IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

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An Annual Showcase of Impact Investment Fund Managers

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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2023 PROFILE

Adenia Partners Limited

Total Assets Under Management: $500 – 999M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 8 – Decent Work & Economic Growth
Small/Medium Business Development
Diversity, Equity and Inclusion
Job creation and workforce development

Firm Overview

Category: Private Equity - Growth Stage (Emerging Markets)

Created in 2002, Adenia is a private equity firm that invests exclusively in controlling equity stakes in mature companies across Africa. We have raised US$685 million across 5 funds and have demonstrated a track record of success with 31 investments executed and 17 exits realized. Based entirely on the ground across Africa, Adenia has a highly qualified investment team both in terms of educational pedigree and experience as entrepreneurs and investors. We first adopted a formal ESG framework in 2010 and have since continued to develop our processes. Adenia’s Impact Management and Measurement framework is built on a Theory of Change that sets two long-term impact targets, chosen because they are among the most pressing in Africa and because we can shape them as a control investor: (i) improving job quality & diversity and (ii) improving sustainability of operations. We target a third area of impact relevant to each investee.

Firm Headquarters: Africa
Years of Operation: 10 years or more
Total Assets Under Management:
$500 – 999M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:

To take controlling positions in under-managed medium-sized companies in Africa and transform them into local and/or regional champions. We do this by taking a hands-on approach and by instilling an ESG culture and creating financial and social value through the implementation of operational, ESG, and impact action plans.

Investment Overview:

Adenia is disciplined in its approach to majority ownership. 28 of the 31 investments made in the last two decades have been control transactions. Maintaining control allows Adenia to set the agenda throughout an investment’s life in terms of financial and extra-financial value creation, preservation, and realization.  Prior to investment, among other analyses, ESG and Impact due diligence is conducted. Post-investment, Adenia and its co-shareholders define ambitious strategic plans to transform each investee into a local champion that is performing in line with international best governance and operational practices. Significant HR and financial resources are mobilized to achieve such plans, catalyzed by Adenia’s controlling shareholder position. Core among Adenia’s role within an investee, is the building and motivation of management teams, who lead the companies day-to-day to achieve their targets.  Finally, with Adenia’s control stake, exits are triggered with a timing and nature most optimal for Adenia’s LPs.

Company Differentiator:

Adenia stands apart from its peers in the following ways: 1. Hands-on approach with operational involvement in mid-sized companies. Through strong and proactive support to management teams, Adenia enables top-line, bottom-line, and ESG improvement . 2. Control investment focus. This enables Adenia to drive radical change and maximizes liquidity with the possibility to dispose businesses to strategic players ready to pay premium valuations. 3. Local presence. Through our offices on the ground across Africa, Adenia is active in the local business community and very close to its portfolio companies. 4. Experience. Adenia can demonstrate an established and positive track record through its 31 investments completed and 17 successful exits, translating into strong returns for investors. As a result of our hands-on approach and ESG and impact focus, in 2021 we won the ESG Performance Award from BII and GPCA for Best Generalist Fund Manager.

Investment Example

• Adenia Partners invested in Red Lands Roses (RLR) in October 2021 with a strong focus on gender and environmental aspects. • RLR is one of the first farms in East Africa to utilize 100% hydroponic farming. The Company has achieved numerous international certifications, including the MPS environment A (aN environmental credential in the floriculture industry guaranteeing the quality and sustainability of operations) and Kenya Flower Council Silver Standard, (a credential to ensure certified producers foster sustainable and safe production of cut flowers).  • RLR is a flagship investment for Adenia, as we have added SDG 5 (Gender Equality) as an impact pillar in our internal ESGI framework. In addition to RLR being woman-founded, it is led by a female CEO with 55% of their workforce being women. We have also embarked on our expansion plan which will open up RLR's unutilized land and create +200 jobs, majority of whom will be women. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Antoine Delaporte – Managing Partner More Info

Antoine Delaporte is founding Managing Partner at Adenia. Prior to founding Adenia, he was an entrepreneur in Madagascar for 8 years (1995 – 2002) during which time he set up, developed, and then sold three clothing companies, with 2,500 employees in total. Prior to that, between 1988 to 1994, he was manager at the strategic consulting firm Bain & Co in Paris and London. He has a Master’s Degree in Management from ESCP-Europe and a MBA from INSEAD.

Alexis Caude – Managing Partner More Info

Alexis has been an entrepreneur in digital media and real estate during 15 years prior to joining Adenia in 2016. He also served as an officer in the French Navy Seals. He holds an MBA from Harvard Business School.

Stephane Bacquaert – Managing Partner More Info

Stephane joined Adenia Partners in 2019 as Managing Partner for West Africa and member of the Board. He was previously Managing Director and CEO of Wendel Africa. He led the investment strategy of Wendel in Africa where the group invested over $1Bn since 2013. Stephane was previously a Partner at Atlas Venture, an international venture capital fund with $2.5Bn under management. He began his career at Bain & Company where he conducted studies in the telecom, banking and private equity industry in Europe and Central America. Stephane graduated from the Ecole Centrale Paris and Sciences Po Paris, and holds an MBA from the Harvard Business School (Baker Scholar).

Percentage of Investment Professionals who identify as women:
25% to less than 50%
Percentage of Investment Professionals who identify as people of color:*
50% or more
Percentage of Senior Management Team who identify as women:
Less than 25%
Percentage of Senior Management Team who identify as people of color:*
25% to less than 50%
*People of color include: Black, Latinx, Asian, Native American/Alaskan Native, Pacific Islander, Middle Easterm and multi-racial Americans

Financial Performance

Target Financial Returns Relative to Benchmark:
Above Market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Creating jobs
Secondary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Increasing access to workforce development services, job skilling and retraining
Creating jobs
Increasing access to financial services
Increasing access to healthcare services and improving health
Providing housing
Addressing gender inequities
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training
Technology training
Health services
Education services
Racial bias training or bias training
Human Resources, recruiting and professional development services

Investments systematically include social and environmental sustainability practices in the due diligence process:

For each investment, Adenia performs an extensive ESG due diligence including against the IFC Performance Standards, applicable ESG regulations and international sanctions databases. This enables to identify both ESG risks and opportunities. Each company is rated against the CDC E&S risk rating (low, medium, medium-high, high) and against the FMO criteria for good corporate governance. In terms of E&S, a high-risk company is one with significant potential adverse social or environmental impacts that are diverse, irreversible, or unprecedented. In terms of Corporate Governance, a high-risk company is one that doesn’t have the minimum elements for good corporate governance. The due diligence is either carried by external E&S consultants, or by Adenia’s internal team. In addition, we define a Theory of Change that identifies the main opportunities to contribute to the advancement of SDG 5, 8, 9 and 13 and other relevant, sector-specific SDGs. 

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
No
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
Third Party Validations:
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Lea de Melo
Phone: +44 75 51 71 21 59
Mailing Address:

2nd floor, The Country Side Vivea Business Park, St Pierre, Mauritius

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