ANATOMY OF A MAKEOVER

Aureos Capital has helped transform what was once a leading NGO into one of Uganda's most promising commercial banks. By Matt Levin.

In August, private equity firm Aureos Capital proudly announced that it had exited its investment in small-deposit lender Uganda Microfinance Limited (UML) in a deal valued at just less than $26 million.

Ref lect ing on its return numbers, the emerging markets specialist had ample reason to feel pleased with its work.