A river cuts through rock, not because of its power, but because of its persistence
Adesuwa Rhodes is changing the face of investing and entrepreneurship in Africa one investment at a time
Adesuwa is a leading investment professional and CEO with over 14 years of experience in investment banking and private equity in developed and emerging markets across a number of sectors including healthcare, financial services, technology and consumer goods. Adesuwa is an entrepreneur, CEO, mother, investor and women’s empowerment advocate. She is one of the youngest female private equity fund managers running her own fund in Africa, having launched her fund at 29 years old. She is the Founder and Managing Partner of Aruwa Capital Management, one of the few women owned and led private equity funds in Africa investing into untapped investment opportunities in West Africa in the small to lower mid-market. Adesuwa is focused on using Aruwa Capital Management’s investments as a case study to make the business case to invest in women as fund managers, entrepreneurs, consumers and stakeholders in society. Adesuwa is a mission driven pioneer on a mission to unlock the power of private capital as a catalyst for change in her environment.
Learn More"I am on a mission to unlock the untapped potential of women as capital allocators, consumers, founders, board members, suppliers and across all levels of society, to unlock enhanced financial returns and positive social impact."
~ Adesuwa Rhodes
It was a pleasure to speak at the second edition of the Lagos Private Wealth Conference hosted by HNW Advisors in collaboration with W8 Advisory. I joined a critical panel discussion on “How to Diversify Your Portfolio Through Impact Investing,” where we explored how inclusive, impact-driven strategies are creating long-term value while addressing some of Africa’s most pressing challenges. I was joined by Yemi Keri, CEO of Heckerbella and Co-founder of Rising Tide Africa; Chike Chukwuelue, Group Head of Equity Investments at the Bank of Industry; and Audrey Joe-Ezigbo, Deputy Managing Director of Falcon Corporation. The session was expertly moderated by Rolake Akinkugbe-Filani, CEO/MD of EnergyInc Advisors.
In 2019, I first met Governor Babajide Sanwo-Olu and shared my vision for bridging the funding gap for overlooked SMEs and unlocking the potential of women as capital allocators. Six years later, I returned, this time leading a delegation of our portfolio companies. During the visit, we showcased four gender-diverse, locally rooted SMEs and discussed the need for stronger policy support for indigenous manufacturing. It was a powerful full-circle moment, proof that bold ideas, when nurtured with grit and excellence can lead to lasting impact.
At the 21st Annual AVCA Conference in Lagos, I had the opportunity to speak on the panel “Scaling Up: Fundraising Beyond Fund II” alongside David Damiba (Managing Partner & Co-CEO, Kasada Capital Management), Hajavola Rakontondrazaka (Chief Equity Portfolio Management Officer), and Jean-Marc Savi de Tové (Co-Founder & Managing Partner, Adiwale Partners). The session was expertly moderated by Amanda Cotterman (Head of SME Ventures Program). We shared honest reflections on the complexities of fundraising in today’s market, the evolution of GP-LP relationships, and strategies for scaling sustainable investment platforms across Africa. A timely and engaging conversation with insights from across the capital stack.
A standout moment from AVCA Week was hearing Aliko Dangote share his journey building one of Africa’s most transformative conglomerates. His bold move to set up Sub-Saharan Africa’s largest oil refinery was a reminder of the conviction it takes to build with purpose. During a brief chat after his session, I asked about currency risk given the naira’s volatility. His reply, “You have to be in” resonated deeply. Despite global options, he chooses to invest and build at home, reinforcing the value of resilience and long-term thinking.
At the AVCA 2025 Conference, I joined Tokunboh Ishmael (Alitheia Capital), Najada Kumbuli (Visa Foundation), and Sarah Ngamau (Moremi Fund) for the 2X Ignite Gender Lens Investing Roundtable, moderated by Elena Haba of 2X Global. I led the breakout session on Incentives, where we explored practical ways to embed gender inclusion into investment strategies through financial and structural levers. It was a focused and energising dialogue on turning intent into lasting impact.
