Moremi working capital facility for African fund managers
Small Foundation is excited to announce a new partnership with Moremi Capital Management (“Moremi”) to launch the Moremi Technical Assistance Facility (TAF), a vehicle designed to provide critical pre-close funding to emerging African fund managers. This represents the second of two innovative pilot facilities Small Foundation announced earlier this year.
We are thrilled to partner with Moremi to launch this timely and targeted solution for emerging fund managers, who are critical to the future of Africa’s investment landscape. This facility complements our broader mission to unlock catalytic capital and foster resilient investment ecosystems across Africa.
Karina Wong, Head of Investments at Small Foundation
An initiative of Kuramo Capital Management, Moremi has developed a comprehensive support platform for emerging fund managers across Africa. Kuramo brings significant institutional experience, having deployed ~US$500 million and continuing to grow its assets under management through several initiatives while operating from its offices in Lagos, Nairobi, and New York City.
The Moremi platform currently offers four integrated pillars:
- Accelerate – an accelerator programme that builds capacity of general partners (GPs)
- Bridge – warehousing support to help GPs establish investment track records
- Catalyse – a fund of funds that invests directly as a limited partner (LP) in promising funds
- Develop – providing shared services and operational support to GPs, helping them institutionalise their processes
With the launch of the Moremi TAF, this new partnership catalyses a complementary layer to the Bridge pillar, completing Moremi’s suite of support products.
Small Foundation is providing pilot funding with the intention of crowding in additional investors to grow the facility within two years. The pilot will provide working capital loans to emerging fund managers.
The Moremi TAF will primarily support fund managers raising larger funds (AUM above US$20M) in countries with more developed capital markets, such as Kenya and Nigeria, who have a gender lens investing mandate. The facility will provide bridge financing for GPs before they achieve financial close, enabling them to:
- Establish fund structures
- Cover operational and fundraising costs
- Recruit key personnel
If successful, the Moremi TAF will accelerate the pace and volume of local GPs achieving first close, ultimately unlocking significantly more capital for African SMEs.
Moremi Capital’s Managing Director Sarah Ngamau says:
We are delighted by this partnership with Small Foundation not just for the impact it will create for the gender diverse investment managers we will support, but for the entrepreneurs and communities they will ultimately serve while growing economies in the African continent. Small Foundation’s commitment to this initiative exemplifies the kind of impactful partnerships we aim to foster as we drive systemic change in the investment landscape.
This partnership has been designed as a complementary approach to our GP Working Capital Facility which supports local African fund managers raising micro funds (AUM under US$20M). By supporting fund managers operating at different scales with tailored solutions, Small Foundation and our partners are working to build a more resilient, inclusive investment ecosystem across Africa.
