Adewale Adeosun, Chairman and CEO of Kuramo Capital Management, the majority shareholder of Plantations et Huileries du Congo (PHC), has been named as « Limited Partner Person of the Year, Africa », at the 2024 Private Equity Africa Awards in London, United Kingdom.
Mr. Adeosun has been instrumental in the growth of Kuramo’s investment portfolio since inception. Kuramo has direct and indirect investments in 200 companies in 30 sub-Saharan African countries including Kenya and Nigeria in various sectors including Fast-Moving Consumer Goods, Infrastructure-Power, Agribusiness, Technology, and Financial Services.
Whilst accepting the award in London, which is on GP’s recommendations, Mr. Adeosun expressed his satisfaction with the growth of Private Equity in Africa anticipating more investments being channeled into the continent within the short term. “It is an honor to receive this award that further cements mine and Kuramo’s commitment to invest in the continent. Africa is rich in natural resources, a young and growing population, and rapidly evolving markets, offering significant opportunities for investors. As the demand for capital rises, the Africa remains one of the most promising regions for growth-oriented investors,” he added.
Since 2017, Kuramo Capital Management has invested over $50million in Plantations et Huileries du Congo, while catalyzing nearly $200 million investments from other partners, including development finance institutions.
“The reason we made the investment in PHC is because we believed that it was a great company that we could lead and enjoy the prosperity of the investment itself. We adopted a vision of shared prosperity for not only us the shareholders but all stakeholders. Today, the success of PHC is an example to the world on what Africa has to offer and it is our duty as Africans to strive for this growth in investments.”
PHC’s Director General, Ms. Monique Gieskes lauded Mr. Adeosun following the receipt of the award, calling on the spirit of Pan Africanism in the growth of investments not only in DRC but Africa as a whole :“We are deeply honored to see Mr. Wale Adeosun and Kuramo Capital Management recognized for their strategic commitment to Africa’s economy. When Africans come together, as Kuramo has done through investments that empower local initiatives in the DRC and beyond, we collectively build a strong foundation for the continent’s growth and a prosperous future “, said Ms Gieskes.
It is through Kuramo’s acquisition of majority shareholding of PHC that the company has turned into profitability within three years. A model that can be replicated in other African companies with the inception of good governance, a qualified management team and supportive financial partners :
« In 2021, Kuramo Capital Management entrusted the management of PHC with a workforce that is 100% Congolese, and which I have the privilege of leading. This clearly reflects their belief in local talent and their unwavering support to palm oil production made by and for Congolese people. The creation of this local team has seen PHC’s annual growth rate increases by 20%, with more than 10,000 employees under contract. We’ve also invested in the development of community infractures such as schools, healthcare centers, and other local amenities. Kuramo’s trust and confidence allow us to work in harmony with the local context and fully contribute to the prosperity of the DRC, » concluded Ms Gieskes, PHC’s Director General.
The Private Equity Africa (PEA) Awards celebrate excellence in private equity and venture capital investments across Africa. It aims to recognize outstanding firms, deals, and individuals that contribute to the growth and development of the African economy through impactful investments.
The PEA Awards contribute to raising the profile of private equity investments in Africa, driving economic growth, creating jobs, and fostering sustainable development across the continent. It not only recognizes excellence in the private equity space but also serves to encourage more investment into Africa’s burgeoning economies.
The awards are evaluated based on performance and success of investments; innovation and strategic approach; economic and social impact; Leadership and governance and return on investment.
Mr. Adeosun serves on the Boards of several portfolio companies, and he was the Chairman of the Investment Advisory Committee of the $280 billion New York State Common Retirement Fund. In 2014, he was appointed to serve on President Obama’s Advisory Council on Doing Business Africa.
Prior to founding Kuramo Capital, Wale Adeosun was Treasurer and Chief Investment Officer at Rensselaer Polytechnic Institute (RPI), where he managed $1 billion in endowment and pension assets. Prior to RPI, he was a Managing Director in the Investments Group of the MacArthur Foundation in Chicago with oversight of $2 billion in U.S. equities and hedge fund investments.
He also currently serves as the Chairman of the Nigeria Higher Education Foundation (NHEF), a foundation based in New York City created by the MacArthur Foundation in 2004 to assist Nigerian Universities in preparing the next generation of global leaders.
About PHC
Plantations et Huileries du Congo (PHC) is a private limited company based in Kinshasa, DRC. Founded in 1911, it operates in the Equateur, Mongala and Tshopo provinces. It is the largest producer of crude palm oil and crude palm kernel oil in the DRC. The company’s vision is to “create shared prosperity through agribusiness” and its mission is to become the world leader in agribusiness with sustainable practices that generate a positive impact on communities and the environment. PHC is also the largest private sector employer in the DRC, with nearly 10,000 employees under contract. Committed to
improving the living conditions of local populations, PHC operates the largest private hospital systemin the DRC, with four referral hospitals, 3 health centres and 18 dispensaries providing health services to its employees and around 150,000 people. PHC is also investing in access to drinking water, the rehabilitation of old dilapidated schools and the construction of new schools for the children of the communities living around its operational sites. Since 2021, PHC has built 23 schools, providing a learning environment for more than 10,000 children.
To find out more about PHC, please visit www.phc-congo.com
