Aruwa Capital Secures Up To USD 8 M IFC Commitment For Fund II To Back Startups

Aruwa Capital Management, a Lagos-based, women-led private equity firm founded in 2019 by Adesuwa Okunbo Rhodes, has secured a commitment of up to USD 8 M from the International Finance Corporation (IFC) for its second fund, Aruwa Capital Fund II (ACF II).

The backing supports Aruwa’s push to raise USD 50 M (with a USD 60 M hard cap) to address the SME funding gap in West Africa.

The IFC commitment includes up to USD 8 M in equity, capped at 20% of fund size, alongside a USD 3 M subordinated blended-finance co-investment via its Concessional Capital Window.

ACF II targets growth-stage SMEs, particularly female-led or gender-diverse businesses, across sectors including healthcare, consumer goods, fintech, and cleantech. While Nigeria remains the core market, up to 20% of capital may be deployed in Ghana, offering geographic diversification amid Nigeria’s macro volatility.