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Uhuru Growth Fund

Uhuru Growth Fund I is a private equity fund focused on high growth companies in West Africa, with a geographic focus on Ghana, Nigeria and Ivory Coast. Uhuru will focus on investing in established businesses with an operating history, established revenues, strong management teams and a strong competitive position in their markets. The overall objective is to grow these businesses into leading companies within their sectors, and where a regional strategy is involved, into regional champions. The impact target is to create more and better jobs – and the Manager will also aim to enhance workplace capacity and skills development.

Uhuru Growth Fund

Uhuru Growth Fund I is a private equity fund focused on high growth companies in West Africa, with a geographic focus on Ghana, Nigeria and Ivory Coast. Uhuru will focus on investing in established businesses with an operating history, established revenues, strong management teams and a strong competitive position in their markets. The overall objective is to grow these businesses into leading companies within their sectors, and where a regional strategy is involved, into regional champions. The impact target is to create more and better jobs – and the Manager will also aim to enhance workplace capacity and skills development.

About the fund

Uhuru Growth Fund I is the first fund of Uhuru Investment Partners, an emerging manager in West Africa founded by a team with local origins who have spent most of their professional careers in private equity. The team has offices in Lagos and Abidjan, this proximity to market is expected to assist with deal-flow and the ability to add value to portfolio investees.

The Manager will seek to leverage its experience to grow companies across borders and product lines into multi-national, regional operators across both Anglophone and Francophone West African geographies. This will include growing export revenues, developing international production facilities, making bolt-on acquisitions in new geographies and more broadly, diversifying portfolio companies’ revenue by country. 

Ghana, Nigeria and Ivory Coast have very low levels of private equity activity, and there is a real dearth of growth capital in these markets. As the first investor to commit to Uhuru Growth Fund I, SIFEM takes a very strong financial and value additionality role in supporting an emerging team and manager. By supporting Uhuru, SIFEM contributes to broadening the private equity ecosystem in West Africa with the objective of contributing to private sector development, economic growth and jobs. The current fundraising environment in West Africa is challenging, and support from development finance institutions is critical.

Investments by the fund

             
Date Name Country Industry Status
2022 Company 1 Nigeria Wholesale and retail sale Active
2021 Company 2 Ghana Insurance Active
Reference code
2020-05
Status
Active
Date of commmitment
November 2020
Date of exit
-
Fund size
USD
113,000,000
SIFEM commitment
USD
10,000,000
Asset class
Private Equity
Investment strategy
Investment through Fund
Fund manager
Uhuru Investment Partners