Adenia Capital V

Customer

Adenia Capital V LP, is a fund managed by Adenia Capital founded in 2002. Adenia V is the fifth fund of Adenia Capital, focused on control investments in medium-sized companies in Africa.

Funding Objective

Adenia’s key focus is on mid-cap companies with proven business models, making commitments to majority ownership. Maintaining ownership control allows Adenia to set an agenda throughout an investment’s life in terms of value preservation, value realization and value creation and in particular timing of exit. 

Clear targets are set on gender equality on Manager level and in the target companies. Fund V is aligned with the 2X Challenge and achieved 2x Flagship status in terms of Gender diversity targets. 

Reasons for financing

Within DEG’s fund strategy, Africa is outlined as a key focus region and one of the most interesting equity markets. Next to that, DEG’s fund portfolio in Africa has shown substantial co-investments contribute to DEG’s financial results.

DEG has build a long-term relationship with Adenia investing in two previous funds and participating in vari-ous Co-investments since 2012. Since then DEG conducted over seven BSS measures with investees of Adenia and the GP itself. The development to a true pan-African fund from previous regionally-focused funds was enabled by DEG’s support. DEG, along with other DFIs, plays an important role with regard to the further institutionalization of Adenia V, in particular with regard to governance and ESG. Adenia’s application to be-come a 2X flagship fund was lead by DEG, emphasizing the importance of gender lens investing. Therefore, the Fund fits well with DEG’s fund strategy to commit to fund managers committing to Gender and Climate initiatives.

Given Adenia’s track record, the current development quality can be estimated as “very good” and is fore-casted to be 85 in 5 years. Overall, the development impact is expected to be very significant. Like in predecessor funds Adenia III and Adenia IV, Adenia V is expected to contribute especially on the following two core categories of development: decent jobs and local income. That is due to the funds ability to drive growth in owner-managed mid-cap businesses, creating jobs and contributing to local income by sourcing from local suppliers and through capital expenditures.

Here you can find information on our new commitments at a glance. The information is published here once the contract has been signed with the customer and provided the customer has given consent. This works well: In the last two years we have published information on 90 percent of our commitments.