Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital Management, has revealed that her private equity firm now manages about $80 million after more than a decade in the investment industry. She said it took eight years to raise her first fund, overcoming repeated rejection because she was young, Black, and a woman.
From Rejection to $80 Million Portfolio
Rhodes made the remarks during a street interview with James Dumoulin, founder of the popular School of Hard Knocks platform. When Dumoulin asked how she became wealthy, Rhodes replied, "I'm in private equity." Asked how long she had been in the industry, she said, "For about 12 years now." The conversation took a surprising turn when she revealed the scale of the assets under her firm's management: "So we manage about $80 million now."
Eight Years of Persistence
When asked for the biggest money lesson she would give young people, Rhodes pointed to persistence as the defining factor behind her success. "So my favourite quote is, 'A river cuts through rock, not because of its power, but because of its persistence.'" She added, "99% of success is refusing to take no for an answer." Rhodes explained that rejection was a constant part of her journey. "A lot of rejection. It took me eight years to raise my first fund." According to her, many people doubted her ability to succeed because of her age, race, and gender. "People always told me that I couldn't make it in private equity because I was young, I was black, and I was a woman." Rather than accept those limitations, she decided to create her own opportunities. "If someone is not going to give you a seat at that table, create it yourself."
Human Connection Over Degrees
During the interview, Dumoulin asked whether a university degree is necessary for a career in private equity. Rhodes, who attended university herself, said formal education is not the deciding factor. Instead, she believes relationships matter more. "All you need is human connection."
Africa's $1 Trillion Informal Economy Opportunity
Rhodes also challenged common global perceptions about Africa, arguing that investors often focus too much on the risks while overlooking the continent's long-term potential. She pointed to demographic trends, noting that Africa's growing population presents significant opportunities for investors. "One in four people by 2050 will be African. In 2050, Nigeria will be the third largest country in the world by population. If you're not investing in Africa, you should be." Asked which industry people should pay more attention to, Rhodes highlighted Africa's informal economy. "I'm a big proponent of the informal economy. It's a $1 trillion opportunity." Explaining further, she said the opportunity lies in serving everyday traders and small business owners who often operate outside the formal financial system. "So that is the women in the streets that are selling your milk, your bread, your coke, your water. They don't have a formal bank account, but it's a $1 trillion opportunity." She added, "If you find businesses that are enabling the informal economy, you'll be a billionaire."
About Adesuwa Okunbo Rhodes
Adesuwa Okunbo Rhodes is the founder and managing partner of Aruwa Capital Management, a Nigerian private equity firm that invests in small and lower mid-market businesses across West Africa. With more than 14 years of experience spanning investment banking and private equity, she has worked across sectors including healthcare, financial services, technology, and consumer goods. She launched Aruwa Capital Management at the age of 29, making her one of the youngest female private equity fund managers running an independent fund in Africa. Through the firm, she has consistently advocated for greater investment in women-led businesses and female fund managers, arguing that gender-inclusive investing is both commercially viable and socially impactful. The interview with James Dumoulin has since attracted widespread attention online, with many viewers praising Rhodes for her candid advice on persistence, entrepreneurship, and the long-term investment opportunities available across Africa.
