Grace Ashiru
Aruwa Capital Management has secured a commitment of up to $8 million from the International Finance Corporation for its second fund, Aruwa Capital Fund II, which targets a $50 million raise with a $60 million hard cap.
The Lagos-based, women-led private equity firm, founded in 2019 by Adesuwa Okunbo Rhodes, will use the fund to address SME funding gaps in West Africa.
The IFC commitment comprises up to $8 million in equity, capped at 20 percent of fund size, and a $3 million subordinated blended-finance co-investment through IFC’s Concessional Capital Window.
ACF II focuses on growth-stage SMEs, particularly female-led or gender-diverse businesses, across healthcare, consumer goods, fintech, and cleantech sectors. Nigeria remains the primary market, with up to 20 percent of capital allocated to Ghana for geographic diversification.
The fund structure provides diversification options amid Nigeria’s macroeconomic volatility while maintaining concentration in the firm’s core market.
Aruwa Capital specializes in early-to-growth-stage investments in African businesses with emphasis on gender-diverse leadership teams.
