Adenia Partners, a private equity fund manager focused on growth opportunities and mid-cap buyouts in Sub-Saharan Africa, is aiming to have a first close of its fourth fund this Summer.

The Fund IV is seeking to raise €200m total committed capital.

Adenia’s spokesperson said that the firm is targeting the same type of investors that they have today: a combination of institutional investors, both private, commercial investors as well as development finance institutions.

“These investors come from Europe, Africa and the US,” Adenia’s spokesperson told Africa Global Funds.

In March 2016, the European Investment Bank (EIB) and the IFC each announced an equity participation of up to €20m in Adenia Capital IV.

The proposed investments are pending approval.

Adenia Capital IV is a 10-year closed-end private equity fund targeting small and medium-sized enterprises (SMEs) active primarily in West Africa (Ghana and Ivory Coast) and the Indian Ocean area (Mauritius, Madagascar).

The Fund's focus is on acquiring controlling stakes in enterprises with business activities in the following sectors: financial services, agro-industry/consumer goods, infrastructure and utilities, business services and telecoms.

Adenia Partners has three funds under management with $200m of assets.

The first two funds, Adenia Capital and Adenia Capital (II), are fully invested.

The firm is currently investing out of the third fund, Adenia Capital (III), a €96m vehicle closed in 2012.

“We are essentially invested for Fund III, with some dry powder available to support existing portfolio companies. This is why we have begun fundraising for Fund IV,” Adenia’s spokesperson said.

Adenia Capital’s Fund III has recently acquired a majority stake in Opham, a pharmaceutical products wholesaler in Madagascar.

The firm has co-invested with the Dutch development institution FMO and a family office, both being investors in Adenia Capital III.

Opham distributes more than 4,500 specialty and generic products to pharmacies and hospitals in the country.

Adenia and its co-investors intend to continue the expansion of the company and to improve access to affordable, high-quality pharmaceutical products for consumers across the country.

“The pharmaceutical market in Madagascar is growing (faster than GDP) and Opham is the clear market leader,” said Adenia’s spokesperson, commenting on the deal.

Founded in 2002, Adenia Partners is a private equity management firm investing in some of Africa’s most promising businesses.

Adenia was founded by a team of entrepreneurs with experiences as business founders and CEOs.

Adenia’s investment team operates from Africa, with four offices based in Abidjan, Accra, Antananarivo and Port Louis.