Stéphane Bacquaert is a Managing Partner at Adenia, primarily focused on leading Adenia’s private equity activities in North and West Africa. He has 25 years’ experience as a private equity, venture capital and consulting professional.

Stéphane joined Adenia in 2019 from Wendel where he was Managing Director and CEO of Wendel Africa for 15 years. At Wendel, Stéphane led the IPO of Bureau Veritas (Euronext: BVI) where he has been a Board member for over a decade. He led the investment strategy of Wendel in Africa where the group invested over $1 billion in equity since 2013. He has also held board roles at IHS Holding (now listed on the NYSE), Tsebo Solutions Group, Saham Group (Saham Finances sold to Sanlam Africa) and PlaYce Africa (sold to CFAO), as well as Materis and Mecatherm in Europe.

Stéphane was previously Partner at Atlas Venture, an international venture capital fund with $2.5 billion under management. There, he specialized in new technologies, media and telecoms. Stéphane began his career at leading strategy consulting firm Bain & Company, where he conducted studies in the telecom, banking and private equity industry in Europe and Central America. He then co-founded and led NetsCapital, an investment bank specializing in TMT.

Stéphane currently sits on the Board of Directors of three Adenia’s portfolio companies: Overseas Catering Services (OCS), Eastcastle Infrastructure and Erium.

Stéphane graduated from École Centrale Paris (Master of Science & Engineering) and Institut d’Etudes Politiques de Paris. He earned an MBA from the Harvard Business School (Baker Scholar).

Alexis Caude is a Managing Partner at Adenia. Based in Mauritius, he oversees numerous investments made in the Indian Ocean, East Africa and South Africa.

Alexis is a a serial entrepreneur, finding particular success in creating and growing digital businesses. He founded and chaired the Executive Board of NEWSWEB, a leading online publisher that went public on the Paris Stock Exchange (Euronext) in 2006 and was subsequently acquired by the LAGARDERE Group. He has also founded and co-founded two other digital businesses that he grew and eventually sold to two strategic players, achieving superior returns to investors. Following the sale of one of these businesses, Alexis reinvested in 2010 the proceeds to co-found VALUESTATE, a European-based hospitality group that now owns 15 midscale hotels in major cities in Europe.

Alexis is Chairman of the Board of Kanu and Red Lands Roses and serves on the Board of Quick Mart, ABL, Herholdt’s, The Courier Guy and Enfin.

Alexis formerly served as an Officer in the French Navy Seals and holds an MBA (1998) from Harvard Business School.

Martha is a Partner at Adenia. She has more than 15 years’ experience as a private equity investment and banking professional in the US and Africa, covering a range of sectors, particularly in the consumer retail and healthcare industries. Martha established Adenia’s East Africa office in Nairobi, Kenya, where her responsibilities include sourcing and screening investment opportunities, negotiating and executing deals, and providing ongoing advice to investees.

Martha developed her investment skills at RFE Investment Partners, a lower middle-market buyout firm based in New Canaan, Connecticut. She began her career as an analyst in the Leverage Finance portfolio group at Citigroup in New York. Martha previously worked with both General Electric and Catalyst Principal Partners in East Africa.

Reflecting her passion for supporting the most promising businesses and entrepreneurs in Kenya, and her commitment to advancing the private equity industry across the region, Martha is a two-time winner of the East Africa Private Equity & Venture Capital Association (EAVCA) Awards' Woman Investor Award. She also received EAVCA’s East Africa Leadership Award in 2021. Recently, she was also featured on Private Equity International's Future40 list, which recognizes individuals under 40 who are expected to play a leading role in shaping the future of Private Equity. 

Martha sits on the Board of Directors of four Adenia portfolio companies: Quick Mart, Africa Biosystems Limited (ABL), Red Lands Roses and Proximed. She is also a director at hair company Harvest of Sunshine and MICO Bright Star Primary School.

Martha earned her Bachelor’s degree in Economics and International Affairs from Lafayette College and an MBA from Harvard Business School.

