibility in equity and debt instruments to the capital providers
  • Capital – £8.0 M
  • Grant £0.5 M

Our investment

  • FSDAi provided capital to Nyala Venture to invest in a first cohort of capital providers, serving to demystify their investment strategy, fund models and managers.
  • We provided a grant for the Frontier Capital Learning Lab of the Collaborative for Frontier Finance (CFF) to document and share the learnings of these fund managers with the aim of increasing their access to investment capital.

Purpose and target market

  • The facility will leverage the experience and skills of African alternative capital providers, many of which are founded and led by women who deliberately prioritise financing “missing middle” stage enterprises.
  • These asset allocators are an emerging class of indigenous capital providers that look to meet the financing needs of Africa’s small and growing businesses (SGBs). Fund vehicles apply innovative approaches and alternative investment structures specifically tailored to the local business environment.
  • The investment will showcase financing as viable structures to support the growth of SGBs and to spotlight the opportunity for investors. Building on the early-stage support of FSDAi, Nyala Venture intends to raise additional capital to create a fund of up to USD 80 million over the coming 18 months.
The role that SMEs play in the creation of jobs and driving more resilient economies is well documented. Nyala, by working with these local capital managers, will not only provide the necessary capital to grow and sustain Africa’s emerging businesses, it will also demonstrate to the broader marketplace the critical role that women capital managers are playing in the continent’s finance innovation. Drew von Glahn, Executive Director Collaborative for Frontier Finance

Impact to date

52% of LCPs focused on Small business finance, have gender parity at fund ownership/ management level

40% of LCPs are investing with equity instruments

60% of LCPs are using open ended structures

70% of LCPs use fee structures outside of the 2&20 fee model

FSD Africa contact

Riverside Green Suites (Palm Suite),
Riverside Drive,
Nairobi, Kenya


Updated: March, 2023