The International Finance Corporation (IFC) has proposed a $50 million investment in the Adenia Entrepreneurial Fund I (AEF 1). Under this proposal, $30 million would be committed directly to the fund, while a further $20 million would be set aside for a co-investment facility.
The funding is intended to bridge what the IFC sees as a major financing shortfall facing SMEs, a crucial driver of Africa’s economic growth which is still undercapitalised. This proposed investment will be reviewed by the IFC board on February 11, 2026. This investment comes in after African Development Bank in November 2025, invested $15 Million in Adenia’s Entrepreneurial Fund I (AEF 1).
Adenia Investment Focus
Adenia Partners was founded in 2002 and is a leading pan-African private equity firm that focuses on responsible investment and sustainable development. Unlike many private equity firms that take minority positions, Adenia usually acquires majority stakes in its portfolio companies.
By holding a controlling interest, Adenia actively participates in management decisions to drive operational improvements, strengthen corporate governance, and implement long-term growth strategies. This hands-on involvement includes performing thorough assessments to identify inefficiencies and collaborate with management on value creation plans which include market expansion, talent acquisition, and financial restructuring.
The AEF 1 fund targets approximately 10 growth-stage companies with individual investments ranging between $10 million and $20 million. Adenia’s investments focuses on sectors that act as the backbone of the African economy. It works by expanding the reach of essential goods for a growing middle class, improving the healthcare system and education by improving human capital and is a huge champion of green energy as it keeps enhancing access to renewable energy.
Adenia’s broader portfolio includes notable companies such as Quick Mart (a Kenyan supermarket chain), The Courier Guy (a South African logistics provider), Enfin (solar financing), and Erium (an industrial gas leader operating in 12 countries). AEF 1 is currently evaluating new prospects.
The IFC uses these facilities to back the execution credibility of fund managers like Adenia rather than financing every project in isolation. This allows the IFC to effectively underwrite capacity, helping companies expand across borders and take advantage of regional integration initiatives. IFC’s participation acts as a stamp of credibility, signaling to other private investors that the fund meets rigorous international standards for governance and environmental impact, thereby crowding in additional capital.
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