Adesuwa Okunbo Rhodes, founder and Managing Partner at Aruwa Capital Management, is reshaping the private equity landscape in West Africa. In a recent feature with HowWeMadeItInAfrica, she detailed her journey in establishing a women-led investment firm focused on underserved sectors in Nigeria and beyond.
Launching Aruwa Capital in a male-dominated investment space came with steep challenges. “Raising capital as a woman, especially in a space where less than 10% of decision-makers are female, meant I had to be twice as prepared and resilient,” Rhodes shared. Yet through a clear thesis on gender-lens investing and patient capital, her firm has successfully closed deals in healthtech, fintech, and consumer goods — sectors driving inclusive growth.
Rhodes also highlighted the need for stronger local capital participation. While international VC inflow gets the headlines, she argues that sustainable private equity must be rooted in local expertise and regulatory fluency. With increasing macroeconomic volatility, Aruwa’s focus on real economy businesses and value creation has proven to be a differentiator.
Why it matters: Rhodes’ work not only expands access to capital for African founders but also sets a new standard for ethical, inclusive finance. Her leadership reflects a broader shift toward localized investment strategies and women-led innovation in Africa’s financial ecosystem.