Kuramo Capital Management has been appointed as Manager for the iDICE Fund of Funds, under the Investment in Digital and Creative Enterprises programme led by the Bank of Industry and supported by the African Development Bank, Islamic Development Bank and French Development Agency.
The iDICE Fund of Funds is positioned to catalyse other institutional investors, including development finance institutions, sovereign wealth funds and indigenous asset managers, into Nigeria’s innovation, digital and creative ecosystem.
As the iDICE Fund of Funds Manager, Kuramo Capital will identify, evaluate and allocate capital to a portfolio of tech-enabled and creative economy-focused fund managers and investment platforms. These managers and platforms will be expected to demonstrate a commitment to fostering inclusive economic growth, job creation and youth empowerment across all six geopolitical zones of the Federation and the Federal Capital Territory.
The appointment reflects Kuramo Capital’s track record as a fund of funds investor on the continent. Since inception, Kuramo Capital has served as anchor investor to 15 first-time fund managers across Sub-Saharan Africa. To date, the firm has backed over 21 fund managers and catalysed $3.5 billion in local and international capital into Sub-Saharan Africa.
The iDICE Fund of Funds will adopt a disciplined, impact-aligned investment approach, allocating capital to a selection of venture and SME fund managers with local expertise, strong governance frameworks and the capacity to drive value creation across their portfolios.
The fund will operate through a dual structure. The Domestic Catalytic Investment Facility will target first-time or emerging fund managers or investment platforms deploying capital to Nigerian SMEs across the six geopolitical zones in Nigeria and the FCT. The Foreign Catalytic Investment Fund will support existing fund managers deploying capital in Nigerian SMEs.
The iDICE Fund of Funds will define Nigerian SMEs using five pillars: development impact, ownership and control, operational presence, revenue or employment link, and fiscal and regulatory substance. All qualifying businesses must satisfy the development impact criteria and any two of the remaining four pillars.
Dr Olasupo Olusi, MD/CEO of the Bank of Industry, said, "By working with Kuramo Capital on the iDICE Fund of Funds, we are deepening the Federal Government’s objective of upscaling Nigeria’s technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises. The Bank of Industry is proud to be the executing agency driving this historic investment into the hands of Nigeria’s innovators."
Wale Adeosun, CEO of Kuramo Capital Limited, commented, "We commend the Federal Government for their foresight and commitment to creating opportunities for young Nigerian entrepreneurs to thrive in the growing digital and creative ecosystem. At Kuramo, we believe strongly that Nigeria’s journey to continued economic resilience and prosperity is hinged on the ability of young Nigerians across the six geopolitical zones and the FCT to enjoy access to resources and funding that is tailored to our diversity and uniqueness as a people. Our appointment as the Fund Manager for the iDICE Fund of Funds represents an important milestone that reflects the confidence our investors, led by the Bank of Industry, have placed in our team, investment philosophy and long-term vision. We are grateful for their partnership and remain committed to deploying capital with discipline, creating shared prosperity for young Nigerians and generating attractive risk-adjusted returns."