Adenia Capital (III)


Last updated 12 May 2020, by Impactyield.

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Adenia Capital III makes equity and quasi-equity investments in private companies active in Sub-Saharan Africa that contribute to economic and social development by partnering with entrepreneurs, mobilizing financial resources for the healthcare, hospitality, education, agribusiness/consumer goods, telecom, financial services, business services and other sectors.

Adenia Capital (III) is the third fund launched by Adenia Partners. Its objective is to provide long-term capital appreciation to its investors through equity and quasi-equity investments in private companies active in Sub-Saharan Africa. Adenia aims to contribute to the economic and social development of these regions by partnering with entrepreneurs, developing winning and profitable strategies, and mobilizing financial resources for the private sector. The firm has a "high touch" operating model, taking an active role in portfolio companies. It devotes significant internal resources to help its management teams develop and execute growth strategies.

Financial description

Adenia's preferred investment strategy is to have control, with majority ownership, although we can also support outstanding promoters through a minority stake. The fund provides the necessary capital to allow for a change of control in the shareholding structure and to invest in order to increase production capacities, launch activities in new territories, etc.

11 years

of track record


the year funded

75,000,000 EUR


Asset manager

Adenia Partners


Headquarters location:

Other funds managed by this asset manager: Adenia Capital (II)Adenia Capital (IV)

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Ensure public access to information and protect fundamental freedoms

Universal access to safe and nutritious food

Double the improvement in energy efficiency

Promote policies to support job creation and growing enterprises

Full employment and decent work with equal pay

Develop sustainable, resilient and inclusive infrastructures

Universal access to information and communications technology

Impact Category

Themes impacted

Key performance indicators

Fund overview

Asset manager: Adenia Partners

Product track record: Fund has 11 years of track record

Target IRR: 25%

Committed Capital: 95,910,000 EUR (Euro)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:

Style/Stage: ,

Inception year: 2012

Vintage year: 2012

Target region: , ,

Target close date: n.a.

Product term: 10 year term

Assets under management: 75,000,000 EUR (Euro)

Investment size: Min: 3,000,000; Max: 15,000,000; Avg: 8,000,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 6

Fund investments to date exited or repaid: 0

Management fee: 2%

Carried interest: 20%

Hurdle rate: 8%%

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: Investors in Adenia Capital (III) are a combination of reputable international institutional investors and regional and European individual investors, entrepreneurs, and family offices. Directors and senior managers of Adenia Partners collectively hold 5% of Adenia Capital (III). Institutions investing in this fund include the European Investment Bank (EIB), the International Finance Corporation (IFC), Swedfund, FMO, BIO, CDC, DEG, the Sugar Industry Pension Fund of Mauritius, Kuramo Capital Management and BNP Paribas. 90% of investors in Adenia Capital (II) have joined Adenia Capital (III).

Limited Partner / Investor Type: Development Finance Institution (DFI), Family Office, Pension Funds, Other Institutional Investors, Retail Investors


E-mail: n.a.


Phone number: + 230 213 8190

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Impact Performance


Impact thesis

Adenia’s role is to contribute to the emergence of entrepreneurs who share our values of integrity, transparency, fairness and accountability. It is about driving sustainable changes and implement international standards within its portfolio companies which shall endure after exits. By upgrading infrastructures, instilling industrial, environmental, social, governance and financial best practices, our African portfolio companies are shifted into performing local models and enabled to grow sustainably.

Impact Management


Financial benchmark

Term Description:


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