Antoine Delaporte’s Adenia hits $180 million first close, unveils first investment

Adenia Partners, a leading Africa-focused private equity firm founded by Mauritius-based businessman Antoine Delaporte, has reached $180 million at the first close of its Adenia Entrepreneurial Fund I (AEF), hitting the fund’s hard cap in less than a year. 

The initial target was $150 million, and the firm has now raised over $1 billion across all its funds.

The fund marks Adenia’s push into smaller and lower mid-sized companies, a segment that remains underfunded across much of Africa. It will focus on taking control stakes and working closely with founders and family-owned businesses as they adapt to more formal structures. 

Adenia said it plans to support management teams with day-to-day operations, governance and long-term planning, aiming to build stronger companies over time. The approach draws on the firm’s two decades of investing across the continent.

Investors back Pan-African equity strategy

The new fund will invest across sectors and geographies, offering exposure to multiple African markets through Adenia’s network. The firm said it will also track its impact through job creation, improved industrial standards and efforts to promote inclusion and responsible use of resources. 

Investors in the fund include development finance institutions, European family offices, fund-of-funds managers and African institutional investors, reflecting steady interest in private equity opportunities on the continent. 

“Reaching our hard cap at first close, and in under a year, shows strong backing for our strategy and for Africa’s business landscape,” said Alexis Caude, managing partner at Adenia. “We see a clear opening to invest in growing small and medium-sized companies while keeping a broad, pan-African approach.” 

The close comes as investors continue to look for opportunities tied to long-term growth and operational improvements in African businesses.

Maymana secures first investment from Adenia

Alongside the fundraising milestone, the fund has made its first investment in Maymana, a Moroccan food brand known for pastries, bakery products and catering services. 

Founded in 1985 by Naima Berrada Benchakroun, the company remains family-run and serves both retail and corporate clients in Morocco, with a growing presence abroad. 

Adenia said it will work with the company to strengthen its internal processes, improve operations and support expansion into new markets. 

“We are seeing more founder-led businesses ready to take the next step with the right partner,” said Stéphane Bacquaert, managing partner at Adenia. “Maymana stands out as a well-built brand with room to grow, and we look forward to working with its leadership team.”

Delaporte-led firm expands across Africa markets

Adenia, founded in 2002 and headquartered in Mauritius, invests across East, West, North and Southern Africa, with offices in countries including Kenya, Morocco, Nigeria and South Africa. 

The firm has completed more than 35 platform investments and over 20 exits. In January, it also acquired a majority stake in Parkville Pharmaceuticals in Egypt, marking its entry into that market. 

Delaporte started the firm after building several businesses in Madagascar. He previously worked at Bain & Company in Paris and London and now serves on the boards of several African companies. 

Adenia said it will continue to seek founder-led businesses that can benefit from long-term capital and operational support as it deploys the new fund.