British International Investment

Adenia Capital III (formerly I&P Capital III)

Cote d'IvoireGhanaMadagascarMauritiusWest AfricaAfricaCommunications & IT servicesConsumer - HealthConsumer - other servicesFood & AgricultureInfrastructureManufacturing

Adenia Capital III seeks to invest in a variety of sectors including agri-business, consumer goods, business services, manufacturing, financial services and hospitality.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In 2012, CDC invested in Adenia Capital III (formerly I&P Capital III), with the fund reaching a total fund size of €96 million.  Our investment enabled Adenia to offer operational and strategic support to investee companies and facilitate their regional growth.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Trading in Ghana, Côte d’Ivoire and Madagascar – some of Adenia’s key territories – can be challenging. However, even market-leading companies in this region can lack strategic business management, operational rigour and sound environmental and social practices. Adenia’s focus on improving these areas can produce a lasting impact, and corresponding uplift in trade and business opportunities. It can also help investee companies reduce operational risk. The fund has invested in Syrse International, a regional leader in electronic payments and ATM distribution and maintenance which operates across 11 countries in West and Central Africa.   Adenia helped the business implement new resource planning and accounting frameworks, and is supporting the company’s expansion into new markets, including Chad, the DRC, and Togo.   It has also invested in DDP Outdoor, a leading outdoor advertising company based in Ghana which has subsequently implemented stronger health and safety procedures as well as more effective labour policies.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

The fund manager has a well-established approach to environmental and social management and we will continue to support and monitor its approach as its portfolio grows.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    January 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.


    The countries from which we derive the value of our investment. Where value is derived from multiple countries, this is indicated.

    Cote d'Ivoire, Ghana, Madagascar, Mauritius, West Africa

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Communications & IT services, Consumer - Health, Consumer - other services, Food & Agriculture, Infrastructure, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    February 2012
    Amount :
    Currency of investment :
    Fund Manager:
    Adenia Partners

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Ademat Cote d'Ivoire West Africa Infrastructure July 2016 Exited
CIEL Mauritius East Africa Manufacturing July 2013 Exited
Cresta Paints Limited West Africa Africa Manufacturing July 2015 Active
DDP Outdoor Ltd Ghana West Africa Consumer - other services March 2014 Active
Mauvilac Mauritius East Africa Manufacturing July 2014 Active
Opham Madagascar East Africa Consumer - Health January 2016 Exited
Socolait Madagascar East Africa Food & Agriculture March 2012 Exited
Syrse West Africa Africa Communications & IT services December 2012 Active

Subscribe to receive our latest news and updates