Kuramo Capital Management has sealed a series of mandate closings worth roughly $500 million (about Ksh65 billion), primarily backed by African pension funds and development finance institutions, as the New York-based firm mobilises local capital for investment in Africa.

Key players in the latest round of funding are: the Investment in Digital and Creative Enterprises (iDICE) vehicle with Nigeria’s Bank of Industry, the East African pensions vehicle MEMA and Kuramo Africa Opportunity Fund IV Nigeria, supported by Nigerian pension funds. 

The deals consolidate Kuramo’s commitments from African institutional investors and extend its existing mandates, including the Wholesale Investment Impact Fund and Moremi Capital Management, its gender-lens initiative.

The announcement on Monday represents a significant strategic transition for Kuramo Capital, which has historically been supported by western entities and foundations for its capital base. 

Since its founding in 2010, Kuramo Capital said it has catalysed over $3.5 billion to African private equity firms and businesses, supported over 20 fund managers, anchored 15 funds and invested in at least 200 companies both directly and indirectly.

Next phase of Kuramo’s evolution

Wale Adeosun, founder and CEO said the new investment platform marks the next phase of Kuramo’s evolution, allowing it to focus resources on what it terms “African capital for African opportunities”. 

He added: “Kuramo is appreciative of the support provided over the last 15 years by our western endowments and foundation investors as their support enabled the transformation of the African private equity landscape. Kuramo is very excited about its Investment Platform, and progress in mobilising African capital as it helps drive faster economic growth toward the sustainable development of Africa”.

The pivot comes as African pension funds increasingly seek exposure to alternative assets. Kenya’s National Social Security Fund, which manages approximately $5.7 billion in assets, has identified private equity as a top priority for diversification beyond traditional government securities and bonds. 

The iDICE component of the mandate is particularly significant. Nigeria’s Bank of Industry appointed Kuramo as fund manager for the DICE Fund of Funds, a $170.6 million vehicle designed to channel capital into technology and creative startups. 

The structure combines $85.3 million in public financing with a requirement for Kuramo to raise matching private-sector capital on a dollar-for-dollar basis. The government’s contribution is structured as a junior tranche, absorbing the first 30 percent of losses, a design intended to de-risk the fund for private investors.

The fund targets a net internal rate of return of 20 percent and a net money multiple of 2.4x . Rather than investing directly in startups, it will deploy capital through selected venture capital and micro-venture capital funds, with a mandate to spread investment across all 36 Nigerian states and the Federal Capital Territory.

The appointment is Kuramo’s second major government mandate in two years, following its 2024 appointment as manager of the Nigeria Wholesale Impact Investment Fund, cementing its position as the Nigerian government’s preferred fund-of-funds manager.

Alternative investment portfolios

Shaka Kariuki, co-CEO highlighted the opportunity to assist local pension funds with alternative investment portfolios: “We believe that our experience, track record and local networks, will strengthen our effort toward mutually beneficial outcomes with our local strategic partners and promote impactful investments in the region”.

Kuramo’s gender-lens initiative has identified 45 first-time women-led fund managers and helped mobilise over $100 million in capital to women-led businesses. The firm has anchored 15 first-time indigenous private equity funds, a strategy Adeosun describes as foundational to transforming the continent’s private equity segment.

While the firm has catalysed $3.5 billion into Africa, its directly managed assets stand at approximately $257.6 million as of December 2025, according to regulatory filings, underscoring its role as a mobiliser of other people’s capital rather than a deployer of its own balance sheet. 

With offices in Lagos, Nairobi and New York, the firm combines global investment expertise with local market knowledge to invest across private equity, venture capital and direct investments in sub-Saharan Africa.

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