Florent de Boissieu is a Partner at Adenia. He has more than 20 years’ experience in private equity investment, strategy and consulting. With a focus on Southern Africa and the Indian Ocean, Florent’s responsibilities at Adenia include sourcing and executing deals, monitoring and supporting investee companies, and realizing exits.

After an internship at Eurazeo, a European large cap private equity fund, Florent began his career at Bain & Company in Paris, where he worked on a number of assignments for large corporates in Europe and Africa, as well as many due diligence projects for private equity funds.

Florent currently sits on the Board of Directors of Adenia portfolio companies The Courier Guy, Enfin, Herholdt’s, Kanu Equipment, and Newpack.

Florent earned a Master’s degree at École Nationale des Ponts et Chaussées in Paris, majoring in finance.

Nnennia Ejebe is a Partner at Adenia. She has 20 years’ experience as a private equity investment and consulting professional, covering a range of geographies, including the US, Europe and emerging markets, and company profiles (from small and medium-sized enterprises to multinational corporations). Her focus at Adenia is Anglophone West Africa, where her responsibilities include sourcing and screening investment opportunities, negotiating and executing deals, providing ongoing counsel to portfolio companies, and realizing exits.

Nnennia developed her deal skills at Sverica Capital, a lower middle-market buyout firm based in San Francisco. She began her career as a management consultant at the Monitor Group in Boston.

Nnennia currently sits on the Board of Directors for Adenia portfolio company Quick Mart, a leading fresh foods and general supermarket retailer in Kenya. She is also a trustee of the Street Children Empowerment Foundation and a member of YPO.

Nnennia earned her Bachelor’s degree in Chemical Engineering from the Massachusetts Institute of Technology and an MBA from Harvard Business School.

Mokgadi Maunatlala is a Partner at Adenia. In her role as Partner of Sustainability and Impact, she is responsible for leading sustainable development, impact and business integrity across Adenia, our funds, and our portfolio companies. With over 17 years’ experience in private equity, real estate investment and investment banking, Mokgadi has held leadership roles in sustainable development, strategy, structured solutions and capital raising, positioning her well for her current role at Adenia; at the intersection of investment and sustainability.

Passionate about and committed to driving sustainability and positive impact, Mokgadi was charged with setting up responsible investing capabilities as Head of ESG at Kasada Capital Management, an investment firm focused on the hospitality sector in sub-Saharan Africa. There, she facilitated acquisitions of medium to large-scale hotels, conducting extensive ESG due diligence and initiating and expanding relationships with development finance institutions and other investors. As Head of Sustainability and Innovation at Pareto Limited – a ZAR 30BN real estate fund – she established, developed and rolled out a comprehensive sustainability and innovation strategy that resulted in enhanced portfolio valuations and natural resource stewardship, and lower operating costs.

Mokgadi began her career as an associate at JP Morgan (New York and London), before returning to South Africa where she worked at Rand Merchant Bank as a transactor.

She holds a Master of Science in Mathematics of Finance from New York University (Fulbright Scholar) and a Master’s in International Relations from the University of Strasbourg (France).

Christophe Scalbert is a Partner at Adenia. He has more than 15 years’ experience in private equity and investment banking as well as five years in the development finance space.

He joined Adenia in 2011 to launch and lead the firm’s activities in Francophone West Africa. Since then, his responsibilities have included sourcing, screening, negotiating and executing transactions in this region while also adding value to portfolio companies through active engagement with CEOs and management teams. He has also led the firm’s efforts through various fundraisings initiatives launched during the last 10 years.

Before joining Adenia, Christophe was a Senior Investment Officer and later Deputy Head of the Private Equity division at French DFI Proparco (AFD Group) in Paris, where he made direct and fund investments in Africa and the MENA region.

Christophe started his career in leading investment bank Lazard Frères as an Analyst and then served as an Associate in the merger and acquisitions department.

Christophe sits on the boards of Adenia portfolio companies Overseas Catering Services (OCS) and Erium.

Christophe is a postgraduate from Sciences-Po (Paris) in Economic Development and Political Studies. He also holds a Master’s degree in Finance and Business Studies from EDHEC School of Management in Lille, France.

