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 Storytelling & Leadership Podcast with Mimi Kalinda to discuss Debunking the Myths About Investing in Women. We explored why investing in women in Africa is not just a funding issue, it is a leadership issue, a systems issue, and a missed growth opportunity. I shared why I founded Aruwa Capital Management and why closing the capital gap for women is critical for the future of business and investment on the continent. It was an inspiring conversation about how intentional capital allocation, leadership, and storytelling can reshape investment outcomes and unlock sustainable growth for women-led enterprises across Africa.
Being recognised by the University of Bristol Alumni Awards with the Innovation & Enterprise Award is deeply humbling. Bristol at 17 feels like a lifetime ago, a shy girl navigating new spaces, discovering lifelong friendships, playing netball, starting my first job at J.P. Morgan, and meeting my husband. Today, through Aruwa Capital Management, I am grateful that our work redefining access to capital and leadership in Africa is being acknowledged. Moments like this remind me how far a journey of persistence, purpose, and people can take you.
I am honoured to be recognised as one of 100 Women of Impact in Africa by ARISE News as part of International Women’s Day this year. This recognition is meaningful because it celebrates women across sectors, business, governance, technology, law, philanthropy, and entrepreneurship, who are shaping Africa’s future. Through Aruwa Capital Management, we are working to redefine who gets access to capital and who manages it, backing high-growth businesses that are female-founded, female-led, or serve women at scale, while strengthening local value chains and creating jobs across Nigeria and Africa.
I had the pleasure of representing Aruwa Capital Management at the International Finance Corporation (IFC) Private Sector Consultation on Nigeria’s Country Partnership Framework. The session brought together over 100 private sector leaders to shape IFC’s long-term engagement in Nigeria over the next 5–6 years. We discussed policy direction, capital mobilisation, and ways to align public sector reforms with private enterprise to drive productivity, job creation, and value creation across sectors including agribusiness, power, manufacturing, and youth and women’s economic participation. It was inspiring to engage with leaders committed to shaping a productive and inclusive Nigerian economy.
I had the pleasure of representing Aruwa Capital Management at the closing phase of the SheWins Africa Startups Programme, joining an all-female panel convened by IFC to discuss strengthening support for women-led enterprises across Africa. With over 70% of Aruwa’s portfolio companies founded or led by women, the discussion highlighted the importance of backing women-led businesses as a core driver of African growth and showcased the next generation of investment opportunities across the continent. It was inspiring to engage with such a talented group of leaders shaping Africa’s entrepreneurial ecosystem.
I recently led an internal workshop with our team focused on refining how we communicate our work and strengthening the discipline behind the materials we produce. The session provided an opportunity to step back from day-to-day responsibilities and collectively sharpen our craft, revisiting the fundamentals that ensure clarity, quality, and impact in everything we deliver. Moments like these reinforce a key principle for me: learning is embedded in the work we do. By continuously challenging ourselves and sharing knowledge, we ensure our work reflects the highest standards of rigour, collaboration, and intentionality.
Following my birthday week, I returned to the office to the most heartwarming surprise from my team at Aruwa Capital Management. Balloons, party hats, a beautiful cake, a card signed by everyone, and thoughtful gifts completely caught me off guard - it was a truly special moment. Leading Aruwa since I became CEO at 29 has been a journey of continuous learning: listening better, leading with empathy, building trust intentionally, and growing alongside the people I work with. Moments like this remind me that leadership isn’t about titles, it’s about relationships, the culture you build together, and mutual respect.
I had the pleasure of representing Aruwa Capital Management at Investopia Africa, hosted in Nigeria for the first time. Highlights included a ministerial session led by Jumoke Oduwole, alongside Mohamed Hassan Alsuwaidi, who leads the UAE’s strategic investment initiatives. Their discussion reinforced the importance of translating political alignment into sustained private-sector engagement and long-term economic value. The conference also highlighted growing international investor interest in Nigeria and the strength of recent reforms, making it a valuable platform for dialogue and collaboration across public and private sectors.
I was honoured to participate in the Nigeria–Japan Capacity Building & Investment Dialogue, hosted by UNDP and the Government of Japan. During the dialogue, I shared insights on how African SMEs can scale successfully under AfCFTA, highlighting the role of FX risk management and technology as key scale multipliers. I also outlined practical strategies for founders, including localising supply chains, building regional export channels, avoiding hard currency debt, and embedding devaluation into pricing.
I had the pleasure of attending a fund manager roundtable with the Board of Directors of British International Investment during their visit to Lagos. Our discussions focused on venture capital and private equity opportunities in Nigeria, drawing on my experience leading investments on the ground. The Board also visited Yikodeen, the first portfolio company of Aruwa Capital Management Fund II, to see operations firsthand and witness the impact of long-term, aligned partnerships. It was encouraging to reflect on the power of collaboration in driving growth and value across the Nigerian market.
"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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