Adenia secures $470m for latest Africa PE fund
Adenia secures $470m for latest Africa PE fund
The fund, which was oversubscribed, attracted commitments from new and existing investors.
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Adenia Partners, a private equity firm focused on growth opportunities in Africa, has closed its fifth fund, Adenia Capital V (or Fund V) at its $470 million hard cap. The fund, which was oversubscribed, attracted commitments from new and existing investors globally.
Fund V is sector-agnostic with financial services, renewable energy, consumer goods, telecommunications, healthcare, education, business services, light manufacturing, and specialty distribution as areas of particular focus.
“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.
Some 60% of commitments secured for Fund V came from historical investors, including DEG, EIB, FMO, IFC, Proparco, SIFEM and South Suez. 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, joined by European family offices, impact investors (such as Blue Earth), and a US foundation.
Adenia has already completed two investments and announced a third from Fund V. These include Enfin, a solar financing solutions provider serving commercial and industrial clients across South Africa, and The Courier Guy, a last-mile delivery and express parcel services company in South Africa.
In a recent interview with How we made it in Africa, Caude said he was struck by the large number of investable companies in South Africa – those of sufficient size and with strong management teams. “It is very different from other places on the continent,” he noted, adding that South African CEOs are generally on par with their counterparts in Europe and the US.
Most recently, Fund V announced the signing of the acquisition of 12 subsidiaries of Air Liquide in West and Central Africa and the Indian Ocean.
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