Adenia Partners, a leading private equity firm focused on growth opportunities in Africa, announced the successful close of its fifth flagship fund, Adenia Capital V (AC(V)), at its hard cap of $470 million. The significantly oversubscribed fund attracted commitments from a diverse range of global investors.
AC(V) will continue Adenia’s proven investment strategy of making control investments in medium-sized African companies with strong business models and potential for operational and ESG improvements. The sector-agnostic fund will target opportunities in financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare, education, business services, light manufacturing, and specialty distribution.
The fund’s size, larger than its predecessors AC(IV) (€230 million) and AC(III) (€95.8 million), reflects Adenia’s continued responsible growth and geographic expansion across Africa. As the firm’s first pan-African fund, AC(V) will leverage Adenia’s extensive on-the-ground presence with seven offices across the continent.
Alexis Caude, Managing Partner at Adenia Partners, commented on the firm’s journey, stating, “Through that time, our approach has remained constant, and we’ve continued to grow our presence to identify and build market leaders, creating lasting value across Africa.”
The fund secured 60% of its commitments from returning investors, including DEG, EIB, FMO, IFC, Proparco, SIFEM, and South Suez, who cited Adenia’s strong financial and impact returns as reasons for their continued support. New investors, accounting for the remaining 40%, include DFIs such as the US International Development Finance Corporation (DFC), Findev Canada, and Norfund, as well as African pension funds from South Africa, Kenya, and Ghana, European family offices, impact investors, and a US foundation.
Stéphane Bacquaert, Managing Partner at Adenia Partners, expressed gratitude for the support received, stating, “We are particularly pleased to have attracted African pension funds, given our hope to increase the amount of domestic capital flowing into the African private equity industry.”
AC(V) has already completed two investments, Enfin, a solar financing solutions provider in South Africa, and The Courier Guy, a last-mile delivery and express parcel service leader in South Africa. The firm also recently announced the signing of the acquisition of 12 subsidiaries of Air Liquide in West and Central Africa and the Indian Ocean.
Adenia Partners, founded in 2002, has raised $950 million across five funds and co-investments, with a proven track record of over 30 platform investments and 18 successful exits. The firm’s experienced African investment team is committed to responsible investing and creating stronger companies that foster economic improvement and elevate ESG standards across the continent.
