Adenia Partners Announces $300 Million First Close for Fund V
SAINT PIERRE, MAURITIUS–(BUSINESS WIRE). “the Fund”), with commitments from investors totaling $300 million.
The fund exceeded its minimum first deal threshold, reaching 75% of its target size and attracting institutional and commercial investors who had invested in previous Adenia funds, as well as new investors. The list of returning limited partners includes numerous Development Finance Institutions (“DFIs”): IFC, Proparco, EIB, FMO, DEG, Norfund and BPI. Meanwhile, new investors include DFC, the US government’s DFI, and FinDev, the Canadian DFI.
Adenia V, which has a target size of US$400 million, will continue Adenia’s long-term investment strategy of making control investments in mid-market companies across Africa with proven business models that have significant room for operational and ESG improvements. The fund will be sector agnostic with particular emphasis on financial services, agribusiness, consumer staples, telecoms, healthcare & education, business services, light industrials and specialty distribution.
Adenia has steadily expanded its geographic footprint throughout the life of Fund III and Fund IV, and this fifth fund will be the first fully pan-African fund to leverage the firm’s extensive local presence in seven offices across the continent to source and acquire manage investments. Adenia V will target between 10 and 12 investments with a median deal size between $30 million and $50 million.
“This successful first closing – against a backdrop of an uncertain macro environment – is a testament to our long-standing track record of building market leaders in Africa as a committed, responsible investor with a local presence across the continent,” said Alexis Caude, Managing Partner at adenia
“We are grateful for the commitments of our LP base and their confidence in our proven strategy,” said Christophe Scalbert, Partner at Adenia and responsible for this fundraising process. “We look forward to continuing our proven approach with our fifth fund, providing capital to both new and existing investors.”
Adenia V was selected as a 2X Flagship Fund in recognition of its goal of having a positive impact on women. The selection makes Adenia V one of the few investment funds in Africa to achieve 2X Flagship fund status and underscores Adenia’s strong commitment to gender equality and the firm’s commitment to making progress towards Goal 5 of the United Nations to achieve sustainable development.
The fund will also advance urgent climate action on the African continent. Adenia V will set carbon reduction targets for all fund holdings and target a reduction in carbon intensity over the life of the investment based on annual GHG monitoring and a tailored action plan. At the corporate level, Adenia Partners expects to achieve net-zero emissions by 2027.
“This fifth fund represents the very best of Adenia’s responsible investment ambitions – from climate to gender equality and beyond,” said Stéphane Bacquaert, Managing Partner of Adenia. “Being recognized as a 2X Flagship Fund underscores the fact that positive impact on women has been at the core of our strategy throughout our 20-year history. Meanwhile, our CO2 reduction targets demonstrate Adenia’s longstanding commitment to meaningful climate action.”
Adenia Partners is a private markets investment firm committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with 31 completed platform investments and 17 completed exits. Adenia has local operations across Africa and has one of the highest qualified African private markets investment teams in terms of educational background, extensive experience as entrepreneurs and investors and in-depth local knowledge. By creating stronger companies with quality jobs, driving economic improvement and educating companies to comply with ESG standards, Adenia increases shareholder value for investors while benefitting workers, communities and businesses in Africa. For more information, visit: www.adenia.com.
About the 2X Challenge
The 2X Challenge was launched in June 2018 as a major new commitment by Development Finance Institutions (DFIs) from G7 countries to unlock resources that help advance women’s economic empowerment and gender equality. Since then, these DFIs have supported investments and initiatives that give women in developing countries access to leadership opportunities, quality employment, finance, business support, and products and services that promote the inclusion or economic empowerment of women and girls.
Since inception, several new DFI members have joined to expand engagement: Swedfund, Finnfund, FMO, IFC, SIFEM, BIO, EIB; EBRD, IFU, OeEB and ADB. BIO-Invest, Finnfund, FMO, IFU, SIFEM and Swedfund.