The Kuramo Foundation for Sustainable Development has initiated a 12-week training programme for 22 emerging fund managers in Lagos, aiming to prepare them for potential investment by the Wholesale Impact Investment Fund. According to TechCabal, the initiative, launched on October 30, selected these participants from 84 applicants across all six geopolitical zones of Nigeria. The fund, managed by Kuramo Capital Management, is a naira-denominated vehicle targeting one billion dollars to support small businesses, though it is currently pursuing a first close of $100 million.
TechCabal reports that the accelerator covers essential fund management skills, including financial modelling, legal structuring, and exit strategies. Olamide Adeosun, director at Kuramo Capital, stated that the fund has not yet reached its initial target and is courting domestic pension funds and development finance institutions. The programme aims to address a gap in the market where a new generation of small business fund managers has not followed the first wave of private equity firms.
Ijeoma Madueke, the sustainable finance lead, explained that the cohort includes managers with diverse strategies, such as Islamic finance and the creative economy, to ensure a broad pipeline. The selection process prioritised differentiated approaches and the potential for execution over existing structural completeness. Madueke noted that the programme serves as a bridge for managers who are not yet fully set up, providing incubation alongside acceleration.
Success for the fund is defined by the ability to back two funds from the cohort or for two managers to raise external capital. Adeosun described a 10% hit rate as a strong outcome, contrasting it with the typical 2% success rate in investment panels. The training includes mentorship and masterclasses on exit strategies, allowing managers to plan their approaches before deploying capital.
The fund operates as a fund of funds, deploying capital into intermediary vehicles rather than directly into businesses. This structure is intended to reach a wider number of small enterprises, which constitute the majority of Nigerian businesses. The programme concludes in December, with the goal of making managers investment-ready by ensuring they have clear theses, documentation, and teams in place.