Adenia Partners announces US$300mn first close for its fifth fund

Adenia Partners has announced the first close of its fifth flagship fund, Adenia V, with $300 million in commitments from investors.

The fund exceeded its first close minimum threshold, achieving 75% of its target size, and attracting institutional and commercial investors that have invested in previous Adenia funds, as well as new investors. The list of returning limited partners includes numerous development finance institutions (DFIs): 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 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 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 Ill and Fund IV, and this fifth fund will be its first fully pan-African fund. Adenia V will target between 10 and 12 investments, with a median deal size between $30 million and $50 million.

"This successful first closing - against the backdrop of an uncertain macro environment - is testament to our long-established track record of building market leaders in Africa as a committed, responsible investor with an on-the-ground presence across the continent," said Alexis Caude, managing partner at Adenia.

"We are grateful for the commitments from our LP base and their confidence in our tried and tested strategy," said Christophe Scalbert, partner at Adenia in charge of this fundraising process. "We look forward to continuing our proven approach with our fifth fund, allocating capital on behalf of both new and existing investors.