19 November 2025
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MEMBER PROFILE

Adenia on Building Scalable,
Sustainable Businesses Across Africa

Stephane Bacquaert, Managing Partner of Adenia Partners, spoke with GPCA about the firm’s evolution to a truly pan-African strategy, why majority ownership is core to its model and how the firm is strengthening ESG, impact and local capital participation across its portfolio.

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GPCA LEADERSHIP COUNCILS

GPCA Private Credit Council Meeting: Key Takeaways

The GPCA Private Credit Council convened this week, with the meeting led by Council Chair Gustavo Ferraro of Gramercy Funds Management. Highlights include:

Council participants indicated that the deterioration in developed markets is influencing institutional investors’ risk perception, notwithstanding the opportunity set or achievable risk-adjusted returns in growth markets.
Local interest rates in growth markets are more relevant for private credit deployment than US interest rates or Fed policy.
Opportunities in debt financing for digital infrastructure projects are increasing, driven by the growing demand for AI compute.

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GPCA EVENTS

GPCA Investors Meeting Recap

11 November | London

The annual meeting hosted a curated group of GPCA Member fund managers, development finance institutions, fund of funds, secondaries firms and institutional investors.

Cambridge Associates kicked off the day with an interactive two-part session on How to Find Alignment with Allocators in the Current Environment with Allstate Investments, Magnolia Advisory and Pantheon and CPP Investments, HarbourVest and ECI Partners.

This was followed by an update from GPCA’s Energy Council and a session led by Actis on Rethinking Risk to Enable Portfolio Diversification with Skandia Norden and Kirkoswald Capital Management.

The meeting concluded with an Investor Training on Fund Terms and Conditions Today, a ceremony honoring the winners of the GPCA Deal Awards and a Members Reception co-hosted by Debevoise & Plimpton.

Day two featured a session on New Partnerships for Mobilizing Private Capital, hosted at EBRD and in partnership with GPCA’s DFI Council.

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Industry News

INVESTMENTS

► Boyu Capital agreed to acquire a 60% stake in the China-based franchise operations of Starbucks at an enterprise value of USD4b. #Asia

► CPE agreed to acquire an 83% stake in the China-based franchise operations of Burger King for USD350m. #Asia

► Hong Kong-based surgical robotics manufacturer Cornerstone Robotics recieved a USD200m investment from the Hong Kong Investment Corporation, with follow-on from Qiming Venture Partners, Daohe Investment, Gaorong Capital and ZhenFund. #Asia

► Warburg Pincus invested USD129m in VOLL, a Brazil-based corporate travel management platform. #LatinAmerica

► ADDI, a Colombia-based point-of-sale lending platform, secured USD71m in incremental debt financing from Goldman Sachs, Fasanara Capital and BBVA Spark. #LatinAmerica

► Singapore-based generative AI platform Video Rebirth raised a USD50m seed round from Qiming Venture Partners, Actoz Soft Co. and others. #Asia

► Bicycle Capital led a BRL250m (~USD47.2m) investment in Logtech PX Center, a Brazil-based platform connecting idle drivers to carrier fleets, with participation from monashees and Endeavor Scale-Up Ventures. #LatinAmerica

► Lucens Capital acquired the Chile-based franchise operations of Chili’s and P.F. Chang’s. #LatinAmerica

► 3TS Capital Partners invested EUR6.6m (~USD7.7m) in Evrotrust, a Bulgaria-based qualified trust service provider. #CEE

► Tali Ventures led a USD6m Series A for Bonat, a Saudi Arabia-based customer engagement platform, with participation from anb seed Fund, Rua Growth Fund, RZM Investments and others. #MiddleEast

FUNDRAISING

► The European Investment Bank announced a pre-first close commitment to Adenia Partners' entrepreneurial fund focused on making control investments in founder-led SMEs across Africa. #Africa

► Nvidia joined the India Deep Tech Alliance, a USD2b investor coalition backing emerging deep tech startups in India. #Asia

► Source Code Capital reached a USD600m close for its dual-currency growth fund focused on investments in AI infrastructure and commercialization, as well as China-based technology companies expanding overseas. #Asia

► Monolith Management reached final closes totaling USD488m across its second US dollar fund and its first Chinese yuan fund, both focused on early-stage AI startups in China. #Asia

► Balnord raised EUR70m (~USD81.3m) for its first fund focused on investing in frontier and dual-use technologies across the Baltic Sea region. #CEE

► Ventures Platform reached a USD64m first close for its second pan-African fund focused on seed-stage investments. The vehicle has a USD75m target. #Africa

► BNDES agreed to provide BRL200m (~USD37.8m) in debt financing for BTG Pactual TIG's reforestation strategy to support large-scale ecological restoration in Brazil. #LatinAmerica

EXITS

► KKR agreed to exit Goodpack, a Singapore-based bulk container manufacturer, back to the founding Lam family for ~USD1.5b. KKR first invested in the company in 2014. #Asia

► India-based online investment platform Groww raised INR66.3b (~USD749m) through an IPO on the BSE and NSE. #Asia

► India-based digital payments provider Pine Labs raised INR39b (~USD440m) through an IPO on the BSE and NSE. #Asia