Female investors and fund managers have called for deeper local capital mobilisation as a pathway to long-term economic sustainability in Africa during a high-level panel at the 2026 World Economic Forum (WEF) Annual Meeting in Davos, Switzerland.
The session, titled ‘She Builds, She Leads, She Scales: Women Shaping Africa’s Economic Future,’ examined how structural barriers in finance and leadership can be dismantled to unlock productivity, accelerate innovation and deepen shared prosperity across the continent.
Adesuwa Okunbo-Rhodes, founder and managing partner of Aruwa Capital Management, sponsor and convener of the panel session, emerged as a central voice in the discussion, stressed that Africa’s investment ecosystem must prioritise self-sustainability through strong local capital participation.
According to her, reliance on foreign capital alone exposes funds to flight risk in times of macroeconomic instability and heightened perceived risk, undermining long-term sustainability.
Drawing from Aruwa Capital’s fundraising experience, Okunbo-Rhodes revealed that the firm’s second fund is three times larger than its first, largely due to the strong track record from Aruwa Fund I, which attracted participation from Nigerian institutional investors.
These local institutional investors include Development Finance Institutions (DFIs), pension funds, and local insurance companies, whose involvement, she said, strengthens credibility and provides a stamp of approval, particularly in the eyes of foreign institutional investors.
Okunbo-Rhodes stated, “If local pools of capital are not investing in their own local funds, it raises a fundamental question for foreign investors.
“The only way to change the narrative is to ensure we have strong local capital participation. Without local investors backing their own funds, foreign investors will always hesitate.”
She added that local participation shortens fundraising cycles and reinforces confidence, noting that Nigeria alone holds over $20 billion in pension assets, which must be unlocked and strategically deployed to support indigenous fund managers and businesses. She commended the new Director General of Pencom for the reforms made recently to increase participation from local pension funds investment in Alternative Assets.
The panel further explored how redesigning financial systems, leveraging technology, and expanding leadership pathways can move women from economic contribution to economic control.
Speakers emphasised that Africa’s transformation must be built, led, and scaled by women to ensure sustainable and inclusive global impact, particularly in private equity, venture capital and entrepreneurship.
Moderated by Payel Farasat, chief growth advisor at FINCA International and FINCA Ventures, the session also featured Pauline Koelbl, founder and managing partner of ShEquity, and Lise Birikubdavyi, managing partner at BKR Capital.
They shared insights on gender-smart investing, capital access, and the importance of institutional reforms that support women-led enterprises.
Participants agreed that removing structural barriers to finance is not just a gender issue but an economic imperative. By mobilising domestic capital, fostering inclusive leadership and strengthening investor confidence.
