Independent private equity manager founded in 2016 and headquartered in Abidjan. Manages Adiwale Fund I (EUR 60m), providing capital and operational support to SMEs seeking to strengthen their practices to scale in West Africa and beyond. Main sectors: consumer goods and services, business services, manufacturing; latest deal in healthcare (Clinique Ambroise Paré, Guinea, December 2025). Active governance role: moving from family-run to structured systems, international ESG standards.
Criteria published by the fund, recorded and checked by Invest Matching.
- Investment ticket
- 3 M$ – 8 M$
- Instruments
- Equity, Quasi-equity
- Preferred sectors
- Manufacturing, Business & personal services, Retail & distribution, Agribusiness, Media & entertainment*, Tourism & hospitality*, Education*, Healthcare*, Financial services*
- Target geographies
- West Africa, Côte d'Ivoire, Senegal, Burkina Faso, Mali, Togo, Benin, WAEMU, Cameroon*
* added from its deals
- Stages (stated by the fund and from its deals)
- Series BGrowth
LinkedIn profiles, emails and phone numbers are reserved for signed-in members: create an account to access them.
Recent public deals: they say better than a thesis what the fund actually signs.
Clinique Ambroise Paré
December 2025 · GuineaGrowthUndisclosed amountEquityHealthcareLead
Activity : Clinics and hospitals
Instrument : Minority stake · Vehicle : Adiwale Fund I
One of the largest private clinics in Guinea (Conakry), founded in 2000, serving local patients and international mining companies operating in the country.
Why they invested
- Upgrade equipment, launch new services and hire experienced staff
- Reduce medical evacuations out of Guinea for routine treatment
- Move from family-type governance to structured systems, international ESG standards
- Two client bases: local patients and international mining companies
Advisers
- Deloitte Côte d'Ivoire — due diligence financière, fund side
- IBIS Consulting — environnemental et social, fund side
- ADNA — juridique, fund side
Team
- Dr Nabil Saad — CEO & actionnaire majoritaire
Source : adiwale.comN1 · Primary source
Codex
September 2025 · SenegalGrowthUndisclosed amountEquityBusiness & personal servicesLead
Activity : Repair and maintenance
Instrument : Participation minoritaire · Vehicle : Adiwale Fund I
Senegal's leading lifting services provider: the country's largest mobile crane fleet, forklifts, aerial platforms and trailers.
Why they invested
- New equipment to meet demand
- Expansion across West Africa
- Environmental standards and local skills
Advisers
- EY Côte d'Ivoire — Due diligence financière, fund side
- IBIS Consulting — Due diligence environnementale et sociale, fund side
- Asafo & Co. — Conseil juridique, fund side
Source : adiwale.comN1 · Primary source
Jus Délice
February 2025 · TogoGrowthUndisclosed amountEquityAgribusinessLead
Activity : Beverages and brewing
Vehicle : Adiwale Fund I
West Africa's leading producer of organic pineapple juice and concentrate, exported to Europe and North America.
Why they invested
- Fund a new production line
- Growing international demand for organic pineapple juice
- Transition to local ownership and management
Advisers
- Audit & Consulting Group — Due diligence financière, fund side
- Kinomé — Due diligence commerciale, fund side
- IBIS Consulting — Due diligence environnementale et sociale, fund side
- Asafo & Co. — Conseil juridique, fund side
Source : adiwale.comN1 · Primary source
Enko Education
January 2025 · CameroonGrowthUndisclosed amountEquityEducationCo-Invest
Activity : Primary and secondary schools
Instrument : Réinvestissement dans un tour mené par Africa Capitalworks · Vehicle : Adiwale Fund I
Pan-African network of International Baccalaureate schools in nine countries including Cameroon, Senegal and Côte d'Ivoire.
