• Adenia Entrepreneurial Fund I (AEF) secures $180 million in its first close, exceeding its $150 million target.

• The fund targets majority stakes in African SMEs across industry, consumer goods, energy, health, and education.

• Adenia makes its first investment in Morocco’s Maymana to support organizational restructuring and regional expansion.

Adenia Partners announced on March 19 the first closing of its Adenia Entrepreneurial Fund I (AEF) with $180 million in commitments, surpassing its initial $150 million target. The fund plans to deploy all capital across Africa, prioritizing growth financing for small and medium-sized enterprises (SMEs).

AEF focuses on sectors including industry, consumer goods and services, energy, health, and education. The fund aims to acquire majority stakes to actively influence management, improve internal processes, strengthen governance, and support expansion into new regional markets.

In line with this strategy, Adenia completed its first investment in Maymana, a Moroccan food production and distribution company founded in 1985. The fund will restructure the organization and assist its development beyond its domestic market.

AEF emphasizes selecting companies capable of multi-market growth to create value through geographic expansion and operational improvements. Alexis Caude, managing partner at Adenia, said: “Reaching our target at the first close in under a year reflects strong conviction in our strategy and the potential of the African entrepreneurial ecosystem.”

The fund attracted a diverse investor base, including development finance institutions, European family offices, multi-region fund-of-funds, and African institutional asset managers. Its medium-term returns will depend on portfolio selection and economic conditions across African markets. Amid significant SME financing needs, AEF aims to support local businesses and foster regional economic growth.

This article was initially published in French by Chamberline Moko

Adapted in English by Ange J.A de Berry Quenum