Key Takeaways
- • Bank of Industry (BOI) appoints Kuramo Capital as fund manager for the DICE Fund of Funds, a $170.6 million venture capital initiative targeting Nigeria's technology and creative startups.
- • Kuramo Capital is mandated to raise matching private-sector capital on a dollar-for-dollar basis, effectively leveraging the initial BOI commitment into a larger capital deployment vehicle.
- • Kuramo Capital CEO Wale Adeosun emphasizes that intentional impact investing is critical to Nigeria's economic development, aligning the fund with broader sustainable investment objectives across Africa.
- • The appointment follows Kuramo Capital's track record managing multiple large-scale impact investment funds, including the Nigeria Wholesale Impact Investment Fund (WIIF) and Ethiopia's $100 million SME financing initiative.
Summary
Bank of Industry has appointed Kuramo Capital Management as the official fund manager for the DICE Fund of Funds, a $170.6 million dedicated vehicle designed to expand venture capital access for technology and creative sector startups across Nigeria. The mandate represents a significant commitment to unlocking private-sector investment in Nigeria's innovation ecosystem, with Kuramo Capital tasked with raising matching capital on a dollar-for-dollar basis—a structure that could potentially double the effective capital pool available to qualifying entrepreneurs.
Kuramo Capital, led by CEO and Founder Wale Adeosun, brings established expertise in impact-driven investment management. The firm has previously managed the Nigeria Wholesale Impact Investment Fund (WIIF) on behalf of the Impact Investors Foundation and has been selected to manage a $100 million fund targeting Ethiopian SMEs, demonstrating regional capability across multiple impact investment mandates. Adeosun has positioned the firm's investment philosophy around intentional impact investing as essential infrastructure for Nigeria's long-term development trajectory.
The DICE Fund of Funds appointment positions Kuramo Capital as a critical intermediary in Nigeria's venture capital market, tasked with deploying capital into technology and creative sector entrepreneurs who have historically faced constrained access to growth-stage funding. The structure leverages BOI's development finance mandate while creating commercial incentives for private capital co-investment, a model aligned with broader African development finance trends emphasizing catalytic public capital to mobilize private-sector deployment.
Kuramo Capital, led by CEO and Founder Wale Adeosun, brings established expertise in impact-driven investment management. The firm has previously managed the Nigeria Wholesale Impact Investment Fund (WIIF) on behalf of the Impact Investors Foundation and has been selected to manage a $100 million fund targeting Ethiopian SMEs, demonstrating regional capability across multiple impact investment mandates. Adeosun has positioned the firm's investment philosophy around intentional impact investing as essential infrastructure for Nigeria's long-term development trajectory.
The DICE Fund of Funds appointment positions Kuramo Capital as a critical intermediary in Nigeria's venture capital market, tasked with deploying capital into technology and creative sector entrepreneurs who have historically faced constrained access to growth-stage funding. The structure leverages BOI's development finance mandate while creating commercial incentives for private capital co-investment, a model aligned with broader African development finance trends emphasizing catalytic public capital to mobilize private-sector deployment.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.