Oasis Capital Ghana, a fund manager with a focus on West Africa, has successfully garnered $33.3 million in initial pledges towards its ambitious $100 million target for the newly established Oasis Africa Fund II (OAF II). The firm is set to continue its fundraising efforts with the goal of securing the remaining capital by June 2025.
OAF II is a testament to the firm’s successful track record, following in the footsteps of its earlier funds. Oasis Capital’s inaugural fund, the Ebankese Venture Fund (EVF), which was capitalized at $11 million, provided crucial support to small and medium-sized enterprises (SMEs) within Ghana. Building on this foundation, the subsequent Oasis Africa Fund I (OAF I) amassed $50.5 million and expanded its investment reach to include both Ghana and Côte d’Ivoire.
The complete deployment of capital from both EVF and OAF I has resulted in investments in 21 diverse businesses across a range of sectors. In Ghana, beneficiaries of Oasis Capital’s investments include Legacy Girls College, Everpure Ghana Water, SINEL Specialist Hospital, and Metropolitan Health. In Côte d’Ivoire, financial support has been extended to institutions like MANSA Bank and PISAM Hospital.
Matthew Boadu Adjei, the CEO of Oasis Capital Ghana, highlighted the firm’s commitment to incorporating environmental, social, and governance (ESG) criteria into their investment strategy. OAF II is strategically aligned with the United Nations’ Sustainable Development Goals (SDGs), focusing on critical areas such as poverty alleviation, health and well-being enhancement, access to quality education, promotion of gender equality, provision of clean water and sanitation, and sustainable land use practices.
Michael Mensah-Baah, the Deputy Managing Director of Development Bank Ghana, pointed out that the fund’s emphasis on sustainability has been a significant draw for investors. The investor roster for OAF II features notable entities such as Development Bank Ghana, Venture Capital Trust Fund, GCB Capital, Stanbic Investment Management Services, and Oasis Capital Ghana itself, all of whom are backing the fund’s vision and objectives.
