Aruwa Capital Secures Up to $8M IFC Commitment for Fund II
Lagos-based, women-led private equity firm Aruwa Capital Management has secured a commitment of up to $8 million from the International Finance Corporation (IFC) for its second fund, Aruwa Capital Fund II (ACF II).
Founded in 2019 by Adesuwa Okunbo Rhodes, Aruwa Capital is targeting a $50 million fundraise, with a hard cap of $60 million, aimed at addressing the persistent funding gap facing small and medium-sized enterprises (SMEs) in West Africa.
The IFC’s commitment includes up to $8 million in equity, capped at 20% of the final fund size, as well as a $3 million subordinated blended-finance co-investment provided through IFC’s Concessional Capital Window. The structure is designed to crowd in additional private investors while de-risking capital deployment into underserved markets.
ACF II will focus on growth-stage SMEs, with a strong emphasis on female-led and gender-diverse businesses. Target sectors include healthcare, consumer goods, fintech, and cleantech.
While Nigeria remains Aruwa’s primary market, up to 20% of the fund may be deployed in Ghana, offering geographic diversification as investors navigate ongoing macroeconomic volatility in Nigeria.
The IFC backing reinforces Aruwa Capital’s position as a leading gender-lens investor in West Africa and highlights the growing role of blended finance in mobilising private capital for inclusive growth.
