Investment Associate - Infrastructure & Climate Funds (I&CF)
- CDC is the UK’s development finance institution. Established in 1948 we invest in the most challenging markets of Africa and Asia with the aim of supporting economic development.
- CDC has net assets of £6.4bn and a portfolio of £4.7 billion. In 2019 we committed over £1.66 billion of capital to business in Africa and Asia and are now invested in 1,200 businesses which directly employ over 875,000 workers and support many more.
- CDC is a Public Limited Company and is wholly owned on behalf of the UK government by the Foreign, Commonwealth & Development Office (FCDO).
- In the last few years, we have expanded our presence in Africa and Asia by opening new offices in Bangladesh, Egypt, Kenya, Myanmar, Nepal, Nigeria and Pakistan with additional locations opening soon.
- At CDC, we take an entrepreneurial approach to investment. We think innovatively about ways to deploy our capital, attract and mobilise other investors, and drive transformational impact.
- Primarily, CDC invests through direct equity, direct debt and funds products to achieve impact and a financial return which is reinvested into more businesses. We aim to create jobs and accelerate economic prosperity and focus on sectors that will do this; manufacturing, food and agriculture, infrastructure, financial institutions, construction, health and education.
- CDC works with like-minded ambitious people who are primarily motivated by our mission to deliver impact. We are a growing team of over 485 and place immense value on diversity within our organisation.
- Read more about us on our website cdcgroup.com
- Infrastructure and Climate Funds (I&CF) sits within the Infrastructure and Climate Group (I&CG) which manages all of CDC’s investment activities across the infrastructure and climate sub-sectors. I&CG is organised along product lines: (i) I&C Funds, (ii) Equity Investments, (iii) Project Finance and (iv) Energy Access & Efficiency.
- 1 permanent associate role is being recruited to join the I&C Funds team. This is an opportunity to join an enthusiastic, mission driven team that sources and manages fund and intermediated strategies in Africa and South Asia, with the mandate expanding to also include South East Asia for climate investments.
- Support senior investment professionals in the management of portfolio funds (private equity funds and managed strategies), including actively monitoring the financial performance and development impact of the funds and their compliance with CDC’s investment policy.
- Member of deal team that sources, analyses and completes new proposals to invest in funds, with the objective of selecting fund managers with the highest potential for financial and developmental impact.
- Reviewing all aspects of fund commitment agreements and assisting in the negotiation process, including working with CDC’s Environmental and Social, Business Integrity, Development Impact, Legal and Finance teams in support of both fund selection and relationship management.
- Taking a pro-active approach to identify problems of under-performance and/or non-compliance at fund manager level, including Environmental, Social and Governance standards, and to propose tangible solutions.
- Maintaining and sharing up-to-date market knowledge/intelligence, geographic and sector mappings
- Assessing investment performance and compliance
- Active engagement with the relevant fund managers (General Partners) and other investors (Limited Partners)
- Formally, through the review and analysis of quarterly fund reports; this may also include supporting the deal lead in advisory board meetings
- Informally, through regular dialogue with the fund managers, other investors, and other organizations active in the regional business community
- Supporting the work of the deal lead or other senior investment professionals on each fund relationship
- Monitoring and reporting on the financial performance, compliance, ESG, and any other issues that relate to existing portfolio investments
- Supporting analysis and creating frameworks for analysis under the guidance and supervision of other colleagues
- Evaluating new investment opportunities and maintaining market knowledge
- Assisting in the design and implementation of market scoping studies as relevant
- Support building an effective network in the funds business in CDC’s markets
- Develop expertise on economic, political and social conditions in relevant countries in which CDC is active
- Engage in the process to catalyse/incubate new private equity managers
- Assisting in the selection of funds which will meet CDC’s objectives under its development grid, including utilising CDC’s internal tools for mapping proposals
- Preparing investment proposals/papers, conducting due diligence, and presenting investment recommendations to CDC’s Investment Committee
- Travelling to Africa, South Asia and South East Asia to conduct onsite meetings as required
- Assisting in the preparation of recommendations to CDC’s Executive Committee, Board of Directors, and Investment Committee
- Reviewing documentation and assisting in fund commitment negotiations
- Working with fund managers and other investors to achieve alignment of investment contracts and legal documents, including fee and incentive arrangements, financial metrics reporting, management company rights and investor protections
- Working closely with Environmental and Social, Business Integrity, Development Impact, Finance and Legal teams and, in conjunction with those teams, scoping their role in the investment process of each new proposal
Background, skills, aptitude
- Strong academic credentials, preferably including a post-graduate qualification such as CFA, ACA, IMC, MBA or equivalent
- Relevant business experience. Exposure to emerging market finance, especially in Africa or South Asia, is desirable
- Experience within private equity, fund-of-funds management or consulting, investment banking or broader financial services or management consulting experience is desirable
- Report writing, proficient business communication and presentation skills is imperative
- Analytical, research and valuation skills, including the ability to analyse company reports, sector data, economic situations and relevant political events
- Ability to work to deadlines and manage time effectively
- An active interest in investing in developing countries
- Demonstrable alignment with CDC’s mandate, mission and values
- Ability to analyse and benchmark investment performance reports and technical data
- Demonstrable professional approach and ability to develop relationships
- Understanding of fund/manager assessment skills
- Familiarity with diligence processes, financial terms, legal terms
- Understanding and comfort with emerging market environments
- Willingness to travel within Africa, South Asia and South East Asia (Covid permitting)
- Relationship building within team and across internal CDC teams
- Strong analytical skills and technical writing ability
- Focus on achievement of objectives, aptitude and willingness to learn
- Knowledge or experience of infrastructure or climate sectors desirable
- Candidates should be strongly motivated by CDC’s development mission and ideally demonstrate some commitment to development or social goals through previous executive or non-executive activity.
Our cultural values
We look for team members who aspire, as we do, to work at our best and to be:
- Impact-led, commercially rigorous
- Tenacious in the face of challenges
- Collaborative and caring
CDC is committed to diversity and inclusion and welcomes all applicants regardless of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, sexual orientation or educational background.
Please provide a cover letter with your application