About Us

Alitheia Capital stands as a trailblazing impact investing private equity and financial advisory firm headquartered in Lagos State, Nigeria.

It was established in 2007 by Tokunboh Ishmael and Jumoke Akinwunmi. 

Since our inaugural fund launch in 2009, we’ve grown to manage over $250 million in assets spread across various funds. These include the fully vested Alitheia Clean Energy Fund (ACEF), our financial inclusion funds, Goodwell West Africa Microfinance Development Company (GWAMDC) and its successor funds uMunthu I and II, which have collectively channeled over $50 million into SMEs across sub-Saharan Africa. Additionally, our flagship gender lens fund, Alitheia IDF, boasts a portfolio exceeding USD 100 million, making it the continent’s premier and largest gender lens fund.

At Alitheia Capital, we specialize in identifying and investing in high-potential businesses throughout Africa. Our investment philosophy revolves around the concept of “true profit with a purpose,” whereby we deploy private capital into SMEs that not only generate financial returns but also address critical business, social, or environmental needs within their communities.

Our Impact

For over two decades, Alitheia Capital has been at the forefront of Africa’s venture capital and private equity space, catalyzing growth and innovation across the continent. We’ve played a pivotal role in nurturing Africa’s tech ecosystem, investing in high-impact tech companies as the first institutional investor. Through initiatives like the Nzinga Scale-Up Bootcamp, we’ve provided invaluable non-financial support to SMEs and fund managers, amplifying our impact beyond financial returns.

1 mn
Women owned business
1 %
Women-led businesses in gender-focused fund
1 %
Jobs for women
1 %
Women in management
$ 1 mn
Invest funds
1 mn
Jobs for women (Portfolio traction)
1 mn
Local job creation of which 66% are for women
Women and girls with access to essential services
Alitheia Capital staff having a discussion

What We Do

As providers of patient capital, we forge long-term partnerships with investee companies, offering both financial backing and strategic guidance. We collaborate closely with our portfolio companies to implement robust risk management practices, enhancing their resilience and sustainability. By fostering a culture of innovation and social responsibility, we’re able to navigate challenges effectively while delivering sustainable impact.

What We Look For

At Alitheia, we’re dedicated to fostering the growth and success of high-impact businesses through both financial and non-financial support. Our approach to private equity investing is characterized by innovation, aimed at generating meaningful impact and fostering shared prosperity. With a proven track record, we’ve demonstrated our commitment to driving social and economic inclusion while delivering exceptional returns for our investors.

We take a holistic approach to investing, seeking out opportunities that leverage both traditional and non-traditional channels to create lasting social impact. Our focus extends beyond financial gains; we strive to catalyze social transformation and entrepreneurial innovation that positively impacts lives and communities. Through smart financial expertise, we’re building a future where wealth creation goes hand in hand with positive social change.

Our investment stage ranges from seed to Series B, with ticket sizes ranging from $1 million to $8 million.

Sectors of Focus

While we maintain a sector-agnostic approach, we prioritize investments in sectors such as:

Clean Energy



Waste Management & Recycling

Logistics & Mobility

Consumer Goods & Services




Through our different funds, Alitheia invests in sectors that provide essential services and goods that develop the economy and society. We prioritise gender inclusion and through our gender lens fund, Alitheia IDF, invests proactively in women-led, women-focused, and women-serving businesses.

Geographies of Focus

Headquartered in Lagos, Nigeria, we have a direct investment presence in Nigeria and Ghana, and collaborate with partners across Southern and Eastern Africa.

Support & Wealth Creation

At Alitheia, we provide comprehensive financial and non-financial support to unlock the potential of high-impact businesses serving underserved markets. We're committed to fostering inclusive wealth creation, ensuring that all stakeholders benefit from our investments. By leveraging our local expertise and global networks, we create conditions for sustainable growth and prosperity.

Local Prescence

Our physical presence in the heart of our market allows us to immerse ourselves in local dynamics, translating our deep knowledge and insights into superior returns and impactful outcomes for our investors.

Strong Visibility

Recognized as one of the leading impact investing fund managers in West Africa, we boast a stellar reputation among both local and global investment communities. Our Principals and Team members are esteemed figures within the global investment industry, actively participating in esteemed associations such as AVCA, ANDE, 2X Challenge, and LAN.

Powerful Network

We cultivate strategic partnerships, foster meaningful relationships, and nurture extensive networks that serve as valuable sources for investment opportunities and co-investment collaborations.

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