Investors in Kuramo Capital Management have transferred $458m of assets to a continuation vehicle managed by Sango Capital, the investment firm led by former Bridgewater Associates partner Richard Okello, according to a report by Bloomberg.
The assets were moved from two Africa-focused funds that had exceeded their fund life, and a 2019-vintage fund, Kuramo chief executive Wale Adeosun said. The investors were reportedly primarily US endowments and foundations seeking liquidity after a period of limited distributions.
Sango, which manages around $1.3bn in assets, has also completed a multifund continuation vehicle for its first fund and closed a $120m secondary transaction earlier this year.
Okello said the firm aims to support continued value creation in the underlying portfolio while providing liquidity to investors and attracting new capital to African markets.
Kuramo recently raised around $500m from African pension funds and development finance institutions to invest across the continent. It has also been appointed to manage Nigeria’s $170.6m DICE Fund of Funds, which is designed to support venture capital investment in technology and creative startups.
