Adenia Capital III (formerly I&P Capital III)

Cote d'Ivoire, Mauritius, Ghana, Madagascar Infrastructure, Manufacturing, Other consumer services, Health, Food and agriculture, Communications and IT Services

Founded in 2002, Adenia Partners is an investment firm investing in sub-Saharan Africa with offices in Mauritius, Madagascar, Cameroon, Cote d’Ivoire and Ghana. 

The firm takes controlling or influential minority stakes in small and medium size enterprises, which exhibit strong potential for operational improvement. Its focus markets are West Africa and the Indian Ocean.

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

In 2012, CDC committed €10 million to 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

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 aspects

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.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.


We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

Communications and IT Services, Food and agriculture, Health, Infrastructure, Manufacturing, Other consumer services
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
Adenia Partners
Start date

For direct investments, this is the date British International Investment committed capital to the business or project.

For funds, this is the date that British International Investment committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

February 2012

For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that British International Investment has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status

Socolait produces and sells fresh and long-life dairy products, snacks and juices to the local market.

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Madagascar Africa, East Africa Food and agriculture March 2012 Exited

Syrse distributes and services IT equipment in electronic banking used by financial institutions in 11 Francophone West & Central Africa countries, most often under the OMOA brand.

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Africa, West Africa Communications and IT Services December 2012 Active
CIEL Mauritius Africa, East Africa Manufacturing July 2013 Exited
DDP Outdoor Ltd

DDP Outdoor Ltd is the market leader in outdoor advertising in Ghana, leveraging a network of over 2000 advertising sites across the country and has clients across various sectors (FCMG, telecoms, financial services).

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Ghana Africa, West Africa Other consumer services March 2014 Active

Mauvilac is a leading paint, coatings and chemical products manufacturer and marketer in Mauritius founded by the Maurel family. It specialises in decorative paints and coatings for automotive and industrial use; the company also distributes chemicals primarily for the textile , construction and cosmetic sectors.

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Mauritius Africa, East Africa Manufacturing July 2014 Active
Cresta Paints Limited

Cresta Paints is a coatings and paint manufacturer founded in Ghana in 2002 and has rapidly established itself as a leading supplier of auto-refinish and industrial coating products across the West African region.

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Africa, West Africa Manufacturing July 2015 Active

Opham is the leading wholesale distributor of Pharmaceutical products in Madagascar

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Madagascar Africa, East Africa Health January 2016 Active

Ademat distributes, installs and maintains electrical and IT products.

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Cote d'Ivoire Africa, West Africa Infrastructure July 2016 Active

We are now British International Investment