Our Funds
Adenia Capital I
  • Fund size: €10 million

    Stage: Fully exited

    Start date: August 2003

    Investors in Adenia Capital are a combination of reputable international investors and regional investors. Directors and senior managers of Adenia Partners collectively hold 40% of Adenia Capital. Institutions invested in this fund include Proparco, the European Investment Bank (EIB), and the Sugar Industry Pension Fund of Mauritius.

Adenia Capital II
  • Fund size: €37 million

    Stage: Fully exited

    Start date: August 2007

    Investors in Adenia Capital (II) are a combination of large reputable international Investors and regional individual investors and entrepreneurs. Directors and senior managers of Adenia Partners collectively hold 15% of Adenia Capital (II). Institutions investing in this fund include Proparco, the European Investment Bank (EIB), the International Finance Corporation (IFC), Norfund, CDC, and the Sugar Industry Pension Fund of Mauritius.

Adenia Capital III
  • Fund size: €96 million

    Stage: Mostly exited

    Start date: February 2012

    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.

Adenia Capital IV
  • Fund size: €230 million

    Stage: Fully invested

    Start date: May 2017

    The investor base of Adenia Capital (IV) is a combination of public and private institutional investors, family offices and High Net Worth Individuals (HNWI)mainly from Africa and Europe. They include Axian Venture Investments Ltd, CDC Group, DEG, the European Investment Bank (EIB), FMO, International Finance Corporation, OeEB, Old Mutual, SIFEM, SIPF, and South Suez Capital.

Adenia Capital V
  • Fund size: $470 million

    Stage: Investing

    Start date: September 2022

    The investor base of Adenia Capital (V) is a combination of public and private institutional investors, family offices and High Net Worth Individuals (HNWI) mainly from Africa, Europe and North America. They include the International Finance Corporation, DFC, Proparco, DEG, the European Investment Bank (EIB), FMO, Norfund and Findev Canada.

Portfolio
All investments
  • All investments
  • current investments
  • exited investments
All Funds
  • All Funds
  • Fund I
  • Fund II
  • Fund III
  • Fund IV
  • Fund V
All Sectors
  • All Sectors
  • BPO
  • TMT
  • Hospitality
  • Manufacturing
  • Business Services
  • Textile
  • Agribusiness
  • Healthcare
  • Distribution
  • Retail
  • Renewable
  • Telecoms
All Regions
  • All Regions
  • Indian ocean
  • West and central Africa
  • West Africa
  • Pan African
  • East Africa
  • Southern Africa
  • North and west Africa
  • Company :

    The Courier Guy

  • Country :

    South Africa

  • Investment year :

    2024

  • Industry :

    Last mile delivery

The Courier Guy is a leading provider of last-mile delivery and express parcel services in South Africa, offering a broad spectrum of logistics solutions to a diverse range of e-commerce customers. With its extensive network of delivery partners, kiosks, and lockers, The Courier Guy is committed to delivering innovative, efficient, and customer-centric services.

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  • Country :

    South Africa

  • Investment year :

    2023

  • Industry :

    Renewable

Enfin is a leading rooftop solar financing company based in South Africa. Focused on commercial and industrial clients, Enfin is committed to providing sustainable, reliable, and cost-effective energy solutions. By owning, building, and operating solar assets, Enfin aims to address the growing energy crisis in South Africa while contributing to a greener future.

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  • Company :

    Proximed

  • Country :

    Mauritius

  • Investment year :

    2021

  • Industry :

    Healthcare

Proximed is a medical solutions distributor set up in Mauritius in 2012. The company has operations in Mauritius (main market, c.80% of sales), Madagascar, and other neighboring islands. It provides the full spectrum of medical goods & services, with a leading position in Laboratory and Life sciences. The company represents recognized brands such as Thermo-Fisher Scientific, Abbot and Sysmex.

