making control investments in Africa
Funds raised since inception
raised since inception
Local offices in Africa
Celebrate 20th anniversary of responsible investing for a sustainable Africa
Achieve 2X Flagship Fund status for Adenia (V)
Open new office in South Africa
Begin defining investee ‘theory of change’ during due diligences
Undertake comprehensive carbon footprint assessment with EcoAct
Become OPIM signatory
Open new office in Morocco
Close Adenia (IV) - €230m
Open new office in Kenya
Open new office in Côte d'Ivoire
Change brand name to Adenia Partners
Close I&P Capital (III) - €96m
Adopt Environmental and Social Management System (ESMS)
Open new office in Ghana
Implement Environmental and Social Plan (ESAP)
Close I&P Capital (II) - €37m
Open new office in Madagascar
Close first fund, I&P Capital (I) - €10m
Founded Adenia Partners’ predecessor, I&P Management, in Mauritius
For two decades, Adenia has been making values-based investments in Africa, and we take that responsibility seriously.
We are responsible to our investors, aiming to achieve superior financial performance through measurable and sustainable business transformation.
We are entrepreneurs backing entrepreneurs. We believe determination, tenacity and creativity are key to successful, sustainable businesses. That’s why we typically invest in founder-led businesses and why many members of our team are entrepreneurs themselves. This entrepreneurial mindset gives us a unique edge when it comes to identifying investment opportunities.
Only by being on the ground can we meet the most visionary entrepreneurs, access the very best investment opportunities, and execute on our value creation and ESG transformation plans. That’s why we live and work where we invest, with seven offices across the continent.
Good partnerships are built on shared vision and mutual respect. These are cornerstones of our work and all our interactions – whether that’s with our investors, our investees, or our own employees.
We promote transparency in all aspects of our business, particularly when it comes to our investors.
We believe that diversity and equality lead to better decisions, improved performance and ultimately stronger businesses. Our inclusive approach allows us to better represent the communities we serve and to access a more diverse pool of ideas and creative energies. We put these principles into practice inside our own firm, and they are why, as a control investor, we have always worked closely with management teams to build inclusive workplaces.
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: Syrse, Overseas Catering Services (OCS) and Eastcastle Infrastructure.
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 as 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 and Herholdt’s.
Alexis formerly served as an Officer in the French Navy Seals and holds an MBA (1998) from Harvard Business School.
Antoine Delaporte is the Founder and Managing Partner of Adenia Partners. Since setting the company up in 2002, Antoine has grown the firm to be pan-African with offices in 7 countries on the continent.
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 sets the overall tone and direction for Adenia Partners, having founded the firm based on the principles of responsible investment and majority ownership with hands-on support.
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. He is a member of the board of the AVCA (African Venture Capital Association).
Antoine holds a Master’s degree in Management from ESCP Business School (Paris, Oxford, Dusseldorf) and an MBA from INSEAD, France.
Charles Boatin is a Partner at Adenia, with 12 years’ experience in private equity and consulting across the US, Africa and Europe, covering a range of businesses in the industrial and technology sectors. Charles joined Adenia in 2014 and focuses on the Anglophone West African region, where he supports sourcing, portfolio company monitoring and deal execution. In addition to providing strategic support and developing the transformation agenda for Adenia’s portfolio companies, Charles supports the strategic development of Adenia’s organization across the region.
Charles began his career in engineering in Silicon Valley, California, before joining the Boston Consulting Group in Atlanta as a management consultant.
Charles sits on the boards of DDP, Cresta and Eastcastle.
Charles has a Bachelor’s degree in Chemical Engineering from the Massachusetts Institute of Technology and an MBA from Harvard Business School.
Florent de Boissieu is a Partner at Adenia. He has more than 15 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. As head of Adenia’s office in Johannesburg, Florent completed the firm’s first transaction in the country with the acquisition of a majority stake in Herholdt’s, a leading distributor of low-voltage electrical products and solar products.
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 Herholdt’s, Kanu Equipmen; 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 15 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). Nnennia is passionate about generating sustainable growth in Africa through responsible investment. Her focus at Adenia is Anglophone West Africa, where her responsibilities range from sourcing and screening investment opportunities to negotiating and executing deals, as well as providing ongoing counsel to portfolio companies.
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 and also worked for the International Finance Corporation based in Lagos, Nigeria.
Nnennia currently sits on the Board of Directors for Adenia portfolio companies DDP Outdoor, one of the leading outdoor advertising businesses in West Africa, and 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.
Martha is a Partner at Adenia. She has 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.
Christophe Scalbert is a Partner at Adenia. He has 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 Syrse/OMOA and Overseas Catering Services (OCS).
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.
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.
Pierre-Alexandre Assou is an Investment Manager at Adenia’s Ivorian office covering French-speaking African countries. Passionate about working in fast-growing economies, Pierre-Alexandre joined Adenia in 2017 and holds responsibilities ranging from sourcing to monitoring and exiting portfolio investments. Most recently, Pierre-Alexandre was a member of the Board of Ademat (a leading provider of power security solutions in Côte d’Ivoire) and actively participated in the exit of this investment in April 2021. He is now focusing on multiple acquisition opportunities and the monitoring of Syrse, a leading integrated service provider in the payment industry on the African continent.
Pierre-Alexandre previously worked as an M&A analyst at Rothschild and Société Générale in Paris.
