At a Glance
- IFC commits equity and co-investment capital to support Adenia’s Africa-focused SME growth strategy.
- Adenia targets $150–$180 million fund for small-cap investments across multiple African markets.
- Fund focuses on control or influential minority stakes to drive operational improvements.
Mauritius-based private equity firm Adenia Partners has secured a major boost for its Africa strategy after the International Finance Corporation (IFC) proposed an equity investment of up to $30 million into its new fund, Adenia Entrepreneurial Fund I (AEF I).
IFC investment details
The commitment, disclosed by the World Bank’s private-sector arm, also includes a separate $20 million co-investment envelope, providing Adenia with additional firepower to support fast-growing African businesses alongside the fund.
Combined, the package strengthens Adenia’s position as one of the continent’s most active investors in small and mid-sized companies.
Fund size and strategy
AEF I is targeting total commitments of between $150 million and $180 million. The fund will pursue a generalist growth equity strategy, focusing on 10 to 12 small-cap companies across Africa, with individual investment tickets ranging from $10 million to $20 million.
Adenia plans to retain its long-standing preference for control or influential minority positions, allowing it to drive operational improvements and long-term value creation.
Why this matters for SMEs
The fund will be managed by Adenia Partners, which is headquartered in Mauritius and operates five regional offices across Kenya, Madagascar, Morocco, Nigeria and South Africa.
This footprint gives the firm on-the-ground access to diverse African markets, particularly in sectors where institutional capital remains scarce.
IFC’s backing underscores growing investor appetite for funds targeting Africa’s underserved SME segment, which is widely seen as a critical engine for job creation and economic resilience.
By pairing a direct equity commitment with a co-investment facility, IFC is positioning itself to scale capital deployment into high-performing portfolio companies as they expand.
Adenia’s track record
For Adenia, the IFC investment marks a significant milestone as it broadens its platform beyond larger mid-cap deals into smaller, entrepreneur-led businesses.
The firm has built a track record across consumer goods, financial services, healthcare and light manufacturing, often stepping in as a long-term partner during transitional growth phases.
If fully raised, AEF I would further cement Adenia’s role as a key conduit for international capital into Africa’s next generation of small-cap champions, while aligning with IFC’s mandate to support inclusive and sustainable private-sector growth across the continent.
