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
I had the pleasure of joining the African Business Stories Roundtable, a conversation that brought together founders, commercial banks, DFIs, alternative credit providers, and policymakers to explore the financing landscape available to Nigerian businesses. I shared perspectives from both sides of the table, as a founder who has navigated the journey of raising capital, and as an investor deploying capital into high-growth businesses across Nigeria and Ghana. Building Aruwa Capital Management, I experienced firsthand the challenges of raising a first fund, developing conviction around an investment thesis, and earning the trust of institutional investors.
I had the pleasure of speaking at an Impact Investing Masterclass hosted by the Bertha Centre for Social Innovation and Entrepreneurship at the University of Cape Town’s Graduate School of Business, engaging with aspiring fund managers and impact investing practitioners. Having spent eight years fundraising before closing a fund, five years with a previous venture that did not reach first close, and three years building towards Aruwa Capital Management, I shared lessons from both the challenges and breakthroughs along the journey. It was a privilege to share my journey and contribute to conversations shaping the next generation of African fund managers.
I had the pleasure of attending NOG Energy Week Conference & Exhibition in Abuja alongside Yikodeen, one of Aruwa Capital Management’s portfolio companies, as they showcased their locally manufactured safety footwear and PPE as both an exhibitor and speaker. Founded by Shamsideen Olayinka Atunde at the age of 21, Yikodeen was built with a vision to drive import substitution, create jobs, and build a lasting manufacturing legacy. Today, with Aruwa’s support, the company has grown into the largest safety boots manufacturer in West Africa. Seeing the team showcase their products at NOG was a reminder of the importance of backing indigenous businesses that are strengthening local value chains and contributing to Nigeria’s industrial growth.
I had the pleasure of participating in the Faith & Institutional Investors Summit in Washington, D.C., where I joined a panel discussion titled “The Opportunity for Investing in Africa” alongside Dr Okechukwu Enelamah and Richard Okello, respected voices in Africa’s private capital ecosystem. The conversation explored the opportunities shaping Africa’s investment landscape, the importance of increasing institutional capital flows into the continent, and the need to challenge persistent perception gaps that continue to influence how Africa is viewed and valued in global markets.
I had the pleasure of joining the Nidacity Podcast for a live recording exploring my personal and professional journey, from building Aruwa Capital Management to navigating the opportunities and challenges within Africa’s private markets. The conversation covered the principles that guide my investment approach, lessons learned from building a fund, and reflections on entrepreneurship, capital allocation, and creating long-term value across the continent. It was a valuable opportunity to share insights with founders and business leaders building ambitious companies and shaping Africa’s next generation of growth.
I had the pleasure of joining James Dumoulin for a conversation on the School of Hard Knocks platform, exploring entrepreneurship, investing, and the opportunities shaping Africa’s future. The conversation touched on the realities of building and managing capital in emerging markets, lessons from scaling an $80 million investment platform, and the misconceptions that continue to shape perceptions of Africa’s investment landscape. The episode resonated with audiences globally, reaching over 55 million views and becoming the most-viewed video on the platform. The response reflects the growing appetite for authentic conversations around African entrepreneurship, investment, and the opportunity to reframe how the continent is understood in global markets.
During the Mastercard Foundation Young Africa Works Summit in Kigali, I had the privilege of meeting with Reeta Roy, Immediate Past President and CEO of the Mastercard Foundation. It was a great opportunity to personally thank Reeta and the Mastercard Foundation for their transformative role in supporting locally managed fund managers across Africa through the Mastercard Foundation Africa Growth Fund (MFAGF). As an investor in Aruwa Capital Fund I and an anchor investor in the first close of Aruwa Capital Fund II, MFAGF has played a catalytic role in our journey, enabling us to continue backing high-growth businesses and advancing our mission of building a more inclusive private capital ecosystem across Africa.
I had the pleasure of participating in the Mastercard Foundation Young Africa Works Summit in Kigali, marking 20 years of the Foundation and seven years of the Young Africa Works strategy. The Summit brought together leaders from across Africa to discuss solutions to some of the continent’s most pressing challenges, including access to finance, youth employment, education-to-work transitions, and inclusive economic growth.
I had the pleasure of joining key stakeholders at the launch of OmniRetail’s FMCG Industry Report 2026, marking seven years of building critical trade infrastructure across Nigeria. The event provided an opportunity to engage with leaders shaping Nigeria’s industrial and consumer landscape, including Dr Jumoke Oduwole, Honourable Minister of Industry, Trade and Investment, alongside founders, investors, and ecosystem partners. As a proud investor in OmniRetail, it was encouraging to see the company’s continued contribution to strengthening Nigeria’s FMCG ecosystem through technology, distribution, and innovative solutions that support businesses across the value chain.
I was pleased to host the British International Investment (BII) team at the Aruwa Capital Management office in Lagos, including Adeola Ukoha, Nigeria Coverage Lead, and Katrina Kwan from BII’s Gender & Diversity team in London. Ahead of BII’s Gender Lens Investing training for its ecosystem of funds and partners, I shared Aruwa Capital Management’s approach, learnings, and portfolio experiences from investing in women-led and women-focused businesses across Nigeria and Ghana. The engagement was a valuable opportunity to exchange insights and reflect on the importance of collaboration in advancing gender-lens investing and building more inclusive private capital ecosystems across emerging markets.
"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.
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