At a time when conversations around financing African businesses are becoming increasingly urgent, Adesuwa Okunbo Rhodes brought a rare perspective to the African Business Stories Roundtable, speaking not only as one of the continent’s leading private equity investors but also as an entrepreneur who understands the difficult road to raising capital.
Addressing an audience of founders, commercial banks, development finance institutions, alternative credit providers and policymakers, the Founder and Managing Partner of Aruwa Capital Management reflected on the realities of accessing finance in Africa, drawing from a journey that has seen her move from seeking investment to becoming one of the region’s most influential fund managers.
Rhodes recalled launching Aruwa Capital Management at just 29 years old with an investment thesis centred on small and medium-sized enterprises and gender lens investing at a time when few institutional investors were prepared to back such an ambitious vision. Without an extensive investment track record, she encountered years of scepticism and became intimately familiar with the phrase, “Come back when you have more traction.”
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Rather than allowing those early setbacks to define her, she transformed them into valuable lessons that continue to shape how she advises entrepreneurs today. She explained that successful fundraising begins with understanding the right investor audience, validating a business model through proof of concept and building momentum before approaching larger institutional investors. For founders navigating Africa’s competitive investment landscape, these principles have become increasingly important as investors demand stronger evidence of execution before deploying capital.
Today, Rhodes occupies the opposite side of the investment table. Through Aruwa Capital Management’s first and second funds, she has positioned the firm among the leading growth equity investors supporting businesses across Nigeria and Ghana’s underserved “missing middle.” Writing investment cheques ranging between one and three million dollars, she has helped bridge one of the continent’s most persistent financing gaps by supporting promising companies that are often considered too large for angel investors but too small for traditional private equity.
Her investment philosophy extends well beyond ambitious pitches and compelling storytelling. Rhodes explained that sustainable businesses are built on discipline, operational excellence and sound governance. She looks for founders operating in resilient, non-cyclical sectors who possess an intimate understanding of their unit economics rather than relying solely on bold visions for the future. Equally important is governance that is embedded within the organisation from the outset rather than introduced only to satisfy investor requirements. Clean financial records, transparent reporting and disciplined financial management, she believes, reveal how entrepreneurs will manage significantly larger businesses as they scale.
Those convictions have become the defining principles behind Aruwa Capital Management, one of Africa’s few women-owned and women-led early-stage growth equity firms. Since its establishment, the firm has deliberately pursued untapped investment opportunities across West Africa while demonstrating that commercially attractive returns and measurable social impact are not mutually exclusive.
Rhodes’ remarkable career has been shaped by more than fifteen years in investment banking and private equity, including experience at global financial institution J.P. Morgan. Yet it was entrepreneurship that enabled her to channel those experiences into a broader mission of transforming opportunities for African businesses, particularly those led by women.
As one of Africa’s youngest female private equity fund managers, Rhodes has consistently challenged long-held assumptions within the investment ecosystem. She became the first female solo General Partner in Nigeria to raise more than ten million dollars for an institutional first-time fund, setting a significant milestone for women in African finance and opening new possibilities for future female fund managers.
Beyond managing investments, Rhodes has emerged as one of Africa’s most influential advocates for women’s economic empowerment. She argues that investing in women is not simply a matter of social responsibility but a sound commercial strategy backed by evidence. From female entrepreneurs and fund managers to women as consumers and economic stakeholders, she believes inclusive investing consistently produces stronger financial performance while creating wider societal benefits through job creation, household prosperity and poverty reduction.
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Under her leadership, Aruwa Capital has sought to prove that thesis through measurable investment outcomes, using each successful portfolio company to strengthen the business case for greater gender-inclusive investing across Africa’s financial ecosystem.
Her growing influence has earned widespread international recognition. She was named among the Top 35 Women Moving Africa Forward in 2020 before being recognised in 2021 by Meaningful Business as one of the Top 100 global leaders successfully combining profit with purpose. In 2022, the Institut Choiseul listed her among the Top 100 African Leaders Under 40 expected to shape the continent’s economic future, while BusinessDay honoured her as one of Nigeria’s Top 50 Inspiring Women.
Reflecting on the African Business Stories Roundtable, Rhodes expressed appreciation to Akaego Okoye and the organisers for convening what she described as a frank, practical and results-oriented conversation. Her insights served as a reminder that while access to finance remains one of Africa’s greatest entrepreneurial challenges, disciplined founders, credible governance and purpose-driven investment can create the conditions for businesses to thrive and, ultimately, reshape the continent’s economic future.
