Private equity firm Adenia Partners Ltd. has raised its largest Africa-focused fund to date of $470 million, adding new investors including Norfund AS, the US International Development Finance Corp., and Canada’s Findev Inc.
Africa’s biggest fund manager, the Public Investment Corp. Ltd. that oversees about 2.6 trillion rand ($138 billion) in South African government-employee pension assets, also backed the Adenia fund, along with Ghanaian and Kenyan pension funds.
Adenia’s move to larger economies on the continent aims to target businesses that meet specific criteria, as stated by Adenia Managing Director Alexis Caude. The firm intends to take a controlling stake in businesses it invests in to be in the driver’s seat.
Despite the challenging fundraising environment, Adenia remains competitive in attracting investors with a specific focus on delivering returns. The firm seeks net returns of at least 15% in hard currency, taking controlling stakes to navigate exit timing.
The fund is sector-agnostic, concentrating on investments in fintech, telecommunications, healthcare, and more, with ongoing deals like a carve-out with Air Liquide SA involving 12 African operations.
Establishing a presence in Nigeria demonstrates Adenia’s commitment to expanding operations in challenging yet crucial economies. With operations in seven African nations and a track record that impresses investors, Adenia continues to expand its footprint in diverse sectors across the continent.
