Eligibility

• Mid-market African company with $2M+ revenue
• Proven business model with growth potential
• Strong management team willing to partner on governance
• Sectors: financial services, healthcare, education, FMCG, technology, agribusiness, services
• Geographic presence in Sub-Saharan Africa (especially Francophone Africa, Indian Ocean)
• NOT early-stage or pre-revenue startups

What They Look For

Mid-market African companies with strong fundamentals and significant growth potential. Adenia specializes in taking minority or majority positions and actively working with management to professionalize operations, improve governance, and drive growth. Particularly strong in Francophone Africa and Indian Ocean markets. Fund V closed oversubscribed at $470M (2024), making it one of Africa's largest mid-market PE funds. One of the few PE firms with genuine Francophone Africa expertise and on-the-ground presence in 7 African countries.

Notable Investments

Miarakap (Madagascar microfinance), Petro Ivoire (Cote d'Ivoire fuel distribution), Kanu Equipment, Enfin (South Africa solar financing), The Courier Guy (South Africa last-mile delivery), Air Liquide subsidiaries in West/Central Africa and Indian Ocean