Aruwa Capital Management, A Woman-Led Firm Based In Lagos, Nigeria, Raises 90% Of Its Fund II Target

Aruwa Capital Management, one of Africa’s few woman-led private equity firms, has secured $35 million for its second fund to invest in inclusive, impact-driven businesses across Nigeria and Ghana, according to a press release.

Aruwa Capital Fund II drew backing from major institutions, including the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, British International Investment (BII), and Nigeria’s Bank of Industry (BOI), the fund’s first local institutional investor, based on the release. It also attracted capital from global family offices and others with a target of $40 million. However, that number has since changed to $50 million, with a hard cap of $60 million.

“In the midst of the current challenging fundraising environment, we are excited to have raised 90% of our target fund size for Fund II and to be upsizing due to strong investor interest,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital Management, in a press release via her LinkedIn.

“This indicates investors’ confidence and trust in our ability to execute on our proven investment strategy and build on the achievements recorded so far,” Rhodes further added. “Our diverse pool of local and international LPs reaffirms that our strategic market positioning resonates widely. We remain grateful for their belief in our vision and are excited to continue showcasing the untapped potential of women in Africa.”

Per the release, Aruwa Capital Fund II has already completed two investments — a local manufacturer of safety boots and a fast-growing restaurant chain in Nigeria. Both companies support job creation, inclusive growth, and economic empowerment, particularly for women.

Since launching in 2019, Aruwa Capital Management has worked to reshape the investment landscape by backing businesses led by women or those that directly improve outcomes for women and underserved communities.

The firm focuses on high-impact, tech-enabled small and medium-sized enterprises (SMEs) in sectors such as healthcare, financial services, energy, and consumer goods, according to its website. Its portfolio includes companies like Nigerian fintech FairMoney and B2B e-commerce platform OmniRetail, both advancing inclusive tech infrastructure across the region.