Adenia Partners Acquires Majority Stake in Minet Group From Capitalworks
Private equity firm Adenia Partners acquired a majority stake in Minet Group, one of Africa's largest independent insurance brokerages, from fellow PE investor Capitalworks — a secondary buyout that closed June 30, 2026, and signals the depth African private equity has reached beyond venture-style tech deals.
Beau Plan, Mauritius — Adenia Partners, a private equity firm focused on growth investing across Africa, completed its acquisition of a majority stake in Minet Group from Capitalworks on June 30, 2026, following regulatory approval. Financial terms were not disclosed.
Minet Group is one of Africa's largest independent insurance brokerage and risk advisory firms, providing brokerage, risk advisory, and employee benefits services to corporates, SMEs, and institutions across nine African countries: Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia. Minet was originally part of Aon before Capitalworks acquired it in 2017.
"We are pleased to have completed this investment in Minet, a business that aligns closely with our strategy of partnering with high-quality, high-performing African companies," said Martha Osier, Partner at Adenia.
"Capitalworks has been proud to partner with the management team in building the Minet business into what it is today," said Garth Willis, Managing Partner at Capitalworks.
Founded in 2002, Adenia has raised over $1 billion across six funds and has executed more than 35 platform investments and over 20 exits across the continent. DLA Piper Africa/Kenya and EY-Parthenon advised Adenia on the transaction; Bowmans, Rothschild, Webber Wentzel, and PwC advised Capitalworks.
This is a PE-to-PE secondary buyout, not a venture deal — and that distinction matters for anyone tracking where African private capital is actually going in 2026. Private equity has overtaken venture capital in African deal volume for the first time in six years: 63 PE transactions against 35 VC deals in Q1 2026 alone, according to industry tracking. Deals like this one — a financial-services roll-up changing hands between two established PE sponsors, not a startup raising its first institutional round — are a large and underreported share of that volume. For LPs and allocators benchmarking Africa exposure, insurance brokerage and risk-advisory businesses like Minet represent the kind of durable, cash-generative asset that PE funds are rotating into as venture-style tech bets cool. For founders, the read-through is indirect but real: capital availability in African private markets isn't shrinking, it's shifting toward asset classes venture-focused databases — Lemina included, historically — under-cover.
Lemina Kelvett News
✓ VERIFIEDLemina Kelvett's newsroom covers fundraising pipelines, financial services policy, and private asset valuations across African technology hubs — verified against the platform's underlying company data.