Adenia Capital III (formerly I&P Capital III)

Adenia Capital III (formerly I&P Capital III LLC) is a 10-year closed-end private equity fund managed by Adenia Partners, one of Africa's most experienced private equity firms. The fund targets primarily control positions in small and medium-sized companies across the Indian Ocean region and West Africa, with a focus on sectors including agri-business, consumer goods, business services, manufacturing, financial services, and hospitality. Adenia Capital III was seeded starting in 2012, with BIO Invest (Belgium's development finance institution) among its limited partners. The fund takes majority stakes in under-managed SMEs to drive operational transformation and catalyze development impact, with portfolio companies spanning Côte d'Ivoire, Ghana, and Madagascar. Adenia Partners is domiciled in Mauritius and operates seven local offices across Africa.