Adenia Partners announced on Thursday, March 19, 2026, that it has reached the hard cap of $180 million at the first close of its new fund dedicated to small and medium-sized enterprises in Africa. The vehicle, named Adenia Entrepreneurial Fund I (AEF), exceeds its initial target of $150 million and brings the total capital raised by the company to over one billion dollars. The fundraising was completed in less than a year.
“Achieving our hard cap at the first close and in less than a year reflects strong conviction in both our strategy and the African entrepreneurial ecosystem. Adenia and our investors are responding to a clear market opportunity to invest in high-growth, high-impact SMEs across the continent,” said Alexis Caude, Managing Partner at Adenia Partners.
According to Adenia Partners, AEF has attracted a range of institutional investors including development finance institutions, European family offices, fund of funds, and African investors.
The fund targets majority stakes in African SMEs, a segment that the company believes is underfunded. It is part of the firm’s pan-African investment strategy, focused on companies led by founders or families.
Following this first close, the fund made its first investment by taking a stake in Maymana, a Moroccan company specializing in pastries and bakery products. Adenia states that the investment aims to support Maymana’s expansion and strengthen its operations and structure, in a move towards institutionalization.
