British International Investment

Adenia IV

AfricaCote d'IvoireKenyaMadagascarMoroccoSouth AfricaAfricaCommunications & IT servicesConsumer - HealthConsumer - other servicesFood & AgricultureInfrastructureManufacturing

Adenia IV seeks to invest growth capital in a variety of sectors including agribusiness, consumer, manufacturing, healthcare, business services and hospitality. The fund has attracted significant amounts of private capital.

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

Our investment

Description of the investment.

In December 2016, CDC invested €13.5 million in Adenia Capital IV. CDC has supported the fund manager since 2007 and has backed Adenia Capital II and III.

The fund manager is looking to make investments ranging from €5 million to €25 million out of its €230 million fund.

Our investments enable Adenia to offer operational and strategic support to investee companies and facilitate their local and 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 key areas can produce a lasting impact, and corresponding uplift in trade and business opportunities. The fund manager’s support will also help investee companies to reduce operational risk.

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 the 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.

    June 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.


    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 :
    November 2016
    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
Africa Biosystems Kenya East Africa Consumer - Health May 2021 Active
Eastcastle Infrastructure Holdings Ltd Cote d'Ivoire, Democratic Republic of Congo, Nigeria Central Africa, West Africa Communications & IT services June 2022 Active
Herholdt’s South Africa Southern Africa Infrastructure June 2021 Active
Kanu Equipment Africa Africa Manufacturing February 2018 Active
Newpack Madagascar East Africa Manufacturing April 2018 Active
Overseas Catering Services (‘OCS’) Morocco North Africa Food & Agriculture November 2021 Active
Quickmart Limited (Tumaini Self Service Ltd) Kenya East Africa Consumer - other services December 2018 Active
Red Lands Roses Limited Kenya East Africa Consumer - other services October 2021 Active

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