About This Fund
Adenia Capital (III), formerly known as I&P Capital III, is a pan-African private equity fund managed by Adenia Partners, a specialist impact-oriented private equity firm focused on sub-Saharan Africa. The fund raised EUR 95.8 million in capital commitments, making it one of the largest dedicated private equity vehicles focused on the Indian Ocean region including Mauritius, Madagascar, Seychelles, and the Comoros, as well as West Africa, at the time of its raise. Adenia Capital III is structured as a 10-year closed-end fund targeting primarily control and majority positions in small and medium-sized companies in its focus markets.
The fund's investment strategy centers on backing locally rooted businesses operating in sectors with strong domestic consumption drivers: consumer goods, financial services, healthcare, and agribusiness. Adenia Partners seeks companies with experienced management teams and genuine growth potential in markets where access to long-term private capital remains scarce. Portfolio companies typically have revenues between EUR 5 million and EUR 50 million, and the fund invests between EUR 3 million and EUR 15 million per transaction, with flexibility to provide follow-on capital to accelerate expansion across priority markets.
Adenia Partners was founded in 2000 and is headquartered in Mauritius, with local teams across Abidjan, Dakar, and Nairobi, maintaining on-the-ground presence across its priority markets. Adenia Capital III attracted a broad coalition of development finance institutions as limited partners, including the European Investment Bank (EIB), the International Finance Corporation (IFC), Swedfund, FMO, BIO, CDC, and DEG, alongside local institutional investors such as the Sugar Industry Pension Fund of Mauritius. The fund was succeeded by Adenia Capital IV (EUR 230 million, 2017) and Adenia Capital V ($470 million, 2023).