In January 2025, Oui Capital, an Africa-focused venture capital firm, told its investors that it had returned its $4 million debut fund in full, putting it among the small group of African fund managers to have returned capital to investors during the current cycle.
Oui Capital achieved this feat largely through a $150,000 investment in Moniepoint in 2019. When the Nigerian fintech crossed a $1 billion valuation five years later, Oui Capital’s stake was worth roughly $8 million, generating a 53x return on a single investment and one of the most-cited outcomes in African venture capital.
It is the kind of result that can define a firm. But according to Olu Oyinsan, Oui Capital’s general partner, it is not the reason the first fund worked.
Even without Moniepoint, Fund I would have returned twice the fund’s size, according to Oyinsan. With Moniepoint included, the fund returns stand at 4x. That distinction matters because a large exit can sometimes obscure an otherwise average portfolio.
Originally published by TechCabal.