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  • Company :

    Overseas Catering Systems 

  • Country :

    Morocco

  • Investment year :

    2021

  • Industry :

    Business Services

Created in 2009, OCS is a leading catering and other services provider. OCS operates different corporate services business lines: - Catering, the group’s main activity, offered under the brand “Ansamble” to c. 180 clients in 5 countries (Morocco, Côte d’Ivoire, Senegal, Mauritania, UAE). In 10 years, it has become the #2 catering player in Morocco - Cleaning services, mostly in Senegal OCS employs a total of 3,300 full-time employees who serves c. 180,000 meals per day.

  • Company :

    Red Land Roses

  • Country :

    Kenya

  • Investment year :

    2021

  • Industry :

    Agribusiness

Established in 1996, Red Lands Roses (Red Lands) is a leading grower of premium fresh-cut roses in Kenya. The company’s flowers are cultivated utilizing a 100% hydroponic system with 100% water recycling, a sophisticated Integrated Pest Management (IPM) and is powered by green energy. Red Lands’ fresh-cut roses have fuller heads, longer stems, and a longer vase life which not only provides value for its targeted premium florist market, but also ensures an overall lower carbon emissions profile. The company sells exclusively to wholesalers, predominantly serving markets in Western and Central Europe.

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  • Company :

    EastCastle Infrastructure

  • Country :

    DRC/Nigeria

  • Investment year :

    2021

  • Industry :

    Telecom

Eastcastle was established in 2020 by Peter Lewis and Pankaj Kulshrestha, the former CFO and COO respectively of Eaton Towers. Adenia, AIIM and IFC have partnered to invest a total of USD130 million that will support Eastcastle’s build-to-suit strategy, to develop new telecom towers initially in the Democratic Republic of Congo, Nigeria and Côte d'Ivoire. The number of towers across the region needs to increase significantly to accelerate the deployment of bandwidth intensive technologies such as 3G, 4G and 5G by Mobile Network Operators and to increase quality of connectivity for individuals and businesses.

  • Company :

    Herholdt's Group

  • Country :

    South Africa

  • Investment year :

    2021

  • Industry :

    Renewable

Founded in 1964, Herholdt’s is a leading distributor of low voltage electrical products and solar products in South Africa. It supplies a broad product portfolio of 10,000+ items to professionals – such as installers, contractors and resellers – as well as end-users. Originally, Herholdt’s focused on the sale of electrical equipment such as cabling, switches and sockets, as well as lighting. In 2018, it successfully diversified into the distribution of solar systems, a market experiencing rapid growth on the back of increasing product affordability and difficulties faced by the national power grid system.

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  • Company :

    Africa Biosystems Limited

  • Country :

    Kenya

  • Investment year :

    2021

  • Industry :

    Healthcare

Established in 1999, Africa Biosystems Limited (ABL) is a distributor of state-of-the-art life sciences equipment and consumables for Eastern African markets. The Company’s instruments are used to conduct research and diagnosis across the animal, human and crop sectors with product applications that span molecular, cell and protein biology and DNA forensics. ABL’s customers fall into various end markets including government and non-governmental organizations, academic institutions, and the private sector.

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  • Company :

    Quick Mart

  • Country :

    Kenya

  • Investment year :

    2018

  • Industry :

    Retail

Quickmart Ltd is a leading fresh foods and supermarket retailer established in 2006. Since Adenia’s merger with Tumaini in 2019, Quick Mart operates +50 branches in 14 counties across Kenya with a total workforce of 5,000+ employees. Its stores provide a comprehensive selection for everyday groceries, household toiletries, and consumable goods. As a dedicated corporate citizen, Quickmart has maintained its commitment to improving the socioeconomic condition of the localities in which it operates and the nation as a whole.

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  • Company :

    Tumaini

  • Country :

    Kenya

  • Investment year :

    2018

Quick Mart Limited (Quick Mart) was formed as a merger of two “tier II” supermarket chains in Kenya: Tumaini Self Service which operated a chain of 9 grocery supermarkets at acquisition in 2018 and Quick Mart which operated a chain of 10 grocery supermarkets at acquisition in 2019.

