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Africa Growth Fund
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Investing for Change

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The Fund's Investment Vehicles

The Mastercard Foundation Africa Growth Fund is a “fund of funds.” Each Investment Vehicle included in the Fund is carefully screened to ensure they are compatible with our Investment Policy and other eligibility criteria, including a commitment to advancing gender equity in entrepreneurship.


Our First Investment

Aruwa Capital Management

Aruwa Capital Management, a Lagos based female founded and led early-stage growth equity and gender lens investment fund, is pleased to announce the successful close of its first institutional fund, which was oversubscribed, surpassing its target of $20 million. The fund’s first institutional and anchor investor is Visa Foundation, followed by other investors such as Mastercard Foundation Africa Growth Fund, Nyala Venture, backed by Financial Sector Deepening Africa Investments and leading family businesses from Africa, Europe and the United States.

Young women and investing

Working Through Investment Vehicles

The Mastercard Foundation Africa Growth Fund invests in African investment vehicles, and not in SMEs. We work through investment vehicles, which in turn invest in their portfolio companies, with the goal of enabling dignified and fulfilling work for young people, particularly young women.

Apply to the Fund