In brief: Adenia closes fifth fund at $470m

The firm, which invests in African SMEs, reached its hard-cap after launching the fund in 2022.

African private equity firm Adenia Partners has closed its fifth flagship fund at its $470 million hard-cap, according to an announcement.

Adenia was founded in 2002 to take controlling stakes in small- and medium-sized enterprises across Africa. It has raised $880 million across its funds, per its website. Fund IV closed at €230 million in 2017.

Fund V launched with a $400 million target in 2022. Partner Nnennia Ejebe told New Private Markets in February that around half of the fund’s capital has been raised from development finance institutions, with the rest coming from a mix of Africa-focused funds of funds, African pension funds and other institutions. At that time, $422 million had been raised.

Adenia has completed two investments from Fund V: Enfin, a South African solar financing company, and South African parcel delivery company The Courier Guy. The firm announced it was acquiring 12 subsidiaries of industrial and medical gas company Air Liquide last month.