Aruwa Capital Management

Aruwa Capital Management is a female-founded and female-led private equity firm based in Lagos, founded by Adesuwa Okunbo Rhodes. The firm is one of a small number of women-led fund managers on the continent, and it applies a gender lens to every investment, backing businesses that are women-founded, women-led, gender-diverse, or disproportionately serve women.

Fund I closed at over $20 million in 2022, with 11 investments across healthcare, energy access, and consumer sectors. Portfolio companies delivered 22x revenue growth in local currency and created over 200,000 jobs (direct and indirect), and 73% of those companies were founded or led by women. Two Fund I companies, FairMoney and OmniRetail, made the Financial Times' fastest-growing companies in Africa list. Fund II hit $35 million at its second close in May 2025 (90% of its $40 million target), and the firm is upsizing to $50 million with a $60 million hard cap. IFC committed up to $8 million to Fund II, which alongside returning LPs like Mastercard Foundation Africa Growth Fund and Visa Foundation, plus new backers like Bank of Industry and British International Investment, makes this one of the best-backed gender-lens vehicles in West Africa.