Rinolan Moodley is a Partner at Adenia, leading the firm's office and activities in South Africa. He is responsible for the full investment cycle, including deal origination, execution, and portfolio management. Joining Adenia in February 2025, Rinolan brings over 15 years of industry experience.

Prior to joining Adenia, Rinolan was a Senior Partner at Phatisa, where he was part of the executive committee and led numerous transactions across diverse industries throughout Africa. He has held several non-executive director roles, including positions at International Facilities Services, Rolfes, and the Meridian Group. Before Phatisa, he spent five years at PwC, working on M&A deals in Southern Africa and completing his articles.

Rinolan earned his Bachelor of Accounting Science and Higher Diploma in Accounting from the University of Witwatersrand and is a qualified Chartered Accountant in South Africa.

Antoine Delaporte founded Adenia Partners in 2002 based on the principles of responsible investment and majority ownership with hands-on support. Adenia’s principles, values and investment strategy has remained consistent while the group has grown to become one of the leading pan-African private equity investment firms.

Before founding Adenia, Antoine had built a reputation as one of the most experienced and successful entrepreneurs in Madagascar, developing three companies with an employee base of more than 2,500. He is passionate about Africa and supporting fellow entrepreneurs to advance the business environment and development in Africa more generally.

Antoine started his career at Bain & Company in Paris then London where he was a manager. He chairs several companies and sits on various boards of large companies in Africa.

Antoine holds a Master’s degree in Management from ESCP Business School (Paris, Oxford, Dusseldorf) and an MBA from INSEAD, France.

Heba Hakky joined Adenia in 2024 as Principal to lead its origination efforts in Egypt and surrounding countries. Her responsibilities include deal origination, transaction execution, and providing support to portfolio companies.

Heba brings over 16 years of experience in private equity, corporate investments, and financial services. Over the course of 8 years in private equity and corporate investments, she held various roles at Actis, Ezdehar Management and Shari Holding. Prior to joining Adenia, she served for three years as the Egypt Managing Director of Liwwa, a tech-enabled lender focused on small and medium-sized enterprises in Egypt and Jordan, where she was also a key member of the senior leadership team.

Heba earned her MBA from London Business School as a merit-based scholar.

Dan Apungu joined Adenia in 2022 as a Principal in the Kenya office focusing on investments in Sub-Saharan Africa, where his role and responsibilities comprise of originating and executing investment opportunities as well as providing ongoing support to Adenia portfolio companies.

Dan has over 10 years of experience, working across the United States and Africa. Prior to joining Adenia, Dan served as an investment banking professional for Standard Bank in Kenya and South Africa. His experience in the United States consisted of opportunities at J.P Morgan (Leveraged Finance) and Morgan Stanley (Equity Research). Dan is passionate about growing Africa sustainably through responsible and sustainable investment.

Mohammed Fassi Fehri is a Principal at Adenia. He has more than 11 years’ experience in principal investing and strategy consulting. Mohammed joined Adenia’s Casablanca office in 2023 and focuses on investments in Morocco and the broader North Africa region. His role and responsibilities include deal origination, execution and providing support to portfolio companies. Prior to joining Adenia, Mohammed was a Principal at BCG, Casablanca. Prior to that, Mohammed worked at Wendel, part of their African investments team. His other work experience include private equity investing at Eight Roads (UK) and strategy consulting at Bain & Co. Mohammed holds an MSc from Ecole Polytechnique (Paris) and a Masters in Finance & Strategy from Sciences Po (Paris).

Adenike Kuti is a Principal at Adenia. She has 15+ years’ experience in principal investing, advisory and investment banking. Adenike joined Adenia’s Nigeria office in 2023 and focuses on investments in the anglophone West Africa region. Her role and responsibilities include deal origination, execution and providing support to portfolio companies. Prior to joining Adenia, Adenike founded OAKHeirs Ltd, a boutique advisory and investment firm. Her other work experience include: private equity investments at LeapFrog Investments; infrastructure investments at Africa Finance Corporation; transactions advisory at KPMG and investment banking at Vetiva Capital. She currently seats on the board of e-Finance. Adenike holds an EMBA from Said Business School, University of Oxford, and a Masters in Finance & Investment from Nottingham University Business School.

