Uhuru Announces First Close of Growth Fund at $113

Private Equity firm, Uhuru Investment Partners (Uhuru), has announced the first close of Uhuru Growth Fund (UGF) at US$113 million to enhance growth and development across West Africa.

This development came through with a capital support from CDC Group ,a United Kingdom based Development Finance Institution (DFI), along with other DFI partners, commercial and Impact Investors.

According to the firm, the capital will support enterprises that boost job creation, increase access to goods and services in consumer staples,while enhancing access to healthcare and fintech sectors.

Targeting a final close of US$200 million, Uhuru informed that the fund will invest across the West African region including Nigeria, Ghana, Côte d’Ivoire and other Francophone markets. Speaking further, Managing Partner of Uhuru,Dr. Yemi Osindero said, “We are delighted to reach the first close of our fund. We are immensely grateful for the unwavering support of our investors in what has been a challenging fundraising environment. 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.”

Head of CDC Nigeria Office and Coverage Director, Benson Adenuga expressed that Uhuru latest move would provide critical private capital needed to finance businesses and promote resilience and long-term growth in West African markets.

“Our commitment will provide critical support in the economic recovery from the ongoing COVID-19 crisis, by providing growth capital and value addition to SMEs and mid-cap companies with a primary focus on consumer staples, healthcare and fintech across West Africa.

CDC recognises that SMEs are the lifeblood of Africa’s economies and Uhuru’s ambition aligns with our 2021 commitment to support promising enterprises and drive inclusive growth and job creation across the continent, by investing over US$1 billion in Africa,” Adenuga said.