Alitheia Capital
Alitheia Capital is a Lagos-based impact private equity firm, founded in 2007, that co-manages the uMunthu Fund with Goodwell Investments and invests across financial inclusion and climate sectors in Africa for institutional LPs, including pension funds.
- Company typePrivate
- Founded2007
- HeadquartersLagos, Nigeria
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Alitheia Capital does
Alitheia Capital is a Lagos-based impact investment and private equity firm founded in 2007 that manages capital on behalf of institutional investors seeking exposure to African growth-stage and SMEs. The firm co-manages the uMunthu Fund in partnership with Goodwell Investments, deploying capital into sectors such as financial inclusion — illustrated by its position in Baobab, which was acquired by Baobab Nigeria in 2025 delivering a 3x return and a 39.3% IRR — and, more recently, climate and environmental infrastructure via a co-investment in Hinckley E-Waste Recycling in Ogun State, Nigeria.
The firm is co-led by Jumoke Akinwunmi (Co-Founder, Partner/Managing Director) and Tokunboh Ishmael (Managing Director, CEO and Co-Founder), operating with a lean team of 1–10 employees. Its publicly stated strategic thrust is the unlocking of African pension capital for allocation to alternative investments, positioning it within an institutional LP channel that is structurally underserved in the region. Alitheia generates revenue via conventional emerging-market fund-manager economics, primarily management fees on committed capital and, when earned, performance-related carry on successful exits such as Baobab.
Alitheia Capital firmographics
Firmographics- Name
- Alitheia Capital
- Website
- https://thealitheia.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Alitheia Capital is a Lagos-based impact private equity firm, founded in 2007, that co-manages the uMunthu Fund with Goodwell Investments and invests across financial inclusion and climate sectors in Africa for institutional LPs, including pension funds.
- Ownership category
- akta.pro rank
Alitheia Capital industry classification
Industry- Product category
- Impact Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)
- akta.pro secondary industries
- ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL), Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD)
Keywords
Where Alitheia Capital is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Markets served
Alitheia Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Alitheia Capital product offering
Product offeringCore offering
Alitheia Capital is a Lagos-based private fund manager focused on impact investing across African markets. The firm deploys institutional capital into companies that deliver both social and financial returns, most notably through the uMunthu Fund co-managed with Goodwell Investments, with portfolio exposure to financial inclusion (Baobab) and climate/environmental infrastructure (Hinckley E-Waste Recycling).
Product overview
Alitheia Capital is a private equity investment firm focused on African markets. Based on the available source data, no specific branded products, platforms, or services are described. The company is identified as an investment manager actively raising capital for alternative investments and managing funds such as the uMunthu Fund in partnership with Goodwell Investments.
Differentiator
Problem solved
Functional benefit
Products and services
- uMunthu Fund A co-managed private equity/impact investment fund between Alitheia Capital and Goodwell Investments, targeting African companies that deliver both social and financial returns. The fund invests in sectors including financial inclusion (e.g., Baobab) and climate/environmental infrastructure (e.g., Hinckley E-Waste Recycling), and is offered to institutional investors seeking African alternative/impact exposure.
Companies that use Alitheia Capital
Customer profileIdeal customer profiles1 record
Alitheia Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Alitheia Capital partnerships and signals
Strategic signalScale indicators2 records
Recent moves4 records
Expansion highlights3 records
Alitheia Capital competitors and assessment
Company assessmentOthers
- GroFin:
- Cardano Development: Emerging-markets sustainable development investor with African exposure. Adjacent to Alitheia's impact mandate, providing relevant benchmarking on impact LP relationships though operating in different geographies.
Direct peers
- Novastar Ventures: East Africa-focused venture and growth investor backing early-stage businesses serving low-income consumers. Comparable in size, impact orientation, and African PE/VC mandate to Alitheia Capital.
- Goodwell Investments: Amsterdam-based impact investor focused on financial inclusion and SMEs in Africa and India. Co-invests with Alitheia Capital through the uMunthu Fund, sharing deal flow on exits like Baobab and Hinckley E-Waste, making it the closest comparable and repeat partner.
- Acumen: Global impact investment fund backing early-stage companies serving low-income customers in Africa and South Asia. Closely comparable impact-first thesis, fund structure, and target geographies to Alitheia Capital.
- African Infrastructure Investment Managers (AIIM): Pan-African infrastructure and private equity fund manager explicitly cited alongside Alitheia Capital as competing for African pension capital allocation to alternatives. Directly comparable mandate, scale, and target LP base.
Broad incumbents
- Helios Investment Partners: Large Africa-focused private equity firm with multiple funds across financial services, consumer, and infrastructure. Competes with Alitheia for African institutional and DFI capital, though at materially greater scale.
- Actis: Global emerging-markets private equity and infrastructure investor with a long-standing African presence and energy/infrastructure focus. Operates at much larger scale than Alitheia but competes for similar institutional mandates and impact-aligned capital.
Emerging players
- Climate Fund Managers (CFM): African climate-infrastructure fund manager with overlap to Alitheia's Hinckley E-Waste climate thesis. Comparable in scale and African climate mandate, though more specialized.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Alitheia Capital social profiles
Digital presenceAlitheia Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Alitheia Capital leadership team
Management profileNumber of profiles
Profiles2 records
Alitheia Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Alitheia Capital M&A and investment
M&A and investmentM&A
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Alitheia Capital
What does Alitheia Capital do?
Alitheia Capital is a Lagos-based private fund manager focused on impact investing across African markets. The firm deploys institutional capital into companies that deliver both social and financial returns, most notably through the uMunthu Fund co-managed with Goodwell Investments, with portfolio exposure to financial inclusion (Baobab) and climate/environmental infrastructure (Hinckley E-Waste Recycling).
Is Alitheia Capital a public or private company?
Alitheia Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Alitheia Capital founded?
Alitheia Capital was founded in 2007. It employs 1 to 10 people.
Where is Alitheia Capital based?
Alitheia Capital is headquartered in Lagos, Nigeria, in the Africa region.
Who are Alitheia Capital's main competitors?
Others on record are GroFin and Cardano Development. Direct peers are Novastar Ventures, Goodwell Investments, Acumen and African Infrastructure Investment Managers (AIIM). Broad incumbents are Helios Investment Partners and Actis. Climate Fund Managers (CFM) is listed as an emerging player.
Does Alitheia Capital have an API?
No public API is recorded for Alitheia Capital.
What industry is Alitheia Capital in?
Alitheia Capital's product category is Impact Investment Management. Its primary akta.pro industry code is FSAAALAG, Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure), with a secondary code of FSANAJAL, ESG Integration / Responsible Investment Funds (Broad ESG). Its NAICS code is 52394 and its SIC code is 6282.