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Adenia Capital V Closes at $470m Hard Cap

Anna Lyudvig
April 4, 2024, 5:37 p.m.
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Adenia Partners, a private equity firm focused on growth opportunities in Africa, has successfully closed its fifth fund, Adenia Capital V at its $470m hard cap. 

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Adenia Partners, a private equity firm focused on growth opportunities in Africa, has successfully closed its fifth fund, Adenia Capital V at its $470m hard cap. 

The Fund, which was significantly oversubscribed, attracted commitments from new and existing investors globally.

More than half (60%) of commitments secured for AC(V) funding came from historical investors, including DEG, EIB, FMO, IFC, Proparco, SIFEM and South Suez. 

Existing investors on average more than doubled their commitments, citing Adenia’s strong financial and impact returns and consistency of achieving the targeted strategy as reasons for returning and expanding their relationship.

The remaining 40% of commitments include new DFI relationships, such as the US International Development Finance Corporation (DFC), Findev Canada, and Norfund. 

Notably, the fund also attracted large local institutional investors, including South Africa’s Public Investment Corporation as well as Kenyan and Ghanaian pension funds, who joined European family offices, impact investors (such as Blue Earth), and a US foundation. 

 “We are very pleased by the level of interest in our new fund, which is a great validation for our proven strategy and for the investment opportunities available in Africa,” said Stéphane Bacquaert, Managing Partner, Adenia Partners. 

“We would like to  thank our loyal investor base, many of whom have been investing in Adenia during its journey which began more than 20 years ago, and we would like to welcome our new investors and thank them for the commitment they have shown to Adenia. We look forward to continuing to develop deep, long-term relationships with them. 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.”

Fund V continues 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 is sector-agnostic with financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare and education, business services, light manufacturing, and specialty distribution as areas of particular focus.

AC(V) is larger than its predecessor funds, AC(IV) (€230m) and AC(III) (€95.8m), reflecting Adenia’s continued responsible growth and geographic expansion across the continent in pursuit of the most attractive market opportunities. 

As Adenia’s first completely pan-African fund, Fund V will leverage the firm’s extensive on-the-ground presence with seven offices on the continent.

“Amid the impressive oversubscription of this new fund, it is incredible to look back on Adenia’s journey over the last two decades, which started with the €10 million raised for our first fund back in 2003,” said Alexis Caude, Managing Partner at Adenia Partners. 

“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.”

Adenia has already completed two investments and announced a third from Fund V, including Enfin, a solar financing solutions provider serving commercial and industrial clients across South Africa, and The Courier Guy, a leader in last-mile delivery and express parcel (CEP) services in South Africa. 

Most recently, the firm announced the signing of the acquisition of 12 subsidiaries of Air Liquide in West and Central Africa and the Indian Ocean.

This significant transaction involved dealing with the global market leader in its industry, and was closely scruitinised by Air Liquide’s senior management team, who were intent on finding a trusted new owner that would continue the responsible growth and development of the business.

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