Start of main content

Posted on February 2, 2023 | Updated at 11AM

FinDev Canada commits up to US$ 30M to Adenia Capital (V) Limited to support businesses in Sub-Saharan Africa

Women with bundles of flowers

Montreal, QC–February 2, 2023: FinDev Canada is pleased to announce a commitment of up to USD 30 million to Adenia Capital (V) Limited (“Adenia V”), a private equity fund managed by Adenia Partners Limited (“Adenia”), which has marked a first close at USD 237 million.

Adenia V will provide growth capital to mid-cap businesses (those with 50 to 500 employees) in Sub-Saharan Africa – a region with a fast-growing population of 1.1 billion persons who are confronted by a lack of formal employment opportunities. Adenia V’s investments will generate quality jobs while promoting workplace diversity, nurturing gender-inclusive leadership, and making operations sustainable over time, thereby benefitting the markets and communities in which its portfolio companies operate.

As Adenia’s first 2X Flagship Fund, Adenia V will intentionally advance gender equality and women’s economic empowerment by adopting gender-inclusive recruitment processes and supporting its portfolio companies with tailored gender action plans, frameworks that define the client’s objectives in enhancing and promoting gender equality in their portfolio. Committed to responsible and sustainable growth, the fund will support the portfolio companies reduce their carbon footprint through the implementation of climate change mitigation and adaptation strategies.

“Adenia Capital has a proven track record in Africa, and this agreement aligns well with FinDev Canada’s long-term investment goals,” said Paulo Martelli, VP and Chief Investment Officer of FinDev Canada. “We share common goals towards sustainable development, gender equality, climate action and decent work and economic growth with Adenia Capital and its client companies in the region”.

“This successful first closing – against the backdrop of an uncertain macro environment – is testament to our long-established track record of building market leaders in Africa as a committed, responsible investor with an on-the-ground presence across the continent,” said Alexis Caude, Managing Partner at Adenia. 

 Adenia V and FinDev Canada's objectives both align with the Sustainable Development Goals, particularly Gender Equality (SDG 5), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and Climate Action (SDG 13).  




About FinDev Canada   

FinDev Canada is Canada’s bilateral development finance institution. It supports development through the private sector in emerging markets and developing economies with financing, investment, blended finance solutions, and technical assistance. It aims to promote sustainable and inclusive growth with a focus on climate action, women’s economic empowerment, and market development in alignment with the Sustainable Development Goals and Paris Agreement commitments. FinDev Canada is a Crown Corporation and subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada here.  


About Adenia Partners 

Founded in 2002, Adenia is an Africa-based private equity firm operating from seven offices across the continent. As a sector agnostic investor, its portfolio includes companies operating in the manufacturing, digital infrastructure, retail and the agri-business value chain, among other sectors. Adenia believes in excellence through hard work, humility, and responsibility. Find out more about Adenia here.  


Media contact:   

FinDev Canada   
Angela Rodriguez   
Head of Marketing and Communications