Adenia Partners Announces $180M First Close of Adenia Entrepreneurial Fund I to Back High-Growth African SMEs
Private equity firm Adenia Partners has announced the successful first close of its Adenia Entrepreneurial Fund I (AEF) at its $180 million hard cap, achieved in less than a year after launching the fundraising process. The milestone surpasses the initial $150 million target, reflecting strong investor confidence in Adenia’s strategy and in Africa’s private sector growth potential.
Targeting Africa’s Underfunded Growth Companies
The Adenia Entrepreneurial Fund I is designed to invest in small and lower mid-cap companies across Africa, focusing on a critical yet undercapitalized segment of the economy.
The strategy prioritizes control investments in founder- and family-led businesses transitioning toward institutional ownership, leveraging Adenia’s more than two decades of experience in supporting high-growth enterprises.
Through its hands-on operational approach, Adenia works closely with management teams to accelerate growth, strengthen governance, and implement best-practice operational standards, ultimately creating long-term sustainable value.
Strong Global Investor Support
AEF attracted a diverse group of institutional investors, including development finance institutions, European family offices, multi-regional fund-of-funds, and African institutional asset allocators.
This broad participation highlights growing global appetite for disciplined, impact-oriented investments across the African continent, particularly in high-growth entrepreneurial businesses.
Alexis Caude, Managing Partner at Adenia Partners, said:
“Reaching the hard cap so quickly reflects strong belief in our strategy and in Africa’s entrepreneurial ecosystem. Adenia and our investors are responding to a clear market opportunity to invest in high-growth small and medium-sized enterprises with significant impact across the continent.”
First Investment in Morocco’s Culinary Sector
Alongside the first close, the fund completed its inaugural investment by acquiring a stake in Maymana, a leading culinary brand in Morocco.
Founded in 1985 by Naima Berrada Benchakroun, the family-run business is widely recognized for its traditional pastries, bakery products, and premium catering services, serving a broad client base across Morocco while gradually expanding its international reach.
Under Adenia’s partnership, Maymana will focus on institutional strengthening, operational enhancement, and strategic expansion beyond its current footprint.
Stéphane Bacquaert, Managing Partner at Adenia, commented:
“Maymana is a prime example of a high-quality business with significant scaling potential.”
Driving Sustainable Impact
Beyond financial returns, the fund aims to deliver measurable and sustainable impact, including job creation, improved industrial standards, and greater gender equality and inclusion.
AEF will also promote responsible resource usage and initiatives to reduce carbon intensity across its portfolio companies.
The $180 million first close of Adenia Entrepreneurial Fund I marks a significant milestone for Adenia Partners, reinforcing its role as a key investor supporting Africa’s next generation of high-growth enterprises.
