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(Ecofin Agency) – Kuramo Capital is committing funds to Uhuru Growth I, one year after its first commitment. This time, the fund wants to finance high-growth SMEs in West Africa.
Investment management firm Kuramo Capital announced, Saturday (May 7), a US$10 million commitment to Uhuru Growth Fund I (“UGF”), a private equity targeting high-growth companies in West Africa.
The investment will mainly fund SMEs operating in West Africa. “We are very excited by our commitment to UGF. Kuramo believes in indigenous teams like Uhuru whose local but global edge is critical to Kuramo’s strategy of generating excellent long-term risk-adjusted returns for our investors. We believe Uhuru has a compelling investment strategy with a competitive edge in identifying relatively attractive opportunities due to their extensive local network. Additionally, the Uhuru team is expected to bring their experience in global best business practices to their portfolio companies as part of their value creation process,” commented Wale Adeosun (photo), Kuramo Capital’s Founder, CEO, and Chief Investment Officer.
The commitment is announced one year after Uhuru Growth Fund I made its first closing at US$113 million. In May 2021, several financial institutions, including Kuramo Capital, committed funds to the investment vehicle. At the time, the funds raised were aimed at supporting the post-Covid-19 recovery of local businesses and stimulating intra-African trades.
Thanks to the new commitments, Uhuru Growth Fund I plans to partner with companies in the consumer and financial services sectors. The financial support this vehicle will provide is expected to improve beneficiaries’ operations and business practices. By doing so, the fund hopes to have a positive impact on the growth of West African economies.
Kuramo, which has approximately US$500 million in assets under management, says it is ready to continue its catalytic investments in sub-Saharan Africa.
“This support includes opportunities for GPs and entrepreneurs to access institutional capital, as well as develop a global footprint and deep understanding of the region,” Kuramo indicates.
Chamberline MOKO
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