Adenia Partners successfully closes fourth fund at EUR230mn

LAGOS (Capital Markets in Africa) – Adenia Partners, a private equity fund manager focused on mid-cap buyouts and growth capital investments in Sub-Saharan Africa, is pleased to announce the final closing of Adenia Capital (IV). After being significantly oversubscribed, the fund closed at its hard cap of EUR230mn of LP commitments six months after its first closing in November 2016, well above its target of EUR200mn.

Adenia Partners gathered a well-diversified collection of investors, with a 50/50 ratio between Development finance institutions (DFIs) and international private partners (local or European pension funds, funds of funds, family offices, HNWIs). The majority of commitments come from investors in Adenia’s prior funds who have reaffirmed their trust with increased investment tickets in the new fund. Directors and principals of Adenia Partners collectively hold 4% of Adenia Capital (IV).

Since its incorporation in 2002, Adenia Partners has completed 21 investments and 10 exits. Over its fifteen-year history, the firm has developed a track-record of strong and consistent financial performance while generating solid social and environmental impact. With this fourth fund, Adenia has now raised EUR375mn in assets.

Adenia has always stayed true to its original investment strategy, focusing on control buy-outs in local champions exhibiting strong potential for regional expansion and operational improvement. The firm has a differentiated approach to asset selection, hands-on engagement, and exit strategy, which has led to substantial value creation and numerous liquidity events.

The new fund, Adenia Capital (IV), will target medium-size profitable companies generating turnover of between US$5mn and US$40mn and EBITDA of between US$1mn and US$7mn. The fund seeks to invest in a variety of growth sectors including, but not limited to, consumer goods, business services, manufacturing, financial services including fintech, ICT and telecommunications, hospitality and healthcare.

Antoine Delaporte, founder and Managing Director of Adenia Partners explains the ambitions attached to this new vehicle: “Our team is extremely motivated to make this fund a success. Our goal is to generate top quartile financial performance for our investors through operational excellence in our portfolio companies and compliance with the highest ethical and ESG standards”.

Christophe Scalbert, Principal based in Abidjan, led the fundraising process. Solomon Wifa, Partner at Willkie Farr, based in London, is the legal adviser for Adenia Capital (IV). No placement agent was involved for this fundraising.