Adenia IV

Madagascar, Kenya Business services, Manufacturing, Other consumer 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 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

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

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 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 the 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.

Business services, 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

November 2016

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
Kanu Equipment Africa Business services February 2018 Active

Newpack is engaged in the production and sale of corrugated carton boxes in Madagascar with an annual production capacity of 15,000 tons.

View investment details

Madagascar Africa, East Africa Manufacturing April 2018 Active
Quickmart Limited (Tumaini Self Service Ltd) Kenya Africa, East Africa Other consumer services December 2018 Active

We are now British International Investment