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Supporting investments in Africa
Project
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Signature date
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Location
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Multi-country Global, South Africa, Côte d'Ivoire, Kenya
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Financing tool
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Financing amount (Euro)
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40000000
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Financing details
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USD 40m Equity Investment
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Customer
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Adenia Capital V
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Type of customer
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Investment fund
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Country of headquarters
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Mauritius
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Project number
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PZZ1599
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Environmental and social ranking
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IF-B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
By investing in the Adenia V fund, Proparco is supporting employment and the reduction of gender inequalities in Africa.
Client presentation
Adenia was founded in 2002 by Antoine Delaporte, who had been based in Mauritius since 2000. Building on the success of his first fund, the team has grown and been structured as a private equity fund (Adenia Capital II, III and IV). It has opened local offices at each fundraising (initially Mauritius and Madagascar, Cote d’Ivoire and Ghana with the Adenia III fund, Kenya, Morocco and South Africa with the Adenia IV fund), while maintaining financing almost equally between DFIs and private investors (institutions and entrepreneurs).
Proparco has been an investor in the Adenia funds since 2002, via its first fund Adenia Capital I (historically “I&P Capital”), which is mainly invested in MSMEs in Mauritius, Madagascar and the Comoros.
Project description
The Adenia fund is historically characterized by a differentiation strategy in Africa (majority transactions), a very high level of involvement of management teams in the portfolio companies, as well as a focus on the creation of social and environmental value. This has allowed these funds to historically generate a very strong financial performance.
For its V fund, Adenia targets the entire African continent where the economies are at various stages of development. Adenia’s strategy is therefore based on the assumption that this continent is in a transition phase through several underlying trends, offering strong potential for value creation: strong population growth, a growing middle class and improved political and regulatory governance.
Project impact
The main expected impacts of this investment are as follows:
- 11,500 jobs supported over the next 5 years, based on the job data of the predecessor fund companies
- A contribution to the reduction of gender inequalities, with a 100% qualification of the fund under the 2X Challenge for the direct criteria of “Leadership” (at least 30% of women in the management team by 2027; at least 30% of women on the Board of Directors by 2027) and “Employment” (58% of women employed in the management company to date and HR policies benefiting women and going beyond local regulations), as well as for indirect criteria.
The project will contribute to the achievement of SDG 5 “Gender equality” and SDG 8 “Decent work and economic growth”.