Why Adnate Capital?

Why Adnate Capital?

At Adnate Capital, our mission is to democratize access to alternative investments through thoughtfully designed vehicles like our flagship fund, ACOF1. We are building a platform that offers investors access to high-quality opportunities supported by strong governance structures, transparent processes, and a long-term value creation mindset.

With ACOF1, our focus is on the rapidly expanding private credit market—an asset class that has secured a permanent role in corporate lending, fueled by secular shifts and a growing base of repeat borrowers. Our actively managed strategy seeks alignment with top-tier global asset managers while maintaining robust safeguards to protect our investors’ interests.

We take pride in offering this opportunity at a cost-efficient price point, reflecting our commitment to fair pricing, transparency, and client-centered service. ACOF1 embodies our belief that exceptional investment opportunities should be accessible, not exclusive. Join us as we reimagine investment management—where every investor has a voice, and where our strategies are built to serve your long-term goals.

Learn More About Adnate Capital

How We go About it

Deal Sourcing

Adnate Capital sources opportunities through exclusive relationships with reputable origination platforms with strong private credit track records. These partnerships provide access to a consistent flow of institutional-quality transactions, ensuring broad market coverage and high standards of credit selection and alignment.

Deal Screening

Our screening protocol integrates rigorous credit analytics with proprietary risk models to identify opportunities that exhibit strong fundamentals, resilience through cycles, and alignment with our mandate. We focus on businesses with durable cash flows, defensible market positions, and management teams with proven track records.

Underwriting and Diligence

We use a private equity-style underwriting process focused on downside protection and capital preservation. Our diligence is quantitative and qualitative, leveraging data, industry benchmarks, and scenario analysis to assess creditworthiness under base and stress cases. We prioritize structure, covenants, and collateral.

Investment Committee review

All investments are reviewed by our Investment Committee, a team of professionals with deep credit and sector expertise. The committee evaluates risk-adjusted returns, underwriting integrity, and strategic portfolio fit. ESG and governance factors are also integral to our decision-making process.

Transaction Closing

Our in-house legal and operations teams work closely with counterparties to ensure tight execution, thorough documentation, and full compliance with the fund’s investment guidelines. We emphasize structural protections, enforceability, and alignment of interests with sponsors and borrowers.

Active Monitoring

Adnate Capital uses a disciplined monitoring process with regular communication with deal agents, portfolio management teams, and equity sponsors. Through our partners, we receive timely updates on performance, compliance, and credit events, supporting analysis, risk management, and transparent reporting for investors.

Invest With Confidence

At Adnate Capital, we partner with leading independent service providers across legal, fund administration, audit, and custody to strengthen every layer of our investment process. These trusted firms bring institutional-grade rigor, ensuring compliance, transparency, and operational integrity. By leveraging their expertise, we enhance oversight, mitigate risk, and deliver the confidence investors expect from a disciplined private credit platform.

Adnate Capital also maintains local advisor and placement agent relationships in multiple countries.

Fund Administrator and Custodian
Fund Administrator and Custodian
Auditor
Auditor
Bankers
Bankers
International Fund Legal Counsel
International Fund Legal Counsel

