(Ecofin Agency) - Sub-Saharan Africa (SSA) focused private equity firm Adenia Parters has announced in a statement published on Nov. 10 it has secured €180 million of commitments for its fourth fund, Adenia Capital IV, thus 90% of initially eyed sum.

Adenia Capital IV has attracted a wide range of investors including renowned international institutional investors, family offices, foundations as well as African and European individual investors. 

Together, principals and directors of Adenia Partners hold 4% of Adenia Capital IV. Most of the funds mobilized for Adenia IV came from investors who already injected funds in Adenia Partners’ previous funds. However, 25% of contributions to Adenia IV came from a number of new Limited Partners (LP).

The Adenia Capital IV fund will target businesses with a turnover ranging between $5 million to $40 million and having an EBITDA (Earnings before interest, taxes, depreciation and amortization) of $1mln-$70mln. It will also invest in sectors like consumer goods, industry, financial services, ICT, telecommunication, hospitality, and business services.

Adenia Partners which has been operating for 15 years now has completed 21 investments and 10 exits via three funds.