Private equity firm Adenia Partners Limited has successfully raised $470 million for an African-focused fund, marking the largest fund in the firm’s history. This achievement is bolstered by the inclusion of new investors such as Norfund AS, the U.S. International Development Finance Corporation (IDFC), and Canada’s Findev Inc.
Alexis Caude, the Managing Director at Adenia, highlighted that this fifth fund (Fund V) surpasses the firm’s previous funds in size, with the fourth fund (Fund IV) valued at $248.9 million and the third fund (Fund III) at $103.7 million.
Adenia aims to channel these funds into African business sectors known for robust returns, including financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare, education, and business services.
To date, the firm has completed two investments and announced a third from its fifth fund. These include Enfin, a provider of solar financing solutions for commercial and industrial clients in South Africa, and The Courier Guy, a South African leader in last-mile delivery and express parcel services.
With over 20 years of operations in Africa, Adenia seeks a controlling interest of 51% or more in these businesses to navigate the region’s exit challenges and to assure net returns of at least 15% in hard currency to its investors.
Adenia currently operates in seven African countries, including South Africa, Kenya, and Ghana. Recently, the firm expanded its footprint to Nigeria, establishing an office in Lagos, Nigeria’s commercial hub.
