Adenia Partners Announces $300 Million First Close for Fund V

Adenia’s new fund has been selected as a 2X Flagship Fund, in recognition of its goal of having a positive impact on women.
SAINT PIERRE, Mauritius–(BUSINESS WIRE)–Adenia Partners (“Adenia”), a private markets investment firm committed to responsible investing and a sustainable Africa, is pleased to announce the first close of its fifth flagship fund, Adenia Capital (V) L.P. (“Adenia V” or “the Fund”), with $300 million commitments from investors.

The Fund exceeded its first close minimum threshold, achieving 75% of its target size, and attracting institutional and commercial investors who have invested in previous Adenia funds, as well as new investors. The list of returning limited partners includes numerous development finance institutions (“DFI”): IFC, Proparco, EIB, FMO, DEG, Norfund, and BPI. Meanwhile, DFC, the United States government’s DFI and FinDev, Canada’s DFI, are among the new investors.

Adenia V, which has a target size of $400 million, will continue Adenia’s long-term investment strategy of making control investments in medium-sized companies across Africa with proven business models that demonstrate ample room for operational and ESG improvements. The Fund will be sector-agnostic with financial services, agribusiness, consumer goods, telecommunications, healthcare and education, business services, light manufacturing, and specialty distribution as particular areas of focus.

Adenia has steadily expanded its geographic footprint over the lives of Fund III and Fund IV, and this fifth fund will be its first fully pan-African fund, leveraging the firm’s extensive on-the-ground presence in seven offices across the continent to source and manage investments. Adenia V will target between 10 and 12 investments, with a median deal size between $30 million and $50 million.

“This successful first closing – against the backdrop of an uncertain macro environment – is testament to our long-established track record of building market leaders in Africa as a committed, responsible investor with an on-the-ground presence across the continent,” said Alexis Caude, Managing Partner at Adenia.

“We are grateful for the commitments from our LP base and their confidence in our tried and tested strategy,” said Christophe Scalbert, Partner at Adenia in charge of this fundraising process. “We look forward to continuing our proven approach with our fifth fund, allocating capital on behalf of both new and existing investors.”

Adenia V has been selected as a 2X Flagship Fund in recognition of its goal of having a positive impact on women. The selection makes Adenia V one of the few investment funds in Africa to achieve 2X Flagship Fund status, and highlights Adenia’s deep engagement with gender equality and the firm’s commitment to generate progress towards the United Nations’ Sustainable Development Goal 5.

The Fund will also drive urgent climate action across the African continent. Adenia V will set carbon reduction targets for all investees in the fund, steering toward a reduction in CO2 intensity over the life of the investment based on annual GHG monitoring and a bespoke action plan. At the firm level, Adenia Partners expects to reach net zero emissions by 2027.

“This fifth fund represents the very best of Adenia’s responsible investment ambitions – from climate to gender equality and beyond,” said Stéphane Bacquaert, Managing Partner of Adenia. “The 2X Flagship Fund distinction underscores the fact that having a positive impact on women has been at the center of our strategy throughout our 20-year history. Meanwhile, our carbon reduction targets showcase Adenia’s long-running commitment to meaningful climate action.”

About Adenia

Adenia Partners is a private markets investment firm committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with 31 platform investments executed and 17 realized exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, whilst benefiting workers, communities, and companies in Africa. For more information, please visit: www.adenia.com.

About the 2X Challenge

The 2X Challenge was launched in June 2018 as a major new commitment of the development finance institutions (DFIs) from the G7 countries to unlock resources that will help advance women’s economic empowerment and gender equality. These DFIs have since been supporting investments and initiatives that provide women in developing countries with access to leadership opportunities, quality forms of employment, finance, enterprise support, as well as products and services that enhance the inclusion or economic participation of women and girls.

Since the launch, multiple new DFI members have joined to expand the commitment: Swedfund, Finnfund, FMO, IFC, SIFEM, BIO, EIB; EBRD, IFU, OeEB, and ADB. BIO-Invest, Finnfund, FMO, IFU, SIFEM, and Swedfund.
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BackBay Communications
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