About This Fund
Adenia Capital V LP is the fifth flagship private equity fund managed by Adenia Partners, a Pan-African buyout firm founded in 2002 and headquartered in Mauritius. The fund closed oversubscribed at its $470 million hard cap in April 2024, becoming Adenia's largest vehicle to date and its first fully Pan-African fund. It builds on the firm's on-the-ground presence across eight African markets — Kenya, Madagascar, Ghana, Côte d'Ivoire, South Africa, Nigeria, Morocco, and Mauritius — deploying capital across the continent's fastest-growing private sector segments.
Adenia Capital V pursues control investments in medium-sized companies with proven business models and meaningful potential for operational and ESG improvement. The fund targets 10 to 12 platform investments with median deal sizes of $30 million to $50 million, deploying across financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare, education, business services, light manufacturing, and specialty distribution. The fund carries 2X Flagship Fund designation, reflecting its commitment to advancing gender equality through leadership promotion and quality employment creation across portfolio companies.
The fund attracted commitments from a broad base of global and African institutional investors. Returning limited partners — representing 60% of total commitments — include DEG, EIB, FMO, IFC, Proparco, SIFEM, and South Suez, with existing investors more than doubling their average ticket sizes. New investors include DFC, Findev Canada, Norfund, the Public Investment Corporation of South Africa, and pension funds from Kenya and Ghana, alongside European family offices and US impact foundations. The fund succeeded AC(IV), which closed at €230 million in 2017, reflecting Adenia's consistent growth in institutional capital raised per vintage.