The European Investment Bank and the International Finance Corporation are each mulling a commitment of €20 million to Adenia Capital IV, a closed-end 10-year private equity fund that will focus on growth equity opportunities in West Africa and the Indian Ocean region. The fund, which is targeting €200 million, was launched by Mauritius-headquartered Adenia Partners in November 2015.
Adenia’s fourth fund 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. The fund will look for deals in countries close to Adenia Partners’ offices in Mauritius, Madagascar and Ghana, thereby allowing it to participate actively in improving the fund’s portfolio assets operationally, a core tenet of its investment strategy. In addition to driving the growth and profitability of its portfolio companies, Adenia Partners will look to enhance their investees’ enterprise skills and governance as well as their environmental and sustainability standards.
Each institution is appraising their proposed commitments to the fund, with the IFC’s Board projected to review approve their participation on April 21, 2016.