Private equity firm Adenia Partners Ltd. has raised its largest Africa-focused fund to date of $470 million, adding new investors including Norfund AS, the US International Development Finance Corp., and Canada’s Findev Inc.
Africa’s biggest fund manager, the Public Investment Corp. Ltd. that oversees about 2.6 trillion rand ($138 billion) in South African government-employee pension assets, also backed the Adenia fund, along with Ghanaian and Kenyan pension funds. It is Adenia’s fifth fund, for which the firm has increased the equity check size for targets to an average of about $40 million, said Adenia Managing Director Alexis Caude.