About Sango Capital

• Founded: 2023

• Headquarters: New York, United States

• Leadership: Richard Okello, founding partner and former Bridgewater Associates portfolio manager

• Strategy: African private equity, growth-stage companies

• Thesis: Africa's consumer-facing and infrastructure businesses are structurally undervalued relative to their market fundamentals and demographic tailwinds — Sango targets companies positioned to capture domestic purchasing power expansion as regional middle classes grow.

Sango Capital acquired $458m in assets from Kuramo Capital Management through a continuation vehicle, marking the firm's entry into active management. The transfer represents the bulk of Kuramo's remaining portfolio, which the Lagos- and New York-based firm had built across two decades of Africa-focused investing. Okello, who spent over a decade at Bridgewater before founding Sango, structured the vehicle to provide liquidity to Kuramo LPs while retaining exposure for those seeking continued hold periods.

Continuation vehicles have become a standard liquidity mechanism for legacy portfolios, but the structure raises execution questions when the acquiring GP inherits rather than originates positions. Sango takes control of assets selected and priced by a predecessor firm, in markets where exit timelines already run longer than developed-market equivalents. The continuation vehicle skips the sourcing and early-stage diligence that typically define a GP's edge.

Kuramo's exit through a continuation vehicle rather than individual asset sales suggests limited near-term buyer appetite at prices that would have met LP return hurdles. Whether Sango can generate outperformance from inherited positions depends on operational value-add capacity and whether African exit markets improve over the next 3–5 years — the typical remaining hold period for continuation vehicle assets. The firm's ability to layer in new capital alongside the inherited book will signal whether LPs view this as a repositioning play or a portfolio management necessity.

Source: Private Equity Wire