PROJECT

Projects

Summary of Investment Information

Project Number

51411

Company Name

AR Capital

Date SPI Disclosed

Feb 9, 2026

Country

Nigeria

Region

Africa

Projected Board Date

Mar 11, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Feb 10, 2026

Department

Equity Portfolio Management

Industry

Funds

Sector

Small Business Fund

Additional Project Attributes

Blended Finance

Project Description

 The proposal is for a potential equity investment of up to US$8 million, capped at 20% of total commitments, in Aruwa Capital Fund II (the Fund or ACF II), a US$50 million (target) generalist private equity (PE) fund targeting investments in small and medium enterprises (SMEs) in Nigeria and Ghana.

 

The Fund will invest initial ticket of US$1–3 million in growth-stage SMEs with a gender lens focus, providing essential goods and services in sectors such as consumer goods, clean energy, financial services, and healthcare.

 

The project is expected to be supported by IFC’s Concessional Capital Window IDA21 (CCW-IDA21).                                                  

Associated Advisory Engagement

 IFC's advisory engagement will be delivered through capacity building at the Fund’s SME investee companies as well as any necessary support at the Fund Manager’s level.                                                   

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation