IFC eyes $8M stake in Adesuwa Okunbo Rhodes’ Aruwa SME fund

The International Finance Corporation is weighing an equity investment of up to $8 million in Aruwa Capital Fund II, a planned $50 million vehicle aimed at small and midsize businesses in Nigeria and Ghana, according to information disclosed by the World Bank Group’s private sector arm.

If approved, the IFC money would back a strategy that has made Aruwa Capital Management one of the region’s most closely watched women founded private equity firms, led by founder and managing partner Adesuwa Okunbo Rhodes. Aruwa markets itself as a gender lens investor, targeting companies that are women led, women owned, or sell products and services used heavily by women.

The IFC disclosure described the fund as primarily focused on Nigeria, with up to 20% of commitments allocated to Ghana. Ecofin Agency, citing the IFC disclosure, said the project is scheduled for board consideration on March 11, 2026, and that the fund is targeting $50 million with a $60 million cap. The proposed IFC commitment would be capped at 20% of total commitments.

Aruwa Fund II expects to write initial checks of $1 million to $3 million into growth stage businesses, with a focus on consumer goods, clean energy, financial services and health care. The IFC disclosure also flagged a potential blended finance element through the IDA21 Concessional Capital Window, described as $3 million of subordinated co investment designed to mobilize private capital for segments seen as underserved.

Okunbo Rhodes has built her profile on the gap between venture capital and bigger buyout funds, arguing that many promising African companies are too mature for seed money yet too small for traditional private equity. Before launching Aruwa in 2019, she worked in investment banking and finance roles including at J.P. Morgan in London, and later co founded Syntaxis Capital Africa, a growth capital platform focused on small and mid sized companies.

Her trajectory is also part of why Aruwa draws attention beyond deal headlines. Okunbo Rhodes is the daughter of the late Capt. Hosa Wells Okunbo, a onetime commercial pilot who became a prominent Nigerian businessman with interests spanning oil and gas, maritime security, hospitality and agriculture. He was the owner of CMES OMS Petroleum Development Company, Ocean Marine Solutions, Wells Carlton Hotel and Apartments in Abuja, and Wells San Carlos Agro Farms, among other ventures.

Aruwa’s portfolio has leaned into everyday essentials and practical infrastructure, often backing companies with visible consumer demand. The firm lists investments that include Fastizers Food and Confectionery, Koolboks, Lifestore Pharmacy, Wemy Industries, Taeillo, OmniRetail, FairMoney and Pngme.

More recently, Aruwa announced a $1.5 million investment in Yikodeen, a Nigerian safety footwear maker, as it pushes capital into local manufacturing and supply chains.

The IFC interest lands at a moment when fundraising for African private capital has been choppy, especially for smaller funds and first time managers. IFC, in the Ecofin cited disclosure, said early stage SME private equity remains limited in West Africa, leaving viable companies without the growth capital needed to hire, expand production, or formalize operations.

Okunbo Rhodes has used that funding gap as both a thesis and a calling card, positioning Aruwa as proof that women founded firms can compete for institutional backing while steering capital toward women’s economic participation. If IFC signs on, it would add a major seal of approval for a manager trying to scale across Nigeria and Ghana without losing its focus on smaller, overlooked businesses.