Aruwa Capital Management raises $35m at second close
Lagos-based Aruwa Capital Management has raised 90% towards its $40 million target for its second fund.
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Lagos-based Aruwa Capital Management has raised 90% towards its $40 million target for its second fund, Aruwa Capital Fund II. The fund will back high-growth businesses in Nigeria and Ghana.
This milestone surpasses the total fund size of Aruwa Capital Fund I which closed in 2022 at just over $20 million. Fund II has secured investment from returning LPs such as the Mastercard Foundation Africa Growth Fund, Visa Foundation, global family offices, and high-net-worth individuals, as well as new LPs including Bank of Industry – Nigeria’s oldest and largest development finance institution – and international investors such as British International Investment, and EDFI Management Company, through its European Union-funded Electrification Financing Initiative.
Aruwa is on track to upsize its targeted size for Fund II from $40 million to $50 million (with a hard cap of $60 million) within this year, on-boarding more global institutional investors.
With initial ticket sizes ranging from $1 million to $3 million, Fund II has already completed two investments: Yikodeen, a pioneering local manufacturer of safety boots, and a fast-growing fast-casual dining restaurant chain in Nigeria.
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