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Proparco Invests in Adenia Entrepreneurial Fund to Support the Growth of African SMEs
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By committing $15 million to the Adenia Entrepreneurial Fund (AEF), Proparco renews its long-standing partnership with Adenia and reaffirms its support for African SMEs and mid-sized companies, key drivers of job creation, inclusive growth, and regional integration across the continent.
Proparco has committed $15 million to the Adenia Entrepreneurial Fund (AEF), a pan-African private equity fund dedicated to small and medium-sized enterprises (SMEs) and mid-market companies.
Alongside its Adenia Capital strategy, Adenia has launched a new initiative focused specifically on the SME segment. AEF targets African SMEs, which form the backbone of the continent’s economic landscape. The fund will invest in 8 to 10 companies, with ticket sizes ranging from $10 million to $20 million, across a diversified range of sectors throughout Africa. It will primarily focus on acquiring majority stakes in businesses with strong local foundations and proven potential for regional expansion.
Reflecting the strong interest in this new initiative, the Adenia Entrepreneurial Fund reached its hard cap of $180 million at first close, bringing together development finance institutions and private investors.
Adenia AEF has already completed its first investment in Maymana, a Moroccan culinary brand founded by a businesswoman, which perfectly illustrates the fund’s strategy.
Adenia, a leading pan-African private equity player
Adenia is a leading pan-African asset management firm with over 20 years of experience in private equity and nearly $1 billion raised across five previous funds. Its investment team, comprising around 30 professionals across eight offices in Africa, benefits from deep local market knowledge and privileged access to a broad pipeline of opportunities in the SME and mid-market segments.
Proparco maintains a long-term partnership with Adenia, having supported the firm since its inception and participated in several direct co-investments.
Tibor Asboth, Head of Private Equity for Africa and the Middle East at Proparco, stated: “This investment in the Adenia Entrepreneurial Fund is fully aligned with Proparco’s strategy to strengthen the fabric of African SMEs and mid-market companies, which play a key role in job creation, the structuring of local economies, and regional integration. We are pleased to extend our long-standing partnership with Adenia through this new vehicle, dedicated to a vital yet still underfunded segment of the African market.”
Significant Economic and Social Impacts Expected
Proparco’s investment in AEF is expected to generate tangible and measurable economic and social impacts. Adenia is deploying a strategy that is fully aligned with our mandate, contributing to job creation in Africa and the development of key sectors. Over the fund’s lifetime, portfolio companies are expected to create approximately 2,000 direct jobs, with a significant share benefiting women (around 45%) and young people (around 55%).
By providing patient capital, strategic support, and strengthening governance and ESG standards, the Adenia Entrepreneurial Fund will contribute to the sustainable development of African businesses, the structuring of local and regional value chains, and the promotion of inclusive and resilient growth across the continent.