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Adenia closes oversubscribed fifth flagship fund at $470m

Adenia Partners (Adenia), a private equity firm focused on growth opportunities in Africa, has successfully closed its fifth fund, Adenia Capital V (Fund V) at its $470m hard cap. The significantly oversubscribed fund attracted commitments from new and existing investors globally.

Fund V continues 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 is sector-agnostic with financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare and education, business services, light manufacturing, and specialty distribution as areas of particular focus.

Fund V is larger than its two predecessor funds, Fund IV and Find III, which raised €230m and €95.8m, respectively.

As the firm’s first completely pan-African fund, Fund V will leverage the firm’s extensive on-the-ground presence with seven offices on the continent.

More than half (60%) of commitments secured for Fund V came from historical investors, including DEG, EIB, FMO, IFC, Proparco, SIFEM and South Suez with existing investors on average more than doubling their commitments.

The remaining 40% of commitments include new DFI relationships, such as the US International Development Finance Corporation (DFC), Findev Canada, and Norfund. The fund also attracted large local institutional investors, including South Africa’s Public Investment Corporation as well as Kenyan and Ghanaian pension funds, who joined European family offices, impact investors (such as Blue Earth), and a US foundation.

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