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Bailey McCann, Opalesque New York: Adenia Partners, a private markets investment firm focused on Africa has reached the first close of its fifth flagship fund Adenia Capital (V) L.P. at $300 million.
The fund exceeded its first close minimum threshold, achieving 75% of its target size, and attracting institutional and commercial investors who have invested in previous Adenia funds, as well as new investors. The list of returning limited partners includes numerous development finance institutions: IFC, Proparco, EIB, FMO, DEG, Norfund, and BPI. DFC, the United States government's DFI and FinDev, Canada's DFI, are among the new investors.
The fund is targeting $400 million.
Adenia makes control investments in medium-sized companies across Africa with proven business models that demonstrate ample room for operational and ESG improvements. The fund will be sector-agnostic with financial services, agribusiness, consumer goods, telecommunications, healthcare and education, business services, light manufacturing, and specialty distribution as particular areas of focus.
Adenia V has been selected as a 2X Flagship Fund in recognition of its goal of having a positive impact on women. The selection makes Adenia V one of the few investment funds in Africa to achieve 2X Flagship Fund status, and highlights Adenia's deep engagement with gender equality and the firm's commitment to generate progress towards the United Nations' Sustainable Development Goal 5.
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