Adenia holds €180m first close on Fund IV – Exclusive

The sub-Saharan African firm has held a first close on 90% of its target for Fund IV, which is more than twice the size of its predecessor.

Adenia Partners, a Mauritius-based firm focused on investing in sub-Saharan Africa, has held a first close on its fourth fund on 90 percent of its target, Private Equity International has learned.

The firm has amassed €180 million for the fund, which has a target of €200 million and a hard-cap of €230 million.

Adenia has more than doubled its fund size on each of its fundraises, according to PEI data. Its previous vehicle, a 2012-vintage, is €96 million and its second fund, raised in 2007 vehicle, is €37.5 million. The firm’s first fund, which launched in 2003 and raised €10 million, is fully liquidated.

The majority of committed capital comes from existing investors in Adenia’s prior funds, all of whom increased their investment ticket, while 25 percent comes from new LPs. It is understood that most LPs are European, with US and African investors accounting for around 25 percent of committed capital.

Directors and principals of Adenia Partners are understood to have made a GP commitment of 4 percent.

Adenia, which has completed 21 investments and 10 exits since inception 15 years ago, focuses on control buyouts and growth capital investments, with team members based in offices in Ghana, Cote d’Ivoire, Madagascar and Mauritius.

Fund IV will target companies generating turnover of between $5 million and $40 million and EBITDA of between $1 million and $7 million. It will look to invest in a variety of sectors, including consumer goods, business services, manufacturing, financial services, ICT and telecommunications, and hospitality.

In September Adenia announced its final transaction from Fund III, a majority investment in Ademat, which distributes, installs and maintains power devices, inverters, drive systems, and other electrical and IT products in Côte d’Ivoire.

Other investments by the firm include in Ghanaian advertising business DDP Outdoor, Mauritian paint and chemicals business Mauvilac, and Madagascan packaged food business Socolait, according to the firm’s website.