Aruwa Capital Management, a female-led private equity firm, has closed $35M for its gender-focused Fund II to expand its investments across Nigeria and Ghana.
The fund attracted investments from the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, Bank of Industry, British International Investment (BII), EDFI Management Company, and others.
The new fund will enable Aruwa Capital to expand its proven investment strategy, backing high-growth, impact-driven businesses transforming key industries in Nigeria and Ghana. The firm’s initial target for Fund II was $40 million, but it will now pivot to a final close of $50 million, with a hard cap of $60 million.
Founded in 2019, Adesuwa Okunbo Rhodes, Aruwa Capital is one of Africa’s female investor-led firms, specialising in gender-lens investing. Its investment thesis centres on high-growth small and medium-sized enterprises (SMEs) in healthcare, energy access, financial services, and consumer goods.
Aruwa Capital Management will continue to focus on small and medium-sized businesses, with a geographic focus on Nigeria and Ghana. The firm is committed to maintaining close relationships with its portfolio companies, ensuring continued growth and development.
The firm raised 90% of its $40 million target for its second fund, Aruwa Capital Fund II. With this encouraging progress, Aruwa is on track to increase its target for Fund II from $40 million to $50 million (with a hard cap of US$60 million) within this year, onboarding more global institutional investors.
Source: Urbangeekz