Aruwa Capital Nears $40M Target for Second Gender-Lens Fund
TLDR
- Lagos-based Aruwa Capital Management has closed 90% of its targeted $40 million Aruwa Capital Fund II
- The gender-lens investment firm, founded by Adesuwa Okunbo Rhodes, focuses on early-stage growth equity investments in Nigeria and Ghana
- Sectors of focus include healthcare, financial services, energy access, and consumer staples. Initial ticket sizes range from $1 million to $3 million
Lagos-based Aruwa Capital Management has closed 90% of its targeted $40 million Aruwa Capital Fund II, with plans to upsize the fund to $50 million by year-end amid strong investor interest. The gender-lens investment firm, founded by Adesuwa Okunbo Rhodes, focuses on early-stage growth equity investments in Nigeria and Ghana.
The fund targets small to lower mid-market companies providing essential goods and services for Africa’s next billion consumers. Sectors of focus include healthcare, financial services, energy access, and consumer staples. Initial ticket sizes range from $1 million to $3 million.
Aruwa has secured backing from returning LPs such as Mastercard Foundation Africa Growth Fund and Visa Foundation, along with new investors including the Bank of Industry (BOI), British International Investment (BII), and EDFI’s ElectriFI facility. Fund II has already deployed capital into two companies: Yikodeen, a safety boot manufacturer, and a fast-casual dining chain in Nigeria.
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Key Takeaways
Aruwa Capital’s second fund highlights growing momentum for gender-lens investing in African private equity. As one of the continent’s few women-led fund managers, Aruwa is addressing capital gaps in a segment often underserved by traditional financiers. The firm’s strategy targets resilient, impact-driven sectors where women are both key consumers and participants in the workforce. Its early investments—such as in protective equipment manufacturing and affordable dining—demonstrate its focus on inclusive growth and local value chains. Support from development finance institutions and global impact investors reflects increasing appetite for funds that blend commercial returns with measurable social outcomes. With Aruwa on track to exceed its $40 million target, its fundraise signals broader institutional confidence in small-cap, impact-oriented strategies—especially those driven by diverse fund managers in emerging markets.
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