Adenia Partners, a private equity firm focused on growth opportunities across Africa, announced the first close of its Adenia Entrepreneurial Fund I at its hard cap of $180 million, exceeding its original $150 million target and bringing the firm’s total capital raised to over $1 billion.
The fund is designed to make control investments in small and lower mid-cap companies across Africa, targeting what the firm describes as the continent’s largest and most undercapitalized segment. Adenia aims to support founder- and family-led businesses transitioning to institutional ownership, leveraging its two decades of experience to drive operational improvements and long-term value creation.
Adenia said the fund will focus on generating sustainable impact, including job creation, improving industrial infrastructure, promoting gender equality and inclusion, and reducing carbon intensity across portfolio companies. The investor base includes development finance institutions, European family offices, multi-regional fund-of-funds, and African institutional investors.
Alongside the fund close, Adenia announced its first investment, acquiring a stake in Maymana, a Morocco-based culinary brand founded in 1985. Maymana produces traditional Moroccan pastries, bakery and viennoiserie items, fine grocery products, and catering services, serving both domestic and international customers. The company is female-founded, female-led, and family-run.
Adenia plans to work with Maymana to strengthen institutional capabilities, enhance operations, and expand beyond its current footprint as part of its broader strategy to scale founder-led businesses across Africa.
KEY QUOTES:
“Reaching our hard cap at first close and in under a year reflects strong conviction in both our strategy and in Africa’s entrepreneurial ecosystem. Adenia and our investors are responding to a clear market opportunity to invest in high-growth, high-impact SMEs across the continent. AEF offers a diversified, pan-African approach while staying true to our core principles: sector-agnostic investing, control positions and responsible value creation. We believe the time is right to support the next generation of African champions.”
Alexis Caude, Managing Partner at Adenia Partners
“We see a strong and expanding pipeline of founder-led businesses across Africa that are ready for institutional growth capital. Maymana is a prime example as a high-quality, family-built business with significant expansion potential. The Benchakroun family have built an iconic Moroccan brand and we are excited to partner with Majdouline Benchakroun and the rest of the leadership team to support the next phase of growth, bringing traditional Moroccan tastes to a broader retail and international customer base. Maymana reflects exactly the type of founder-led business AEF was created to support, companies with strong local roots, a well differentiated offering and clear potential to scale. We look forward to partnering with entrepreneurs across the continent as we continue to deploy this fund.”
Stéphane Bacquaert, Managing Partner at Adenia Partners
