IFC proposes investment in Aruwa Capital Fund II
$50m fund targets growth-stage SMEs in Nigeria and Ghana.
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The International Finance Corporation has disclosed a proposed investment of up to $8 million in the Aruwa Capital Fund II, managed by Aruwa Capital Management.
Aruwa Capital Fund II is a generalist private equity fund focused on small and medium enterprises in Nigeria and Ghana. The fund has a target of $50 million with a hard cap of $60 million.
IFC’s proposed commitment would be in the form of equity and would not exceed 20% of the fund’s total commitments.
The fund will invest initial tickets of $1-3 million in growth-stage SMEs with a gender-lens focus. Target sectors include consumer goods, clean energy, financial services and healthcare.
The fund will primarily invest in Nigeria, with up to 20% of its capital allocated to Ghana.
* Read more: In-depth interview with Adesuwa Okunbo Rhodes, managing partner of Aruwa Capital.
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