Adiwale Partners closes its first fund at EUR60mn

04 Oct 2021

Adiwale Partners (“Adiwale”) is pleased to announce the final closing of its first fund, Adiwale Fund I, LP (“AF1”) at €60 million. The fund has attracted the International Finance Corporation (“IFC”) for its final closing. The investor group, therefore, includes CDC Group, the African Development Bank (AfDB), the Dutch Good Growth Fund (DGGF), Kuramo Capital Management, Banque Ouest Africaine de Développement (BOAD) and IFC.

Adiwale Fund I will invest €3-8 million per transaction, mainly in the form of growth capital to SMEs, established primarily in Côte d’Ivoire, Senegal, Mali and Burkina Faso. Key investment themes for the fund are rising incomes and changing consumer behaviours, the expansion of the local supply chains, imports substitution and backward integration. Sectors of focus include FMCG, health and education; business services (transport & logistics, IT, construction-related services, etc) and manufacturing (chemicals, pharmaceuticals, etc.).

This year, Adiwale has committed capital from the fund to MCT (Maintenance Climatisation Technique), a 60-year old company and an Ivorian leader in the installation and maintenance of industrial, commercial and residential air conditioning solutions. MCT derives revenues from eleven countries in sub-Saharan Africa and is a local partner for Carrier, the world leader in air conditioning services.

Commenting on the final closing of AF1, Jean-Marc Savi de Tové and Vissého Gnassounou, Managing Partners at Adiwale said: “We are thrilled to welcome IFC as an investor in the fund. Despite a very challenging fundraising environment, amplified by the Covid19 pandemic, we are now in a position to build a portfolio of attractive growth assets. These assets will be strong targets for larger private equity players as well as the local capital markets”.

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