Our Investment Committee

Ben Avor is a cofounder and managing director of Adnate Capital Management, LLC, which is the Investment Manager for the Fund that was formed in May 2024. Concurrently, Mr. Avor is a cofounder and manager of Adnate Credit Opportunities GP I, LLC, which is the General Partner to the Fund and was formed in May 2024. In these capacities, Mr. Avor shares responsibility for all investment decisions, marketing, and management operations of the Fund.
Prior to Adnate Capital, Mr. Avor was a Portfolio Manager at MidCap Financial Services LLC, where he managed a 2 billion USD portfolio of leveraged credit investments and led complex restructuring initiatives. Previously, he held underwriting and portfolio management roles within Capital One’s Healthcare Leveraged Finance group. Earlier in his career, he worked at J.P. Morgan Chase & Co. in wholesale banking credit analytics and at Standard Chartered Bank in the Financial Institutions Group, covering markets across Africa and Asia.
Mr. Avor holds a Master of Science in Real Estate Development from Columbia University and a Bachelor of Science in Banking and Finance from the University of Ghana. He is a CFA® charterholder.
Raphael Awuku is a cofounder and managing director of Adnate Capital Management, LLC, which is the Investment Manager for the Fund that was formed in May 2024. Concurrently, Mr. Awuku is a cofounder and manager of Adnate Credit Opportunities GP I, LLC, which is the General Partner to the Fund and was formed in May 2024. In these capacities, Mr. Awuku shares responsibility for all investment decisions, marketing, and management operations of the Fund.
Prior to Adnate Capital, Mr. Awuku was an Investment Officer at the International Finance Corporation (IFC), where he led and executed over $1 billion in private credit transactions across Latin America and the Caribbean, with a focus on financial inclusion, sustainable finance, and debt restructuring. His previous roles include Senior Credit Associate at The Vanguard Group, where he performed credit analysis on investment-grade portfolios and contributed to the firm’s ESG and private debt frameworks, and Partner at Liger Capital Partners, a corporate finance advisory firm in Ghana. Mr. Awuku also held roles in investment risk auditing at John Hancock Financial Services and assurance at PwC.
Mr. Awuku holds a Doctorate from SDA Bocconi School of Management, an MPA/ID from Harvard Kennedy School, and an MBA from The Wharton School of the University of Pennsylvania. He also earned a Master of Finance from MIT Sloan and a Bachelor's degree in Economics and Mathematics from the University of Ghana. He is a CFA® charterholder and a member of the Association of Chartered Certified Accountants (ACCA), UK.
Nana Ama Sarfo is a cofounder, general counsel,and managing director of Adnate Capital Management, LLC, which is the Investment Manager for the Fund that was formed in May 2024. Concurrently, Ms. Sarfo is a cofounder and manager of Adnate Credit Opportunities GP I, LLC, which is the General Partner to the Fund and was formed in May 2024. In these capacities, Ms. Sarfo oversees all legal, compliance, and regulatory functions for Adnate Capital and the Fund.
Ms. Sarfo is an attorney and international tax expert with a decade of experience writing in-depth, technical legal analysis on a wide array of international and corporate taxation issues and tax policy matters. Prior to joining Adnate Capital, Ms. Sarfo most recently was a contributing editor for leading tax industry publication Tax Notes, and a tax contributor to Forbes.
A widely-cited authority on international tax and corporate governance, she brings deep expertise in cross-border structuring, investor compliance, and regulatory strategy.
Ms. Sarfo is a licensed attorney and holds a Juris Doctorate from Columbia Law School, where she graduated in May 2012. She also holds a Bachelor of Arts from the University of Pittsburgh, where she graduated magna cum laude in April 2009.
Mr Christopher Mvunga is a former Governor of the Central Bank   of the Republic of Zambia. As Central Bank Governor and Board Chairperson of the Bank, he has represented Zambia at the International Monetary Fund, the World Bank, the African Development Bank and the African Export and Import Bank Annual meetings. He was also elected as Chairperson of Africa Trade Insurance Agency (ATI) Board of Governors. He has extensive non-executive director board room experience gained with numerous private and public sector companies. These include the Zambia Revenue Authority, Public Investment Board, where he also held the position of Chairman.

OPPORTUNITIES & RESOURCES

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Risks

ACOF1 is an open-ended investment vehicle managed by Adnate Capital, designed primarily to target private credit investments, including direct origination of loans and related debt instruments issued by privately held U.S. companies. Investing in ACOF1 involves substantial risk and is intended solely for sophisticated investors who understand and can accept significant illiquidity and volatility. Prospective investors should carefully review the risk factors outlined below and further detailed in our PPM:
  • An investment in ACOF1 is illiquid and should not be pursued if immediate or near-term access to invested capital may be necessary.
  • Investors should anticipate no secondary market for shares, and shares will not be listed on any securities exchange.
  • Withdrawals may, at times, be funded from offering proceeds or borrowings, potentially returning investors’ capital rather than generated income. This could reduce capital available for future investment after accounting for fees and expenses.
  • The use of leverage in our investment strategy magnifies potential investment returns and risks. Debt holders will have priority claims over equity investors in ACOF1, potentially exacerbating losses in asset values or net income during downturns.
  • Our focus on privately held companies means limited public information and greater vulnerability to economic volatility and operational inconsistencies.
  • For further details and to review our regulatory disclosures, please consult the company’s brochure filed with the US SEC available at the following link.

Legal Disclaimer

Adnate Capital does not represent or warrant, expressly or implicitly, the accuracy, completeness, fairness, or reliability of the information provided herein, including
information obtained from third-party sources. Adnate Capital expressly disclaims all responsibility or liability associated with reliance on this information and does not
undertake any obligation to update or revise any information contained herein.

Investment in ACOF1 is speculative and involves significant risks, including but not limited to limited operating history, volatile performance, the use of leverage, limited
liquidity without an expected secondary market, restrictions on transferability of interests, high fees and expenses, and substantial reliance on the investment judgment and
discretion of Adnate Capital. Investors should thoroughly evaluate all risks outlined in the applicable offering documents before investing. No assurances can be given that
investment objectives will be achieved. The investment strategies described herein should not be viewed as conservative, risk-free, or risk-averse. Economic, market, and other
external factors may lead ACOF1 to modify its investment objectives and guidelines, and investment losses are possible.

Past performance is not indicative nor a guarantee of future results.
This document may reference trademarks, service marks, or trade names of third-party entities. Such references do not imply any affiliation, sponsorship, endorsement, or association between these third-party entities and Adnate Capital.
Recipients of this material agree to observe all applicable laws and regulations concerning its use and distribution. This document is not intended for distribution or use by any person or entity in jurisdictions where such use would violate applicable laws or regulations. Additional information dissemination may also be subject to further jurisdictional restrictions.
Nothing in this disclaimer shall restrict or prohibit any individual from communicating directly with the U.S. Securities and Exchange Commission or other regulatory authorities concerning potential securities law violations.
For further details and to review our regulatory disclosures, please consult the company’s brochure filed with the SEC available at the following link.

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