Aruwa Capital Management, a Nigerian investment firm, has raised $35 million towards its $40 million target for its second fund. The firm is set to reach its final close of $50 million, with a hard cap of $60 million within the year. The total fund exceeds Aruawa Capital’s first fund, which closed in 2022 at just over $20 million. The second fund includes new and returning investors such as the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, global family offices and HNIs, and new LPs such as the Bank