Adenia Partners, a Saint Pierre, Mauritius-based private markets investment firm committed to responsible investing and a sustainable Africa, held the first close of its fifth flagship fund, Adenia Capital (V) L.P., at $300m.
The fund attracted institutional and commercial investors who have invested in previous Adenia funds, as well as new investors. The list of returning limited partners includes numerous development finance institutions (“DFI”): 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.
Adenia V, which has a target size of $400 million, 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.
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 $30 million and $50 million.
The vehicle has been selected as a 2X Flagship Fund in recognition of its goal of having a positive impact on women. 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.
Adenia is led by Managing Partners Alexis Caude, and Stéphane Bacquaert.
FinSMEs
31/01/2023