Adenia Partners, the private equity firm targeting small and medium-sized deals in sub-Saharan Africa, has announced plans to raise a €200 million fund, its fourth. Adenia IV is a generalist fund and will target control transactions in mid-market companies that have an enterprise value of between €5 million and €30 million across the region.
It’s expected that the fund will looks for deals in countries close to its offices in Mauritius, Madagascar and Ghana, thereby enabling it to execute on its strategy of improving its assets operationally, using a very hands-on approach. This focus will lead to an emphasis on deal sourcing in the West African and Indian Ocean regions.
In October 2015, Adenia completed its sixth and final exit from its first fund with the sale of Hôtel du Louvre, a business hotel in Antananarivo to a private family investment group.