Tojo Rakotozafy is an Investment Manager in the Madagascar office and has been with Adenia since 2006. He is focused on local deals and monitoring portfolio companies, while also working on investment opportunities in other regions, including South Africa, Mauritius and Kenya. With deals such as Somalaval, a leading paint business in Madagascar, Tojo has demonstrated a strong capacity to fully manage the investment process from sourcing prospective investments to deal execution to negotiating exits.

Tojo previously worked for a Malagasy venture capital fund, where he learned the fundamentals of private equity investing. In 2008, he co-founded the Malagasy private equity association AMIC (Association Malagasy des Investisseurs en Capital). Having served as secretary from 2008 to 2021, he is currently treasurer of the organization.

Tojo holds a Masters’ degree in International Business Development from Neoma Business School (France) and an executive MBA from HEC Paris.

At Adenia since 2019, Nelly is an Investment Manager based in Morrocco. Nelly is part of the investment team and currently sits on the Board Proximed.

She started her career at PwC as a Transaction Services Associate in Paris, after a first experience in Private Equity at Andera Partners (previously Edmond de Rothschild Investment Partners).

Nelly holds a Master in Corporate Finance & Financial Engineering from Paris Dauphine.

Tshegofatso Tshukudu is an Investment Manager at Adenia in the South Africa office and is involved in the full suite of private equity functions, from deal origination and execution to management and exit. Tshego currently sits on the Board of Directors for The Courier Guy.

Prior to joining Adenia in 2022, Tshego worked for Emerging Capital Partners, looking after portfolio companies in Kenya and South Africa. He began his career at Bank of America Merrill Lynch as a graduate in the Global Markets division and also worked for Goldman Sachs in the Investment Banking Division in Johannesburg, focused on Mergers and Acquisitions across Sub-Saharan Africa.

Tshego holds an Honours in Investment Management and a Bachelor of Commerce (Accounting) from the University of Johannesburg.

Jermaine Armah rejoined Adenia in 2024 as an Investment Manager after spending 2 ½ years as Head of Corporate Finance at an e-commerce start-up in Kenya. Given his familiarity of the market and the exciting prospects in East Africa, he joined the Nairobi office.

Jermaine is primarily responsible for sourcing, execution, monitoring and exits. He is also a committee member on the ESGI committee.

Jermaine initially joined Adenia in 2017 in the Ghana office and has been involved in 4 out 9 investments of Fund IV including Kanu Equipment, Quickmart, Newpack and Eastcastle. He also led the Technical Assistance facility, generating over $1 million in contributions and successfully disbursing these funds to portfolio companies.

Prior to Adenia, Jermaine worked in the UK at Citigroup in the Investment Banking Division before moving to a client, DS Smith PLC, a UK publicly listed company, where he was involved in several M&A transactions across Europe and North America.

Jermaine graduated from Warwick Business School – University of Warwick with a Bachelor’s degree in Management.

Gassane is an Investment Associate at Adenia, based in Casablanca. He initially joined Adenia’s Ivoirian office in 2022, where he was highly involved in the monitoring and the exit of OMOA (a leading payment services provider operating in 11 African countries) as well as in the acquisition of Air Liquide’s subsidiaries in West Africa, Central Africa and Madagascar. Currently, Gassane sits on the Board of Directors of Erium (former Air Liquide) and his responsibilities include sourcing, portfolio monitoring and deal execution in French-speaking African countries. Before joining Adenia, Gassane worked at CFAO Group within the Corporate Development team in Paris and at KPMG as an M&A analyst, with a focus on African transactions.

He holds a Master in Management and a Master of Science in Corporate Finance & Banking from EDHEC Business School.

Sazisile is an Investment Associate at Adenia, based in Johannesburg. She joined the South African team in 2024 and is involved in sourcing, structuring, and executing investment opportunities, as well as supporting portfolio companies in achieving their strategic objectives and implementing value creation plans.

