Adenia Partners, a leading private equity firm specializing in African investments, has successfully closed its fifth and largest fund, raising a substantial $470 million. This fund will focus on strategic investments across key sectors in Africa, including fintech, telecommunications, and healthcare.
The fund attracted a diverse range of investors, including both existing and new partners. Notably, prominent investors include Norfund, the US International Development Finance Corporation, and Canada’s Findev Inc. Additionally, the Public Investment Corporation, a significant South African investment manager, and several African pension funds contributed to the fund.
This achievement surpasses Adenia’s initial target of $400 million, reflecting strong investor confidence in the firm’s investment strategy. Long-term investors, such as the European Investment Bank and the World Bank’s International Finance Corporation, demonstrated their continued support by doubling their commitments.
Adenia’s investment approach emphasizes acquiring controlling stakes in target companies, typically ranging from 51% to 100%. This strategy empowers Adenia to actively guide the direction of the businesses and optimize their growth trajectories. The firm aims to deliver attractive returns to investors, targeting net returns of at least 15% in hard currency.
With a strong track record spanning over two decades, Adenia has established a significant presence across seven African countries. The firm recently expanded its operations into Nigeria, recognizing the country’s dynamic economy and its potential for significant growth.
Adenia’s success in securing this substantial funding underscores the growing interest in African investment opportunities. However, the firm faces competition from other prominent players in the African private equity market, including Alterra Capital Partners and Helios Investment Partners.
