CDC invests in Uhuru Growth Fund I's $113m first close
Uhuru Investment Partners, a middle-market private equity firm based out of Lagos and Abidjan, has announced the first close of Uhuru Growth Fund I (UGF) at $113 million, with capital support from CDC Group, the UK’s development finance institution (DFI), along with other DFI partners, commercial and impact investors. UGF’s capital will support enterprises that boost job creation, increase access to goods and services in consumer staples, and enhance access to healthcare and fintech sectors.
With a target final close of $200 million, the first-generation fund will invest across the West African region including Nigeria, Ghana, Côte d’Ivoire and other Francophone markets. In addition to CDC, UGF is backed by commercial investors AfricaGrow and Kuramo Capital as well as DFIs including European Investment Bank, DEG, SIFEM and Finnfund.
Yemi Osindero, managing partner of Uhuru said, “We are delighted to reach the first close of our fund. We are immensely grateful for the unwavering support of our investors in what has been a challenging fundraising environment. We look forward to positively impacting the growth of West Africa’s economies by supporting local companies in our target sectors, helping them grow into regional champions, and creating new, high-quality jobs.”
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