Before joining Adenia, Sazisile gained experience in private equity at Phatisa, where she worked on transactions across East, West, and Southern Africa, including financial modeling, due diligence, and deal negotiation. Earlier in her career, she held roles in corporate finance, transaction advisory, and audit, gaining broad expertise in financial analysis and deal execution.

Sazisile is a Chartered Accountant (SAICA) and holds a Postgraduate Diploma in Accounting and a Bachelor of Commerce in Accounting from the University of Cape Town.

Sarah is an Investment Associate at Adenia, based in Casablanca. She joined the Moroccan Team in 2024 and is involved in the full suite of private equity functions, from deal origination and execution to management and exit, in Morocco and the broader North Africa region. Before joining Adenia, Sarah spent four years at Amethis, working in their Casablanca office, where she gained extensive experience in portfolio management and deal execution. Prior to this, she began her career in the Transaction Services department at Mazars in Paris, following a first experience in acquisition financing (LBO) at ING Paris.

Sarah holds a Master in Science (MSc) of Management at ESSEC Business School (major in Finance).

Poonam is a professional with over 15 years of experience in assessing a company’s governance and business integrity systems, identify compliance, reputational and operational risks and develop mitigation actions that help to improve company performance, reduce long-term costs and increase development impacts.

In 2007, she joined Adenia as Compliance Officer, where she was instrumental in developing and implementing a comprehensive and sustainable compliance framework that has since become a cornerstone of the organization's operational integrity.

Poonam now serves in the Sustainability and Impact team, and addresses environmental, social, and governance challenges. She works alongside portfolio companies and specializes on governance and business integrity, by driving Adenia's commitment to responsible investment practices.

Poonam holds a bachelor’s degree in business management from the University of Mauritius and is an Associate member of the International Compliance Association (UK).

Nomena is an ESG & Impact Analyst at Adenia Partners, based in Madagascar. In this role, he is dedicated to enhancing the sustainability and impact performance of Adenia’s portfolio companies such as conducting ESG and impact assessments, supporting sustainability reporting, coordinating strategic projects, and performing due diligence analyses to support the team.

Prior to that, Nomena gained valuable experience as a consultant in finance and strategy, following a one-year fellowship at Adenia Partners.

He holds a master’s degree in finance and Banking Management from INSCAE Madagascar, and IAE Lyon School of Management

Manoa is an ESGI and TA Fellow at Adenia, supporting the ESG team and managing technical assistance projects alongside the TA Manager. He was previously an intern at Adenia's Madagascar office from 2023 to 2024. Manoa holds a master’s degree in finance and Corporate Governance from the University of Antananarivo, with a background in accounting, financial analysis, and business development.

Nicholas Rous serves as the Group Chief Financial Officer at Adenia, overseeing the comprehensive financial operations of the organization. He is a South African qualified Chartered Accountant with an MBA. Prior to joining Adenia, Nicholas held the position of Chief Financial Officer at Westpac Bank in Papua New Guinea. With over 15 years of experience in banking and financial services, he has worked across various regions, including Mauritius, where he was the Group Chief Financial Officer for Ciel Healthcare, a major Mauritian corporation. His extensive experience spans multiple locations, including Australia, South Africa, several Pacific Island nations, and the United Kingdom.

Pamela Ramigadu has held various roles at Adenia, including Assistant Accountant, Accountant, and Chief Accountant, before advancing to her current position as Group Chief Financial Officer. In this capacity, she oversees all accounting and financial operations for Adenia’s head office in Mauritius, as well as its offices across Africa.

With 15 years of experience in the accounting and financial sector, Pamela previously worked at the Mauritius Chamber of Commerce prior to joining Adenia. In 2023, she was recognized as the youngest private funds CFO by Private Equity International.

In addition to her professional work, Pamela serves as a pro bono Elite Trainer at Bambous Martial Arts, a non-governmental, non-profit organization with international affiliations. The organization encourages participation in sporting activities and promotes positive thinking.

Pamela is an Associate of the Association of Chartered Certified Accountants and holds an Advanced Diploma in Accounting, Business, and Management.

