Uhuru secures new commitment to West Africa Fund

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Uhuru Investment Partners has a new Limited Partner. The Lagos-based private equity firm has secured a $30 million commitment from the European Investment Bank, helping the Uhuru Growth Fund I to move further towards its eventual final close target of $200 million. In March this year Uhuru secured initial capital from the African Development Bank, which approved a commitment of $20 million to the fund.

The sector-agnostic fund’s investment strategy is to back middle-market companies in West Africa, with a particular focus on consumer-facing and financial services businesses initially in Nigeria, Ghana and Côte d’Ivoire. The capital it puts to work, which will average about $5 million per deal, will be used to help the businesses grow into regional champions. Alongside capital, the private equity firm will work with the management teams of their investee companies to build value through the implementation of best-practice operational procedures and corporate governance.

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