CDC Group Supports Uhuru Growth Fund

The Uhuru Investment Partners (Uhuru), a middle-market private equity firm based out of Lagos and Abidjan, has announced the first close of Uhuru Growth Fund I (UGF) at $113 million, with capital support from the CDC Group, the UK’s development finance institution (DFI), along with other DFI partners, commercial and Impact Investors.

According to a statement, UGF’s capital will support enterprises that boost job creation, increase access to goods and services in consumer staples, and enhance access to healthcare and fintech sectors.
With a target final close of $200 million, the first-generation fund will invest across the West African region including Nigeria, Ghana, Côte d’Ivoire and other Francophone markets.

In addition to CDC, UGF is backed by commercial investors AfricaGrow and Kuramo Capital, in addition to DFIs including European Investment Bank, DEG, SIFEM and Finnfund. Commitment from Uhuru’s partners will provide the vital capital to support local businesses’ economic revival from the COVID-19 pandemic and boost trade across the continent.

“Having forged a partnership over the years, CDC has supported Uhuru in mobilising DFI and commercial capital and has worked with the GP to improve governance and implement Business Integrity and Environmental and Social (E&S) best practice.

“Given Uhuru’s unique position in the market and competitive grasp of the fastest-growing economies across the ECOWAS region, the firm expects to unlock further capital for deployment as it evolves as an institution.

“UGF will leverage the expertise of Uhuru Investment Partners’ indigenous-African team, track record of investments in the region, their robust local networks and extensive knowledge of West Africa’s markets,” a statement explained.

Managing Partner of Uhuru, Dr. Yemi Osindero, was quoted to have also said: “We are delighted to reach the first close of our fund. We are immensely grateful for the unwavering support of our investors in what has been a challenging fundraising environment.
“We look forward to positively impacting the growth of West Africa’s economies by supporting local companies in our target sectors, helping them grow into regional champions, and creating new, high-quality jobs.”