IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Adenia Partners
Small/Medium Business Development
Diversity, Equity and Inclusion
Job creation and workforce developmentFirm Overview
Adenia Partners is a private markets investment firm with over $800M assets under management, committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with 32 platform investments executed and 17 realized exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, whilst benefiting workers, communities, and companies in Africa. As a firm, Adenia has set ambitious goals with regards to promoting gender lens investing and minimizing the environmental impact of its investment program.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: Less than 25%
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.
Adenia is disciplined in its approach to majority ownership. 29 of the 32 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.
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 32 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, we have won the ESG Performance Award from BII and GPCA award for Best Generalist Fund Manager.
Investment Example
Adenia invested in Herholdt’s in June 2021, on the back of the exceptional growth opportunity in the South African solar energy market and a strong impact story based on the democratization and decarbonization of electricity supply. The Company is primarily a B2B business, supplying to solar distributors, solar installer, EPCs, electrical wholesalers and solar finance companies. Since the acquisition by Adenia, Herholdt’s has experience 10x revenue and EBITDA growth and is now South Africa’s market leading distributor of solar electricity products providing an affordable and clean solution to consumers, who are facing an ever intensifying power crisis. South Africa is one of the highest emitting power sectors globally, dominated by ageing coal power production (~77%). Through its distribution, Herholdt’s has enabled the generation of ~1 TWh of renewable electricity since 2018 resulting in ~1 MtCO2e emissions avoided at a cost that is between 30-50% cheaper than using grid power.
Leadership and Team
 |
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). |
Financial Performance
Impact Performance
|
Percentage of Total Assets Under
Management that are Impact Investments: |
100%
|
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 BII E&S risk rating (low, medium, medium-high, high) and against the FMO criteria for good corporate governance. We also measure 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
Learn More
2nd Floor The Countryside, Vivea Business Park, Saint Pierre, Mauritius
Apply for the IA 50 2022
The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
To stay informed on the application process, sign up here.