In addition to its direct stake in the fund, IFC’s proposed support package includes a $20 million co-investment facility designed to mobilise further capital alongside its investment.

This proposal is expected to be reviewed by IFC’s Board of Directors for final approval early in 2026.

The Adenia Entrepreneurial Fund I has set a target of raising a total of $180 million in commitments from institutional investors, development finance institutions, and other partners.

The fund’s strategy centres on providing growth capital to 10 to 12 African companies, with typical investment sizes ranging between $10 million and $20 million per portfolio company.

These investments aim to fuel expansion, strengthen governance and enhance operational capacity in growth-stage businesses.

Managed by Adenia Partners, a pan-African private equity firm headquartered in Mauritius, the fund will leverage the firm’s regional presence to identify and support promising enterprises.

Adenia operates from a network of offices covering key markets including Kenya, Madagascar, Morocco, Nigeria and South Africa, drawing on two decades of experience investing across the continent.

The proposed investment by IFC complements broader efforts by multilateral institutions to close the financing gap facing African SMEs, a segment widely recognised as critical to job creation and economic resilience.

Alongside other commitments, such as a recent $15 million equity injection into the Adenia fund by the African Development Bank Group, these partnerships signal growing international support for private sector-led growth across African markets.