About This Fund
Adenia Capital (V) fund targets investments in medium-sized companies across Africa. The fund focuses on making control investments in companies with proven business models and potential for operational and ESG improvements. This indicates a focus on companies with stable and scalable business models in various sectors. The fund announced it closed oversubscribed at $470 million on April 3rd, 2024. Geographically, the fund is targeted towards investments in Africa, indicating a focus on the continent's emerging market opportunities. This aligns with Adenia's long-term investment strategy and expertise in the region. Additionally, as a 2X Challenge Flagship Fund, Adenia V showcases a commitment to gender-smart investing. This means the fund may prioritize investments in businesses that promote gender equality and women's empowerment, reflecting a holistic approach to sustainable and impactful investing. The fund targets investments in the following sectors: financial services, agribusiness, consumer goods, telecommunications, healthcare and education, business services, light manufacturing, and specialty distribution. The fund will target between 10 and 12 investments, with a deal size between USD 30 million and USD 50 million. More than half (60%) of commitments secured for AC(V) funding came from historical investors, including DEG, EIB, FMO, IFC, Proparco, SIFEM and South Suez. Existing investors on average more than doubled their commitments, citing Adenia’s strong financial and impact returns and consistency of achieving the targeted strategy as reasons for returning and expanding their relationship. The remaining 40% of commitments include new DFI relationships, such as the US International Development Finance Corporation (DFC), Findev Canada, and Norfund. Notably, the fund also attracted large local institutional investors, including South Africa’s Public Investment Corporation as well as Kenyan and Ghanaian pension funds, who joined European family offices, impact investors (such as Blue Earth), and a US foundation. As of April 2024, Adenia has already completed two investments and announced a third from Fund V, including Enfin, a solar financing solutions provider serving commercial and industrial clients across South Africa, and The Courier Guy, a leader in last-mile delivery and express parcel (CEP) services in South Africa. Most recently, the firm announced the signing of the acquisition of 12 subsidiaries of Air Liquide in West and Central Africa and the Indian Ocean.