Why they invested
- Strong enrolment growth and move to profitability
- School acquisition strategy
- Wider access to international education
Co-investors Adiwale Fund I, Africa Capitalworks
Source : adiwale.comN1 · Primary source
Global Action
September 2023 · SenegalGrowthUndisclosed amountEquityRetail & distributionLead
Activity : Wholesale
Instrument : Participation minoritaire · Vehicle : Adiwale Fund I
Senegalese wholesale and retail distributor of consumer goods.
Why they invested
- Growing Senegalese consumer goods market
- Retail network expansion
- Logistics and information systems
Advisers
- Grant Thornton — Due diligences financière, fiscale, RH et systèmes d'information, fund side
- IBIS Consulting — Due diligence environnementale et sociale, fund side
- ADNA — Conseil juridique, fund side
Source : adiwale.comN1 · Primary source
VRS Africa
February 2023 · Côte d'IvoireGrowthUndisclosed amountEquityFinancial servicesCo-Lead
Activity : Leasing and factoring
Instrument : Rachat majoritaire avec apport de capital, aux côtés d'IPAE 2 (I&P) · Vehicle : Adiwale Fund I
Operational car leasing and fleet management for corporates in Côte d'Ivoire, Senegal and Ghana.
Why they invested
- Large operational leasing market in West Africa
- Corporates prefer leasing to owning
- Strengthen the balance sheet for growth
Co-investors Investisseurs & Partenaires (I&P)
Source : adiwale.comN1 · Primary source
Enko Education
May 2022 · CameroonSeries B5.8 M$EquityEducationLead
Activity : Primary and secondary schools
Instrument : Participation minoritaire ; Adiwale mène le tour de série B · Vehicle : Adiwale Fund I
International school network: 3,500 students and 13 schools in nine African countries in 2022.
Why they invested
- Fast growth of private education in Africa
- Rising school-age population and education spending
- Target of 10,000 students by 2025
Advisers
- PwC Côte d'Ivoire — Due diligence financière, fund side
- EBS Advisory — Due diligence environnementale et sociale, fund side
- Africa Learning International — Conseil technique et opérationnel, fund side
Source : adiwale.comN1 · Primary source
IDC
January 2022 · SenegalGrowthUndisclosed amountEquityManufacturingLead
Activity : Mining and quarrying
Instrument : Participation minoritaire · Vehicle : Adiwale Fund I
Mining drilling company operating in Senegal, Côte d'Ivoire, Mali and Guinea.
Why they invested
- Replace international contractors in the mining chain
- International mining client base
- Aim for leadership in Francophone West African drilling
Advisers
- Asafo & Co. — Conseil juridique, fund side
- Deloitte Côte d'Ivoire — Due diligence financière, fund side
- IBIS Consulting — Due diligence environnementale et sociale, fund side
- Enexus Finance — Conseil, company side
Source : adiwale.comN1 · Primary source
Maintenance Climatisation Technique (MCT)
June 2021 · Côte d'IvoireGrowthUndisclosed amountEquityBusiness & personal servicesLead
Activity : Repair and maintenance
Instrument : Participation minoritaire · Vehicle : Adiwale Fund I
Ivorian leader in air-conditioning installation and maintenance, plus electrical engineering, in eleven French-speaking African countries.
Why they invested
- Leading position in Côte d'Ivoire
- Growing demand for quality maintenance
- Regional expansion and governance
Advisers
- Asafo & Co. — Conseil juridique, fund side
- PwC Côte d'Ivoire — Due diligence financière et fiscale, fund side
- EBS Advisory — Due diligence environnementale et sociale, fund side
Source : adiwale.comN1 · Primary source
Adiwale Partners invests tickets ranging from 3 M$ to 8 M$, across the following sectors: Manufacturing, Business & personal services, Retail & distribution, Agribusiness, Media & entertainment, Tourism & hospitality, Education, Healthcare, and Financial services, in the following areas: West Africa, Côte d'Ivoire, Senegal, Burkina Faso, Mali, Togo, Benin, WAEMU, and Cameroon. Check in 30 seconds whether your company fits these criteria.
