Port Louis, Mauritius, 19 March 2026 – Adenia Partners (“Adenia”), a leading private equity firm focused on growth opportunities across Africa, today announced the successful first close of the Adenia Entrepreneurial Fund I (AEF) at its hard cap of $180 million. This comes less than a year after the launch of the fundraising process with an original target size of $150 million and brings the total capital raised by Adenia to over $1 billion.
AEF is the first in a new line of funds to be managed by Adenia focused on control investments in small and lower mid-cap companies – the largest and most undercapitalized segment of the continent’s private sector – while providing investors with pan-African exposure through Adenia’s expanding platform. The strategy builds on Adenia’s more than 20 years of experience of delivering strong returns to investors by supporting founder- and family-led businesses as they transition to institutional ownership. Through its hands-on approach, Adenia works closely with management teams to accelerate growth and introduce best practice operational standards, creating long-term value for businesses and investors.
The fund will generate sustainable impact with a focus on creating quality jobs; investing to improve standards of industrial infrastructure; promoting gender equality and inclusion as well as through initiatives to reduce carbon intensity and promote the responsible use of natural resources across the portfolio.
The fund has attracted a diverse group of institutional investors, including leading development finance institutions (DFIs), European family offices, multi-regional fund-of-funds, and African institutional asset allocators.
Alexis Caude, Managing Partner at Adenia Partners, commented:
“Reaching our hard cap at first close and in under a year reflects strong conviction in both our strategy and in Africa’s entrepreneurial ecosystem. Adenia and our investors are responding to a clear market opportunity to invest in high-growth, high-impact SMEs across the continent. AEF offers a diversified, pan-African approach while staying true to our core principles: sector-agnostic investing, control positions and responsible value creation. We believe the time is right to support the next generation of African champions.”
The successful first close underscores the continued appetite among global investors for disciplined, impact-oriented strategies in Africa. It also highlights the emerging theme of consolidation and institutionalization within the African private equity landscape.
First Investment: Maymana
Alongside the first close, AEF has completed its first investment, acquiring a stake in Maymana, a leading brand within Morocco’s culinary sector. Founded in 1985 by Naima Berrada Benchakroun, Maymana’s offering includes traditional Moroccan pastries, bakery and viennoiserie products, fine grocery items, and gourmet catering services. The company is female-founded, female-led and family-run. It serves individual consumers, corporates and event clients across Morocco and increasingly internationally.
Under Adenia’s partnership, Maymana will focus on institutional strengthening, operational enhancement and expansion beyond its current footprint.
Stéphane Bacquaert, Managing Partner at Adenia Partners, added:
“We see a strong and expanding pipeline of founder-led businesses across Africa that are ready for institutional growth capital. Maymana is a prime example as a high-quality, family-built business with significant expansion potential. The Benchakroun family have built an iconic Moroccan brand and we are excited to partner with Majdouline Benchakroun and the rest of the leadership team to support the next phase of growth, bringing traditional Moroccan tastes to a broader retail and international customer base. Maymana reflects exactly the type of founder-led business AEF was created to support – companies with strong local roots, a well differentiated offering and clear potential to scale. We look forward to partnering with entrepreneurs across the continent as we continue to deploy this fund.”
Advisers to Adenia Partners include Nicole Paige and her team at Webber Wentzel who acted as lead legal counsel throughout the establishment and fundraising process. Bowmans acted as local counsel in Mauritius.