In short: Kuramo Capital has reached first close on Kuramo Africa Opportunity Fund IV, a private equity fund targeting US$100 million, with commitments from Nigerian pension fund administrators. Its counsel, Solt Legal, describes it as the first close of a local-currency private equity fund in Nigeria outside infrastructure. The amount raised at first close was not disclosed.
The deal
Solt Legal advised Kuramo Capital Limited on the structuring, establishment and first close of the fund, including its regulatory engagements and negotiations with limited partners. The team was led by managing partner Moji Fashola, with Timothy Davies and Chidiebere Obialor. Counsel to the investors were not named.
Why it matters
Nigerian pension assets are the largest pool of long-term domestic capital in the country, but most of it sits in government securities. Pension fund administrators can invest in private equity funds within limits set by the National Pension Commission, and until now that route has been used mainly for infrastructure. A naira-denominated fund that backs privately held businesses gives pension money a way into growth companies without taking currency risk.
For lawyers, fund formation is a growing line of work. Local-currency funds need Nigerian-law structures, securities and pension regulatory approvals, and side letters that meet pension investment rules. That work stays with Nigerian counsel.
What to watch
- The size of the final close against the US$100 million target.
- Whether other managers launch naira funds aimed at pension money.
- The first investments the fund makes, and who advises on them.
The fund close is on the Transactions Tracker.
Source: Legal Era, 20 October 2026.
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