At just 29, Adesuwa Okunbo Rhodes stepped away from a secure career in global investment banking to launch Aruwa Capital Management in Lagos. With limited early funding and no established track record, she aimed to close the massive funding gap facing small and medium enterprises in Nigeria and Ghana—especially women-led businesses.
From Global Finance to Building Her Own Path
Adesuwa’s finance career began at Lehman Brothers and included high‑profile roles at J.P. Morgan and TLG Capital, where she worked on billions of dollars in transactions across emerging markets. She later co‑founded Syntaxis Capital Africa and led over $200 million in deals across Sub‑Saharan Africa. Driven by a desire to shape her own vision, she restructured and rebranded the business into Aruwa Capital in 2019.
Aruwa’s Unique Value Proposition
Aruwa is one of the few 100% female‑owned and led growth equity funds in Africa, combining commercial returns with measurable social impact. With a gender‑lens investment mandate, the firm seeks out companies that are women‑founded, women‑led, or serving women across sectors like healthcare, renewable energy, FMCG, education and financial inclusion. It targets early‑stage to lower‑mid market firms, typically deploying tickets under US $5 million—a segment often overlooked by larger funds.
Fundraising under Pressure—and Purpose
Launching Aruwa meant financing operations personally until institutional backers came on board—including Visa Foundation, Mastercard Foundation and family offices across Africa, Europe and North America. Her debut fund exceeded its US $20 million goal. Despite her success, Adesuwa admits fundraising remains one of the most arduous parts of running a private equity firm—requiring persistence, trust‑building and clear alignment with her mission.
Investment Highlights and Impact
Aruwa has completed over a dozen investments from Fund I and already secured over US $35 million for Fund II, targeting a final close of US $50 million. Notable portfolio companies include:
- OmniRetail: Digitally connecting informal shopkeepers with suppliers across Nigeria—enhancing credit access and modernising retail distribution.
- Wemy Industries: Revitalising Nigeria’s only indigenous personal hygiene brand, tripling revenues by launching adult and baby diaper lines tailored for unmet local demand.
- Fastizers: A snack‑manufacturing startup that scaled rapidly from selling fried treats with less than a dollar in startup capital to becoming a national brand.
- MDaaS Global / BeaconHealth Diagnostics: Affordable diagnostic centres in peri‑urban Nigeria and neighbouring countries, achieving fast break‑even and plugging critical healthcare gaps.
- Yikodeen: Local manufacturer of safety footwear serving Nigeria’s oil & gas sector, benefiting from national content policies.
Powering Women, Measuring Impact
Under Adesuwa’s leadership, Aruwa embeds rigorous ESG and gender metrics into its due diligence process—tracking job creation, female representation in leadership roles, supply chain diversity and board inclusion. The fund demonstrates that investments with strong gender and social mandates can also deliver competitive financial returns.
Breaking Bias and Shaping Africa’s Private Capital Landscape
Adesuwa often reflects on systemic biases facing women entrepreneurs: studies confirm male founders are frequently described as “promising”, while women are labeled “inexperienced”. These biases translate into unequal access to capital. Aruwa’s success is part of a broader effort to redress these discrepancies—spotlighting how women as capital allocators can unlock overlooked markets and deliver outsized outcomes.
Scaling Vision into Recognition
Her impact has been widely recognised: she was named Global Woman Fund Manager of the Year twice in 2023, awarded BWAM’s Top 40 under 40, listed in Choiseul 100 Africa, and honoured among Nigeria’s top women in finance. These accolades reflect both her financial performance and her commitment to transforming gender dynamics in African finance.
Aruwa’s Operational Challenges and Lessons Learned
Adesuwa highlights the balancing act involved in running a growth equity fund—fundraising, investing, exiting, team development and investor communication all happening simultaneously. Particularly during crises like the COVID‑19 pandemic, the firm had to pivot strategy, reduce minimum tickets, and adapt using creative financing approaches—all while maintaining its impact mandate.
Looking Ahead: A Broader Mission
Adesuwa envisions Aruwa not just as an investment vehicle, but as a catalyst for change—mobilising African institutional capital, encouraging more female fund managers, and proving that inclusive investment strategies can drive sustainable economic growth across the continent. Ultimately, she aims to inspire others to build their own tables, not just seek seats at existing ones.
Conclusion: Lessons from Aruwa’s Journey
Adueswa Okunbo Rhodes’s story is a powerful example of how purpose‑driven leadership, gender‑lens investing and unwavering determination can reshape the financial ecosystem. Aruwa Capital’s progress demonstrates that filling critical funding gaps for underrepresented entrepreneurs is both impactful and profitable. Her journey offers a roadmap for emerging fund managers and impact investors: be bold, persistent, values‑led—and prove that investing in women doesn’t just change companies, it transforms economies.
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