  • Company :

    Newpack

  • Country :

    Madagascar

  • Investment year :

    2018

  • Industry :

    Manufacturing

Founded in 1989, Newpack is the leader in corrugated cardboard packaging in Madagascar. The company carries out the full production process in-house, including the transformation of paper and recycled materials into corrugated cardboard, cutting and shaping into boxes and printing. It distributes them in Madagascar and the Indian Ocean region

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  • Company :

    Kanu Equipment

  • Country :

    South Africa

  • Investment year :

    2018

  • Industry :

    Distribution

Kanu Equipment is a pan-African heavy equipment dealer, lessor and maintenance service provider. Kanu’s subsidiaries operate in 13 countries throughout Southern, Eastern & Western Africa. Kanu is among the biggest dealers for Bell Equipment and Liebherr.

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  • Company :

    Opham

  • Country :

    Madagascar

  • Investment year :

    2016

  • Industry :

    Healthcare

Created in 1952, Opham is the leading pharmaceutical products wholesaler in Madagascar. Opham distributes more than 4,500 specialty and generic products to pharmacies and hospitals in the country.

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  • Company :

    Ademat

  • Country :

    Ivory Coast

  • Investment year :

    2016

  • Industry :

    Business Services

Founded in Abidjan in 1983, Ademat is the leader of distribution, installation and maintenance of energy solutions in Côte d’Ivoire. Its range of products include generators, inverters, drive systems and other electric products in partnership with world-renowned manufacturers.

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  • Company :

    Mauvilac

  • Country :

    Mauritius

  • Investment year :

    2014

  • Industry :

    Manufacturing

Mauvilac manufactures and distributes decorative and specialty paints and coatings. Founded in 1964, Mauvilac sells its products directly through five concept stores in Mauritius and indirectly via a network of over 1,000 hardware stores across the Indian Ocean region. By 2020, Mauvilac had captured a greater than 50% market share of the Mauritian paint industry.

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  • Company :

    CIEL

  • Country :

    Mauritius

  • Investment year :

    2013

  • Industry :

    Business Services

CIEL Ltd is an International Mauritian Group present in more than 10 emerging markets across Africa & Asia. Listed on the Stock Exchange of Mauritius, It is the parent holding company of the CIEL group of companies, one of the leading industrial and investment groups focused on 6 strategic sectors : Agriculture, Finance, Healthcare, Hotels & Resorts, Property And Textile.

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  • Company :

    Socolait

  • Country :

    Madagascar

  • Investment year :

    2012

  • Industry :

    Agribusiness

Socolait is a leading dairy product manufacturer in Madagascar. The company is specialized in the production of sweetened condensed milk, baby and infant powder (FARILAC), milk powder, and fresh dairy products, such as yogurts and cheeses, and snack products. The company distributes its products throughout Madagascar via a network of wholesalers, large retailers and small shops.

  • Company :

    Cresta

  • Country :

    Ghana

  • Investment year :

    2015

  • Industry :

    Manufacturing

Cresta Paint Industries Ltd, the leading paint manufacturer founded in 2002, specialises in producing polyurethane paints, polyurethane clears, hardeners, thinners, adhesives, and associated goods. The company focuses on exports to West Afric. In all of its interactions with customers and suppliers, its aim to maintain the highest ethical standards and be their most preferred choice.

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  • Company :

    DDP

  • Country :

    Ghana

  • Investment year :

    2014

  • Industry :

    Business Services

Established in 1973, DDP Outdoor Limited is Ghana's market leader in outdoor advertising. DDP provides services to domestic and international businesses in a variety of sectors, including fast-moving consumer products, telecommunications, and financial services, by leveraging a network of more than 2,700 billboards.

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  • Company :

    Syrse Groupe

  • Country :

    Ivory Coast

  • Investment year :

    2012

  • Industry :

    TMT

Regional leader in electronic payments, operating in 11 countries in West and Central Africa

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  • Company :

    Madagascar Litchis Export

  • Country :

    Madagascar

  • Investment year :

    2010

  • Industry :

    Agribusiness

Madagascar Litchis Export (MLE) is a litchi export business in Madagascar. During the harvest season, which is in November, MLE employs over 1,600 people and reaches a daily processing capacity of about 200 tons. MLE is Global GAP certified.

