Adenia Partners, a leading private equity firm focused on African investments, has successfully closed its fifth and largest fund, raising $470 million for its Adenia Africa Fund. This surpasses the firm’s initial target of $400 million, reflecting strong investor confidence in Adenia’s investment strategy.
The fund attracted a diverse range of investors, including prominent institutions such as Norfund, the U.S. International Development Finance Corporation, and Canada’s Findev Inc. Notably, the Public Investment Corporation (PIC), a South African asset manager, and several Ghanaian and Kenyan pension funds also participated in the fundraising.
Adenia will utilize this capital to invest in high-growth sectors across the African continent, with a particular focus on fintech, telecommunications, and healthcare. The firm has significantly increased its average investment size to approximately $40 million, reflecting its strategy of acquiring controlling stakes in target companies.
“Adenia seeks to be the driving force behind the success of our portfolio companies,” explains Alexis Caude, Managing Director at Adenia. “By acquiring controlling stakes, we can actively shape the strategic direction of these businesses and optimize their growth trajectory.”
Adenia’s long-term investors, including the European Investment Bank and the International Finance Corporation, demonstrated strong support by doubling their commitments. This early endorsement played a crucial role in achieving 75% of the initial fundraising target.
Founded in 2002, Adenia has a well-established track record in African investments, with a presence in seven countries and a team of 21 investment professionals. The firm recently expanded its operations to Nigeria, recognizing the significant growth potential of the Nigerian market despite its current challenges.
Adenia faces competition from other prominent African-focused private equity firms such as Alterra Capital Partners and Helios Investment Partners. However, the firm’s strong track record, experienced team, and focus on acquiring controlling stakes position it well to capitalize on the growing opportunities within the African private equity market.
