Adenia Closes Fifth Flagship Fund, at $470M
Summary
More than half (60%) of commitments secured came from investors, including DEG, EIB, FMO, IFC, Proparco, SIFEM and South Suez. The remaining 40% of commitments included 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. Led by Managing Partners Alexis Caude, and Stéphane Bacquaert, 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.