Adenia closes $470m Africa fund with US IDF, Norfund among backers
TLDR
- Private equity firm Adenia Partners Ltd. raised a record-breaking $470 million for its largest Africa-focused fund, with new investors including Norfund AS, US International Development Finance Corp., and Canada’s Findev Inc.
- Adenia's fifth fund sees an increase in target equity check size to about $40 million, backed by major players like Public Investment Corp. Ltd., pension funds from Ghana and Kenya, reflecting growing investor confidence in Africa's private equity sector.
- Managing Director Alexis Caude highlights successful investments across the continent, positioning Adenia as a top player in Africa's investment landscape.
Adenia Partners, a private equity firm, has raised its largest Africa-focused fund to date, totaling $470 million. Notably, new investors such as Norfund AS, the US International Development Finance Corporation, and Canada’s Findev Inc. contributed to this fundraising milestone.
Africa’s largest fund manager, the Public Investment Corporation., which oversees around 2.6 trillion rand ($138 billion) in South African government-employee pension assets, has also backed the Adenia fund, alongside pension funds from Ghana and Kenya.
This marks Adenia's fifth fund, with Managing Director Alexis Caude highlighting an increase in the equity check size for targets to an average of about $40 million. This substantial fundraising underscores growing investor confidence in Africa's private equity landscape and Adenia's track record of success across the continent.
Points clés à retenir
Adenia's latest fundraising highlights the importance of international DFIs to the African private capital ecosystem, especially during a tougher market environment. According to research by the African Private Equity and Venture Capital Association (AVCA), the total value of African private capital fundraising in the first nine months of 2023 fell to $1.2 billion, a 40% decline compared to the year before. Along with this retreat in capital allocated to final closes, we saw a modest decline in the average fund size, and a concentration in fundraising, with the two large funds closed accounting for half of the total capital raised. Adenia focuses on buyout control. It takes majority stakes in more mature businesses that need more strategic and financial support to implement a growth plan.
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