On the sidelines of the AVCA Week, I had the pleasure of speaking at the Visa West Africa event hosted at Visa’s Lagos office, a powerful gathering centred on inclusive finance and catalytic partnerships. I joined Najada Kumbuli (Vice President, Head of Investments, Visa Foundation), Ajibola Odukoya (CEO, AfriLabs), and moderator Chiedu Adudu (Commercial Sales Executive, Visa West Africa) for a high-impact panel exploring how strategic partnerships, such as that between Aruwa Capital and the Visa Foundation, are driving entrepreneurship and unlocking inclusive growth across the continent.
One of the memorable moments at AVCA Week was finally meeting Tope Awotona, CEO of Calendly, in person, over three years after we first connected virtually in 2021 during my Fund I fundraising journey. Tope’s fireside chat was a powerful reflection on visionary leadership, calculated risk, and the resilience needed to build something truly transformative, from Lagos to leading a globally recognised platform valued at $3 billion. Our one-on-one meeting afterwards was equally enriching. We discussed Aruwa Capital’s growth, the vision for Fund II, and our shared values of innovation, tenacity, and giving back.
It was great speaking at the 5th edition of the Doing Business in Nigeria Conference (DBNC), a critical platform for engaging with Nigeria’s evolving business landscape. I joined the panel on “Accessing Finance in Challenging Times: Opportunities for Nigerian Businesses,” where we explored how patient capital and gender-lens investing can be powerful tools to unlock growth for underserved yet high-potential businesses. It was a pleasure to engage alongside industry leaders including Jude Chiemeka (CEO, Nigerian Exchange Limited), Catherine Uju-Ifejika (CEO, Brittania-U Nigeria Limited), Adeniyi Adenubi (Co-Founder, VFD Group), Dr. Inalegwu Adoga (MD, Champion Breweries), and Katharina Link (CEO, Pulse Africa).
I had the pleasure of attending the Women in Power Conference at Harvard Kennedy School as panelist for a thought-provoking panel discussion on the topic “From Policy to Investment.” Alongside Kathrina Dalka (Founder & CEO, Stellar One), Christina Qi (CEO, Databento), and Natalie Madeira Cofield (President & CEO, Association for Enterprise Opportunity), and expertly moderated by Katherine Attiah, we explored how policy frameworks and capital flows can be better aligned to support women-led businesses. The dialogue underscored the importance of designing systems that unlock economic participation and long-term success for women across the globe.
It was an honour to receive an award of appreciation from United Way Greater Nigeria (UWGN), where I serve proudly as a board member. This recognition reflects a shared commitment to advancing economic inclusion and social change through collaborative, community-driven initiatives. I’m especially proud to support UWGN’s work in expanding access to education, empowering young people, and driving women’s economic participation across Nigeria.
"I believe the way to effectively provide women with more seats at the table is for us to create our own tables. More women succeeding as capital allocators means more women getting funded, more mentors, more torch-bearers, and more examples to follow. Investing in or with funds like Aruwa Capital Management is a practical way to narrow the gender funding gap and making money while you do so."
- Adesuwa Rhodes
Adesuwa is the Founder & Managing Partner of Aruwa Capital Management an early stage private equity fund investing in rapidly growing businesses in West Africa. With Aruwa Capital and her own personal investments, Adesuwa is focused on uncovering untapped investment opportunities that are typically overlooked and underserved. Adesuwa is passionate about showcasing the natural competitive advantage women allocating capital have when investing in businesses for women and by women. Through a gender lens investment strategy, Adesuwa is focused on generating enhanced financial returns whilst delivering positive social impact with a multiplier effect across societies and economies.
Learn More
Dec 2024
Nov 2024
Nov 2024
Nov 2024
Nov 2024
Oct 2024
Oct 2024
Oct 2024
Sep 2024
Sep 2024
Jul 2024
Apr 2024