  • Company :

    Fruid'Iles

  • Country :

    Madagascar

  • Investment year :

    2011

  • Industry :

    Agribusiness

Fruid'îles Export is a litchi export company, based on the east coast of Madagascar, in the large port city of Toamasina. Its activities consist in buying fruit from producers, then grading, sorting, sulfurizing, packaging and exporting it to international markets.

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  • Company :

    Ciel Textile

  • Country :

    Mauritius

  • Investment year :

    2010

  • Industry :

    Textile

CIEL Textile is a global player garment and fabrics manufacturer with operations in Mauritius, Madagascar, India and Bangladesh. It is part of CIEL, an international Mauritian Group listed on the Stock Exchange of Mauritius Sustainability Index.CIEL Textile is a global player garment and fabrics manufacturer with operations in Mauritius, Madagascar, India and Bangladesh. It is part of CIEL, an international Mauritian Group listed on the Stock Exchange of Mauritius Sustainability Index.

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  • Company :

    CEAL

  • Country :

    Mauritius

  • Investment year :

    2009

  • Industry :

    Business Services

CEAL provide heavy equipment on rent for agriculture and civil work operations. The company offers fleet and equipment on rental basis for services like earthworks, civil engineering, derocking, agricultural works, dredging, landscaping, transport, handling and demolition.

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  • Company :

    MUA

  • Country :

    Mauritius

  • Investment year :

    2009

  • Industry :

    Business Services

MUA (or Mauritius Union Assurance) is a regional financial services company providing insurance and financial solutions for communities in Mauritius, East Africa and the Indian Ocean. Whilst their primary focus is on short-term and long-term insurance, their subsidiaries also offer a variety of specialised services and solutions to corporate and individual clients in the fields of pension, investment, savings and stockbroking.

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  • Company :

    Hotel du Louvre

  • Country :

    Madagascar

  • Investment year :

    2006

  • Industry :

    Hospitality

Grand Hotel du Louvre is a 4-star hotel in downtown Antananarivo. After significant renovations, the hotel now has 78 rooms and is one of the largest international-standard hotels in Antananarivo.

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  • Company :

    CBE

  • Country :

    Comoros

  • Investment year :

    2005

  • Industry :

    Manufacturing

Established in 2005, CBE is active in the production and distribution of sand and aggregates in the Comoros. Additionally CBE provides a wide range of construction services such as earthworks, civil engineering, de-rocking, dredging, landscaping, transport and handling, and demolition.

  • Company :

    Recif Attitude

  • Country :

    Mauritius

  • Investment year :

    2007

  • Industry :

    Hospitality

Le Récif is a 3-star boutique hotel in Mauritius with 70 rooms offering a full range of amenities including a wellness and water sport center, children programs, and two restaurants. Prior to Adenia’s ownership the hotel was small 2-star hotel with 55 rooms operating under a different brand name.

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  • Company :

    Orange Mada

  • Country :

    Madagascar

  • Investment year :

    2005

  • Industry :

    TMT

Orange Madagascar operates a cell phone network in Madagascar. It also offers internet service for both individual and corporate customers and developed an undersea cable to connect Madagascar to the rest of the world.

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  • Company :

    Expand Technology 

  • Country :

    Mauritius

  • Investment year :

    2004

  • Industry :

    TMT

Established in 1999, Expand Technology is a regional leader in e-payment solutions and financial services. the deployment of smartcard payment systems. They deliver tailor-made loyalty card, electronic purse, payment card and fuel card management solutions to clients in a variety of industries and operates in over 30 countries.

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  • Company :

    Execom (CRM + Prophony)

  • Country :

    Mauritius

  • Investment year :

    2003

  • Industry :

    BPO

Established in 2001, through Adenia’s merger of CRM and Prophony, Execom is a leading call center in Mauritius, specialized in telemarketing and customer relationship management solutions. Execom has extensive experience in inbound and outbound operations and delivers value-added services in voice and high-end data operations, focused primarily on the French market.

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