Aruwa Capital Management has secured a commitment of up to $8 million from the International Finance Corporation for its second private equity fund, Aruwa Capital Fund II, which aims to raise $50 million with a $60 million hard cap. The Lagos-based, women-led firm, founded in 2019 by Adesuwa Okunbo Rhodes, will use the fund to address financing gaps for small and medium-sized enterprises (SMEs) in West Africa. The IFC’s support includes up to $8 million in equity, representing a 20 percent cap of the fund, along with a $3 million subordinated blended-finance co-investment via IFC’s Concessional Capital Window.
Aruwa Capital Fund II is focused on growth-stage SMEs, prioritizing female-led or gender-diverse businesses across healthcare, consumer goods, fintech, and cleantech sectors. While Nigeria remains the primary market, the fund plans to allocate up to 20 percent of capital to Ghana to achieve geographic diversification.
The fund’s structure balances diversification amid Nigeria’s macroeconomic volatility while maintaining concentration in the firm’s core market. Aruwa Capital has a track record of investing in early-to-growth-stage African businesses, with a strong emphasis on supporting companies led by gender-diverse leadership teams.
