FRAGG Investment Management Ltd is pleased to announce that we have reached an agreement on terms with the Board of Grooming Endowment Trust to become the Fund Manager.
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 comes 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 in fund management and investment advisory to multi-sector SMEs in the past 7 years, 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.
Further details will be announced in the coming weeks.