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Adenia Capital (V) gets 75% of its target size at first close

Anna Lyudvig
Jan. 31, 2023, 4:48 p.m.
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Adenia Partners, a private markets investment firm committed to responsible investing and a sustainable Africa, has announced the first close of Adenia Capital V with $300m commitments from investors.

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Adenia Partners, a private markets investment firm committed to responsible investing and a sustainable Africa, has announced the first close of Adenia Capital V with $300m commitments from investors.

The Fund exceeded its first close minimum threshold, achieving 75% of its target size, and attracting institutional and commercial investors who have invested in previous Adenia funds, as well as new investors. 

“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. 

The list of returning limited partners includes numerous development finance institutions: 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.

“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.”

Adenia V, which has a target size of $400m, will continue Adenia’s long-term 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 III and Fund IV, and this fifth fund will be its first fully pan-African fund, leveraging the firm’s extensive on-the-ground presence in seven offices across the continent to source and manage investments. Adenia V will target between 10 and 12 investments, with a median deal size between $30m and $50m.

Adenia V has been selected as a 2X Flagship Fund in recognition of its goal of having a positive impact on women.

The selection makes Adenia V one of the few investment funds in Africa to achieve 2X Flagship Fund status, and highlights Adenia’s deep engagement with gender equality and the firm’s commitment to generate progress towards the United Nations’ Sustainable Development Goal 5.

The Fund will also drive urgent climate action across the African continent.

Adenia V will set carbon reduction targets for all investees in the fund, steering toward a reduction in CO2 intensity over the life of the investment based on annual GHG monitoring and a bespoke action plan. 

At the firm level, Adenia Partners expects to reach net zero emissions by 2027.

“This fifth fund represents the very best of Adenia’s responsible investment ambitions – from climate to gender equality and beyond,” said Stéphane Bacquaert, Managing Partner of Adenia.

 “The 2X Flagship Fund distinction underscores the fact that having a positive impact on women has been at the center of our strategy throughout our 20-year history. Meanwhile, our carbon reduction targets showcase Adenia’s long-running commitment to meaningful climate action.”

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