Feizal Moossa is the Chief Risk Officer (CRO) at Adenia and reckons over 33 years of experience with 22 years in the Private equity environment. In his current role, he oversees the financial, Fund Administration, taxation and compliance aspects of Adenia’s funds and Adenia Investment holding entities with a range of responsibilities across fundraising and administration, dealing with banks for financing and treasury management, and compliance, including legal, anti-money laundering and taxation.

He joined Adenia at inception to build the foundation of the financial framework, establishing the compliance and legal function of the fund manager and the various funds. Feizal is passionate and engaged with both the Investment team and the wider team, as well as our portfolio companies to provide ongoing counsel in his field of expertise.

Mack Schow is the Head of Investor Relations for all funds managed by Adenia. He is responsible for interacting and deepening relationships with existing and new investors as well as governance, reporting, and communications topics. He will also develop strategic initiatives for the firm. He joined Adenia in 2023 with over a decade of experience in private equity in emerging markets.

Janith is the Head of Fund Administration for all funds managed by Adenia. Furthermore, he provides support with ongoing liaison with investors. He has more than 12 years of experience in the financial services sector with knowledge in the structuring and administration of global business companies, collective investments schemes and domestic companies in Mauritius.

He holds a BSc in Business Management & International Relations from Aston University and a MSc Project Management from the University of Manchester.

Yashpal Mohith Jeetun is a seasoned Corporate Manager with extensive expertise in fund administration, corporate governance, and financial services. Currently serving as a Corporate Manager at Adenia Services Ltd, Yashpal specializes in ensuring governance of Special Purpose Vehicles (SPVs) created under Adenia Funds and Adenia Partners Ltd.

His professional journey reflects a consistent track record of excellence in fund administration, client relations, and team leadership. Throughout his career, he has demonstrated strengths in managing financial structures, liaising with management companies and banks, and maintaining rigorous standards of corporate governance.

His experience includes working with diverse financial entities such as funds, Global Business Companies, trusts, and investment structures.

Yashpal is an ACCA Member and acts as Company Secretary of Adenia Partners Ltd.

Yohan has taken on the role of Senior Accountant at Adenia in 2023, where he is tasked with preparing the company’s annual financial statements and assisting the CFO in managing the daily financial operations.

With more than a decade of experience in the financial services industry and over seven years specifically in fund accounting and administration, Yohan brings significant expertise to his position.

He earned a Bachelor of Commerce degree in Accounting and Finance from Curtin University in Australia and is in the process of obtaining his ACCA qualification

Jenita began her career as an intern in Adenia's Compliance Department in 2020 and her professional growth and unwavering commitment led to her appointment as Assistant AML/KYC Officer in 2022.

She holds a BSc in Finance (Minor: Law) from the University of Mauritius, complemented by an International Diploma in Anti-Money Laundering from the International Compliance Association (ICA), UK. As a Professional Member (MICA) of the ICA, she remains at the forefront in the combat against financial crimes and compliance best practices.

Currently pursuing her Masters in Business Administration with Specialization in Financial Services from the University of Mauritius, Jenita is continuously expanding her knowledge and professional capabilities.

Dedicated to excellence in her field, Jenita is committed to maintaining the highest standards of regulatory compliance and contributing to the strategic objectives of Adenia.

Sharron joined Adenia in 2016 as the office admin in Mauritius. Previously, she worked in the hospitality industry in Mauritius. She holds a Diploma in Hospitality Management from the Hotel School of Mauritius.

Mma joined Adenia in 2014 as an office admin and accountant. Previously, she worked as portfolio manager at an accounting firm in Abidjan for seven years. She holds a Master 2 in Finance and Audit.

Cynthia Joined Adenia in 2019 as the office admin and accountant in Kenya. Previously, she worked in an accounts consultancy firm in Nairobi. She holds a Bachelor’s degree in Commerce and is a Certified Public Accountant of Kenya (CPA K).

Sambatra joined Adenia in 2005 as the office admin in Madagascar. Previously, she worked in a gas distribution company in Madagascar. She holds a diploma in Business and Trade Administration from Institut de Management Des Arts Et Des Métiers of Antananarivo.