About This Fund
Aruwa Capital Fund II is the second venture capital and impact fund of Aruwa Capital Management, a Lagos-based investment firm founded by Adesuwa Okunbo Rhodes. The fund targets high-growth businesses in Nigeria and Ghana with a mandate that combines commercially attractive returns with measurable positive social impact. Fund II began fundraising in November 2023, and by May 2025 had reached a second close of $35 million, representing approximately 90% of its initial $40 million target. The fund subsequently raised its target to $50 million with a hard cap of $60 million.
Aruwa Capital Fund II targets early- and growth-stage companies in healthcare, financial services, energy access, and consumer goods sectors in Nigeria and Ghana. The fund employs a dual-return thesis, seeking both competitive financial returns and quantifiable impact outcomes including job creation, improved healthcare access, expanded financial inclusion, and climate resilience. Investment sizes typically range from $1 million to $5 million per company. The fund applies a gender-lens investing framework, with particular attention to businesses led by women or serving women as a primary customer segment, consistent with Aruwa's identity as a female-founded firm.
Key institutional investors in Fund II include British International Investment (BII), the UK's development finance institution, the Mastercard Foundation Africa Growth Fund, Visa Foundation, and Nigeria's Bank of Industry. Aruwa Capital successfully closed its inaugural Fund I at $20 million and published a comprehensive Impact Report in 2023 documenting portfolio performance. Fund II represents a significant step-up in scale and reflects growing institutional confidence in high-growth African markets.