Oui Capital returns $4m debut fund 4x, cites Moniepoint win and new fund strategy

Oui Capital returned its $4 million debut fund in full, achieving a 4x overall return, the firm’s general partner Olu Oyinsan told TechCabal. The standout performer was a $150,000 investment in Nigerian fintech Moniepoint made in 2019; when Moniepoint crossed a $1 billion valuation five years later, that stake was worth roughly $8 million—a 53x return on that single deal. A second exit from US healthcare company AMOpportunities also contributed. Oyinsan notes that even without Moniepoint, Fund I would have returned about 2x the fund size, still a respectable outcome.

The success reshaped Oui Capital’s approach for Fund II, which began deploying in 2022. Check sizes now range up to $750,000 (averaging $400k–$500k) and can reach $1 million across two rounds, with ownership targets rising from 2–3% to 5–10%. The portfolio is intentionally smaller—expected to close with 10–11 companies versus about 20 in Fund I—because the firm’s post‑mortem showed that low‑conviction, small‑check deals were the main source of write‑offs. Oyinsan argues African seed funds should not exceed $50 million to generate good returns and warns the venture capital industry faces an existential crisis if it cannot deliver profits to investors.

For Nigerian founders, Oui Capital now writes larger checks and seeks meaningful ownership, preferring conviction‑driven bets over speculative spreads. For local investors, the fund’s proven returns increase confidence in African VC and may improve negotiating power with limited partners. If you are building a startup or considering LP exposure, does Oui Capital’s shift toward fewer, higher‑conviction bets match your funding needs or return expectations?

SOURCE: https://techcabal.com/2026/08/17/oui-capital-fund-ii/