He holds a Master of Science degree in Corporate Finance and Management from EM Lyon.
At Adenia since 2019, Nelly is an Investment Manager based in Mauritius. Nelly is part of the investment team as well as the ESG & Impact team, and currently sits on the Board of Directors of Adenia portfolio companies Proximed, Herholdt’s and MCL.
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.
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 studied at Neoma Business School (France) where he obtained a degree at IFI (Institut de Formation Internationale) and a Masters’ degree in International Business Development. He is currently an executive MBA candidate at HEC Paris.
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.
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.
At Adenia since 2022. Before joining Adenia, Emmanuel worked as an Investment Associate at Injaro Investments where he was involved in the full suite of private equity functions, from deal origination to execution, value creation and exit across multiple funds investing in East and West Africa. Emmanuel is a CFA chaterholder and holds a Bachelor of Commerce degree from the University of Cape Coast.
Lea is an Associate at Adenia. Based in Mauritius, she oversees investor relations and Environment, Social, Governance and Impact matters at Adenia. Lea previously worked at the intersection of sustainability, finance and startups as a Strategy Associate for Imagine (London) and as a Sustainability Analyst for Solar Impulse (Lausanne, Switzerland).
Lea holds a Master of Science degree in Sustainability Management from Columbia University and a Bachelor of Science degree in Environment and Development from the London School of Economics.
Evans Miriti is an Associate at Adenia, based in Nairobi. Evans joined Adenia in 2020 and his responsibilities include deal execution and portfolio monitoring. Prior to joining Adenia, Evans worked at Centum Capital Partners as a Private Equity Analyst focusing on the Education, Agribusiness and Consumer Preference sectors. He previously worked at Cytonn Investment Management Company's real estate research team. Evans holds a Bachelor of Economics and Statistics degree from the Kenyatta University, a CPA certification and is a CFA candidate.
Gassane is an Investment Analyst at Adenia, based in Abidjan. He joined the Ivoirian office in 2022 and his responsibilities include deal execution and portfolio monitoring. Before joining Adenia, Gassane worked at CFAO in the Corporate Development team in Paris and at KPMG Corporate Finance as an M&A analyst, with a focus on pan-African transactions.
He holds a Master in Management and a Master of Science degree in Corporate Finance & Banking from EDHEC Business School.
Pamela Ramigadu occupied various roles at Adenia, including Assistant Accountant, Accountant and Chief Accountant, before becoming Chief Financial Officer. In this role, she oversees all the accounting and financial aspects of the day-to-day running of Adenia’s head office in Mauritius and its other offices across Africa.
Pamela has 12 years’ experience in the accounting and financial sector. Prior to joining Adenia, she worked at the Mauritius Chamber of Commerce.
Pamela is also a pro bono Elite Trainer at Bambous Martial Arts, a non-government and non-profit organization with international affiliations which encourages people to do sporting activities and promotes positive thinking.
Pamela is an Associate of the Association of Chartered Certified Accountants and currently holds an Advanced diploma in Accounting and Business and Management from Mauritius University.
Feizal Moossa is a Chief Risk Officer (CRO) at Adenia. In his current role, he oversees the financial and compliance aspects of Adenia’s funds 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 business integrity.
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.
He also serves as a member of the AVCA Compliance and Best Practice Committee.
Before joining Adenia over 20 years ago, Feizal spent a decade in accountancy, holding manager positions with Deloitte and Ernst & Young.
He is a Fellow of the Chartered Association of Certified Accountants in the UK.
Geetanjalee is the Company Secretary of Adenia and its domestic affiliates. She heads the Corporate Affairs department to ensure acquisitions made by Adenia Funds have adequate structures in place. She monitors and ensures compliance of Adenia with the Companies Act 2001 and other relevant legislation.
Geetanjalee has over 20 years’ experience in the corporate services sector and has been with Adenia since September 2016.
Geetanjalee holds a BA (Hons) in Law and Management and qualified as an Associate of the Chartered Governance Institute (UK & Ireland) in 2004.
Poonam is the Business Integrity Officer at Adenia, with responsibility for implementing and monitoring the business integrity management system across Adenia’s portfolio companies and assisting in pre-deal due diligence.
With 15 years’ experience and knowledge in driving AML/CFT compliance programs, risk management and compliance for clients, Poonam joined Adenia in 2007 as Compliance Officer to set up and oversee a sustainable compliance program.
Poonam has extensive experience in private equity back-office operations including: regulatory compliance, training and mentoring, investor relations, fund administration and corporate administration.
Poonam earned her Bachelor’s degree in Business Management from the University of Mauritius and is a qualified professional from the International Compliance Association (UK) as an Associate member.
Jenita is the Assistant KYC/AML Officer at Adenia, supporting the team on all aspects of KYC, AML and CFT. She has held a number of intern roles within Adenia’s Compliance Department, alongside her educational studies, which has enabled her to hone her skills.
Jenita holds a BSc Honours in Finance (Minor: Law) from the University of Mauritius.
She is presently pursuing an International Diploma in Anti Money Laundering from the International Compliance Association (UK).
Prisca joined Adenia in 2011 as the Office Manager. She holds a Bachelor of Arts degree in Political Science and French from the University of Ghana. She is also currently a student at the Corporate Governance Institute UK.
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.