Adenia Partners Raises a $470 Million Africa-Focused Fund
Adenia plans to invest $470 million in African businesses where it can hold 51% or more as the major stakeholder.
Private equity firm Adenia Partners Limited has raised $470 million in an African-focused fund, the largest in its history, with the addition of new investors such as Norfund AS, the U.S. IDF Corp., and Canada’s Findev Inc.
According to Adenia Managing Director Alexis Caude, this is the firm's fifth fund (fund V) which is larger than its previous funds; the fourth fund (fund IV) is worth $248.9 million, and the third fund (fund III) is worth $103.7 million.
Adenia wants to invest this fund in African business sectors with a track record of delivering returns in sectors including financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare and education, and business services.
So far, it has already completed two investments and announced a third from its fifth fund, 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.
The company, which has been operating in Africa for over 20 years, seeks to have a controlling stake of 51% or more in these African businesses due to exit complications associated with the African region and be able to provide net returns of at least 15% in hard currency to its investors.
Presently, Adenia operates in seven African countries, including South Africa, Kenya, and Ghana, with the company recently expanding its presence to Nigeria through an office it opened in Lagos, the country's commercial capital.
