Summer Intern - Intermediated Credit
- 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 £6.8bn and a portfolio of £5.2 billion. In 2020 we committed over £1.22 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
If you are interested in supporting the building of businesses in Africa and Asia, to create jobs and make a lasting impact on people's lives, then our 8 to 10-week internship is for you.
As well as being offered meaningful work, working with diverse teams, you will also partake in a project with your intern colleagues. You will have a comprehensive induction, attend networking sessions and our speaker series.
Within the Financial Services Group, the Intermediated Credit team is responsible for originating and executing:
- Structured credit transactions: using new credit vehicles, securitizations, CLOs, tranched structures, guarantees, etc. to channel capital into markets which CDC cannot adequately reach with existing products and/or to mobilise commercial investors into our markets
- Risk-sharing facilities (RSFs): with partner banks, with the aim of enhancing access to credit for target segments (e.g. MFIs, SMEs)
- Private credit funds (PCFs): broadening CDC’s fund investing capability to include private credit funds, primarily in Africa, to catalyse the growth of this nascent asset class – with a particular focus on mobilising commercial investors.
Specific responsibilities will be driven by priorities and needs of the team at the time, but are expected to include some or all of the following:
Transaction structuring and execution
- Supporting senior members of the team and colleagues working on new RSFs, fund proposals and other intermediated credit transactions
- Analysis, including: sector / market analysis; company / borrower analysis (including credit analysis and financial modelling); macro-economic analysis
- Reviewing potential new transactions and structures to assess relevance to CDC, structure, risks and rewards and how pricing/ returns compare to other transactions in the market
- Preparing relevant sections of investment proposals / papers, conducting due diligence and presenting investment recommendations to CDC’s Investment Committee
- Supporting role on monitoring the portfolio of existing facilities and projects
- Responsibilities include: reviewing company reports; monitoring compliance with covenants; flagging any potential credit issues and preparing monitoring papers for review by CDC’s investment committee.
- Active engagement with relevant fund managers, banks and a broad range of other investors
Research and Strategy
- Assisting in the design and implementation of market scoping studies as relevant
- Keeping up-to-date with deal flow, deal management and portfolio monitoring database for all transactions covered by the Intermediated Credit team
- University degree or equivalent and currently enrolled in an MBA programme or equivalent programme
- Demonstrable business experience in an international environment, including exposure to emerging market finance
- Experience in an investing role within development finance, private equity, banking, financial institutions or digital financial services (fintech) is desirable
- Demonstration of identity with CDC’s proposition including:
- An awareness of and appreciation for CDC’s objectives
- A desire and passion to be part of CDC’s strategy and participate in its work
- Evidence of high performance standards in previous positions
- Analytical acumen, research, financial modelling skills, and advanced knowledge of Excel
- Basic understanding of the key elements of due diligence, deal selection and investment decision-making
- Experience of structuring and executing debt transactions and undertaking credit analysis of corporates / financial institutions / structured debt transactions would be an advantage (although not essential)
- Some knowledge of relevant markets and sectors
- Basic commercial insight into the challenges and issues that businesses face in South Asia and Sub-Saharan Africa
- Understanding of emerging market environments and inherent challenges working in these environments
- Strong written and oral presentation skills
- Ability to analyse data, draw conclusions and present ideas
- Team Work: Collaboration with own team and the larger employee community
- Results Focus: Drive to achieve objectives/results
- Personal Effectiveness: Organising self/teams to meet agreed deadlines
- Influencing/Persuading: Ability to obtain agreement and cooperation in a ‘win-win’ fashion
- Foreign language skills, particularly those spoken in CDC’s geographies (e.g. French, Portuguese, etc) would be an additional advantage
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, and tell us why you would like to join the Summer Internship at CDC, and why you have chosen to apply for this business area / team
- Please apply for one internship only
- Position opened: December 1st 2021
- Position closes: January 7th 2022
- Salary: £57, 685 (pro-rated over 8 or 10 weeks)
Please note CDC will pay for flights to London for those studying internationally