Adenia Capital (V) LP

Customer

Adenia V is the fifth fund managed by Adenia Partners, founded in 2002. Adenia is a private equity firm focused on control investments in mid-cap businesses in Africa and an existing DEG partner. The Manager has an on-the-ground presence in eight key markets in Africa (Kenya, Madagascar, Ghana, Cote d’Ivoire, South Africa, Nigeria, Morocco and Mauritius). Adenia has executed over 30 investments across the four predecessor funds totaling ca. USD 400m.

Funding Objective

The funds will be used to acquire majority stakes in mid-cap companies with proven business models to create regional champions across the continent in markets, with compelling growth prospects. Adenia as defined comprehensive targets regarding the funds gender equality and climate strategy. Adenia V is a 2X flagship fund, promoting female leadership opportunities, quality employment, finance, enterprise support and products and services that enhance economic participation and access for women.

The first investment of Adenia V has been a majority investment in Enfin, a solar financing solutions provider serving commercial and industrial clients across South Africa.

Reasons for financing

Development finance institutions (DFIs) still play an important anchor investor role in the African private equity landscape and contribute a significant share of the funds raised. DFI funding is also catalytic to crowd in private investors in the context of a challenging fundraising environment on the continent. DEG, alongside other DFI investors, will play an important role driving governance and ESG aspects during the deployment of fund V together with the Adenia Team.

Similar to its predecessor funds, Adenia V is expected to contribute especially to the Sustainable Development Goals 8 “Decent work and economic growth” and 1 “No poverty”. Through it investments the fund is able to drive growth in owner-managed mid-cap businesses, create jobs and contribute to local income by sourcing from local suppliers. The investment in the fund Adenia V contributes to DEG’s strategy of financing entrepreneurs in developing countries with a high developmental impact. Adenia’s comprehensive and impressive gender, climate, and impact strategy aligns perfectly with DEG’s impact and climate strategy.

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