Adenia Partners has reached the $180 million hard cap for the first close of its inaugural Adenia Entrepreneurial Fund I (AEF), less than a year after launching fundraising—surpassing its original $150 million target and pushing the firm’s total capital raised beyond $1 billion.

“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,” said Alexis Caude, Managing Partner at Adenia Partners.

“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.”

AEF marks the first in a new series of funds from Adenia targeting control investments in small and lower mid-cap companies—widely seen as the most undercapitalized segment of Africa’s private sector. The strategy builds on the firm’s two-decade track record of backing founder- and family-led businesses as they transition to more institutional ownership structures. Adenia’s model emphasizes close collaboration with management teams to scale operations, strengthen governance, and implement best practices aimed at long-term value creation.

Beyond financial returns, the fund is designed to generate measurable impact, including job creation, improved industrial infrastructure, gender inclusion, and reduced carbon intensity across its portfolio.

The first close drew a broad mix of institutional investors, including development finance institutions, European family offices, multi-regional fund-of-funds, and African asset allocators—underscoring continued global interest in disciplined, impact-oriented African private equity strategies. The milestone also reflects a broader trend toward consolidation and institutionalization within the continent’s investment landscape.

Alongside the fundraising milestone, AEF has completed its first investment in Maymana, a well-known Moroccan food brand founded in 1985 by Naima Berrada Benchakroun. The company offers traditional pastries, bakery items, fine grocery products, and catering services to both individual and corporate clients, with a growing international footprint. Notably, it is a female-founded and female-led family business.

Under Adenia’s ownership, Maymana will focus on strengthening institutional processes, improving operations, and expanding beyond its current markets.

“We see a strong and expanding pipeline of founder-led businesses across Africa that are ready for institutional growth capital,” said Stéphane Bacquaert, Managing Partner at Adenia Partners.

“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.”

Advisers to Adenia on the fund included Nicole Paige and her team at Webber Wentzel, which served as lead legal counsel, while Bowmans acted as local counsel in Mauritius.