Adenia Partners, an Africa-focussed private markets investment firm committed to responsible investing, has held the first close of its fifth flagship fund, Adenia Capital V, with $300 million in capital commitments from investors.
Adenia Partners (Adenia), an Africa-focussed private markets investment firm committed to responsible investing, has held the first close of its fifth flagship fund, Adenia Capital V, with $300 million in capital 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. 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.
