Uhuru Investment Partners (“Uhuru”) is pleased to announce that it has reached a final close of $181mm for Uhuru Growth Fund I (“UGF”), its inaugural private equity fund. Uhuru secured commitments from leading international development finance institutions including BIO, SDG Fund and IFC. “We are pleased to have the African Development Bank and the Nigeria Sovereign Investment Authority, two of the leading investment institutions in Africa, committing capital to the close. We are also delighted to have the U.S. government’s development finance institution, the DFC, participating in the close” said Dr. Adeyemi Osindero, Uhuru Managing Partner.
UGF previously reached a first close in March 2021 with commitments of $113mm from OBVIAM, FinnFund, EIB, DEG, Kuramo Capital, BII and AfricaGrow. UGF invests in high-growth, middle-market businesses operating in the consumer-facing and financial services sectors. The fund invests across West Africa with a focus on Nigeria, Ghana and Côte d’Ivoire. Earlier this year, the fund made its maiden investments in the Ghanaian life insurance sector and in Everyday Group, a chain of supermarkets in Nigeria.
The Uhuru team, led by its co-founders Dr. Yemi Osindero, Nana Adow Dankwa and Jean-Michel Kamanan, expressed their appreciation to all their investors for the support demonstrated through their commitments to the fund in a challenging fundraising and economic environment.
Dr. Adeyemi Osindero also said: “We are immensely grateful to our investors for their commitments to UGF. We look forward to positively impacting the growth of West Africa’s economies by supporting local companies in our target sectors, helping them grow into regional champions, and creating new, high-quality jobs. We are committing that at least 25 percent of the companies the fund invests in will be owned or led by women.”
Nana Adow Dankwa, Partner of Uhuru said: “The launch of our fund shortly after the commencement of the African Continental Free Trade Area is auspicious because it allows us to capitalize on new opportunities for our portfolio companies to access regional markets. We are excited about the prospects for deepening intra-regional trade across our markets.”
Jean-Michel Kamanan, Partner of Uhuru said: “The presence of Uhuru’s key executive and operational teams in Abidjan, Accra and Lagos is a huge asset, enabling the team to effectively source investment opportunities in the Anglophone and Francophone economies of West Africa. Uhuru’s presence in the region’s largest and leading commercial hubs also enables us to get actively involved in the operations of our portfolio companies across the region.”
Solomon Wifa, Partner at Willkie Farr & Gallagher (UK) acted as legal adviser alongside Ogier (Luxembourg). Ocorian (Luxembourg) provides administrative services to UGF.
About Uhuru Investment Partners
Uhuru is a leading African investment firm with a strong track record of driving growth in companies and supporting local entrepreneurs to build world class institutions. It is managed by a team with Pan African and international expertise and deep local networks. UGF focuses on high-growth, middle market businesses across West Africa, with a focus on Nigeria, Ghana and Côte d’Ivoire. Uhuru partners with passionate entrepreneurs to enhance value through improved operations and the application of world class business and ESG practices. We invest across high growth sectors such as the consumer-facing sector (FMCG, consumer retail, education, healthcare etc.) and the financial services sector (banks, insurance, payments providers, pension trustees, financial technology platforms etc.).
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