Investment Manager OR Director, Impact Fund, Intermediated Equity

Team: Investment

Location: London, UK

Employment Type: Permanent

Salary: Competitive

Closing Date: 01 February 2018

Investment Manager OR Director, Impact Fund, Intermediated Equity

Our Mission

  • Our mission is to support the building of businesses throughout Africa and South Asia, to create jobs and make a lasting difference to people’s lives in some of the world’s poorest places.
  • We aim to invest in countries where we can have the greatest impact. In countries where the private sector is weak and jobs are scarce.
  • We invest in sectors where growth leads to jobs – both directly and indirectly. In sectors such as manufacturing, agribusiness, infrastructure, financial institutions, construction, health and education. Last year, the businesses we invest in created more than a million jobs. 
  • We are successful because we are a high quality investment organisation, using the best commercial skills and judgement to make investments in great companies and support them to grow over the long term.  We therefore want to attract people with these skills but who are motivated to use them to dramatically improve the private sector in Africa and South Asia
  • For further information, please visit our website cdcgroup.com

Scope of the Role

 

The Impact Fund invests into funds which aim to impact the most vulnerable or underserved groups, and the very hardest and most fragile geographies within Africa and South Asia. As one of the largest impact investors in developing markets, it is also at the forefront of efforts to grow the wider impact investing industry (see www.theimpactprogramme.org.ukfor more information on DFID’s Impact Programme, of which the Impact Fund forms part).

 

Since it began investing in 2014, the Impact Fund has committed in excess of $70m to five funds, including a venture capital fund targeting breakthrough businesses in East Africa and the first private equity fund in Afghanistan (for more detail see www.theimpactprogramme.org.uk/investments-2/). We are currently looking at opportunities in a number of areas with the potential to generate significant development impact, including clean energy, health, education, agriculture and water sectors.

 

While development impact is at the heart of our mandate, this can only be achieved through a robust investment process that identifies which funds are most likely to succeed in executing innovative and often unproven strategies. To do this we employ an exceptional team which is tasked with maintaining CDC’s reputation as a rigorous, high quality investor, whilst at the same time pushing the boundaries in terms of the risks that it takes in order to achieve development impact. The Impact Fund sits within CDC’s Intermediated Equity team, which manages all of CDC’s fund investing activities – a central pillar of CDC’s strategy. CDC is an LP in over 100 funds across emerging markets and is the largest single investor in private equity funds in Africa.

 

We are currently looking to recruit either an Investment Manager or Director for the Impact Fund. This individual will report to the Director and Head of the DFID Impact Fund on the team, and will be expected to lead new transactions from sourcing to closing, to take responsibility for monitoring a portfolio of existing fund investments, and to contribute to all aspects of the team’s activities. Individuals with experience as fund investors and a strong motivation to pursue development impact are particularly encouraged to apply.

 

Role Purpose

  • Responsibility for sourcing, analysing and completing new fund proposals in line with the Impact Fund mandate, including writing IC papers and presenting to IC
  • Negotiation of all aspects of fund commitment agreements, including mobilising the assistance of CDC’s ESG, Legal and Finance teams in support of both fund selection and relationship management
  • Responsibility for a portfolio of Impact funds, including monitoring their financial performance, development impact and compliance with CDC’s investment policy
  • Taking a pro-active approach to resolving problems of under-performance and/or non-compliance at fund manager level, including in relation to ESG standards
  • Contributing to the development of Impact Fund strategy and implementation plan
  • Mentoring of other Impact Fund team members on new proposals and portfolio management to increase their skill and effectiveness
  • Maintaining up-to-date market knowledge and promoting a culture of knowledge sharing within the Impact fund team and beyond

 

Key Responsibilities

 

New investments

  • Manage the design and implementation of market scoping studies as relevant
  • Build and maintain an effective network in the impact investing industry
  • Source new fund opportunities in line with the Impact mandate, including taking a proactive approach to catalyse new funds and to improve fund managers
  • Screen fund proposals and conduct due diligence where relevant, involving other team members as appropriate
  • Prepare recommendations to CDC’s Investment Committee
  • Manage fund commitment negotiations with fund managers and other investors including fee and incentive arrangements, reporting, the powers of the management company and its relationship with investors including CDC’s side letter
  • Work closely with ESG, Finance and Legal teams, scoping their role in the investment process of each new fund

 

Portfolio management

  • Active engagement with the relevant fund managers and other investors, both formally at advisory board meetings / through receipt of quarterly reports and informally through regular dialogue
  • Manage the work of the second executive on each fund relationship
  • Report on the financial and impact performance of the relevant funds both internally through regular monitoring and valuation meetings and externally to DFID on a periodic basis
  • Monitor the degree of ESG risk in each fund (in conjunction with the ESG team) and the quality and effectiveness of each fund manager’s ESG management systems against the requirements of CDC’s Investment Code

 

Team building, operations and knowledge sharing

  • Help to manage and develop other Impact Fund team members and contribute towards building a team culture which promotes knowledge sharing within the Impact team and beyond
  • Develop and sustain expertise on conditions in the Impact Fund target markets
  • Keep up to date deal flow, deal management and portfolio monitoring databases for all funds and suggest / implement improvements to streamline fund operations
  • Contribute to team meetings and broader CDC initiatives (e.g. sector working groups) and develop collaborative working relationships with other CDC teams
  • Assist in development of the Impact Fund’s strategic direction and plans
  • Act as an ambassador for CDC, including speaking at conferences and engaging with agreed stakeholders

 

Background

  • Strong academic credentials, preferably including a post-graduate qualification such as MBA or equivalent
  • At least eight years’ experience in private equity, fund of funds or impact investing including experience in emerging markets such as Africa / South Asia
  • Significant experience of reviewing, structuring and negotiating investment proposals, including leading deals and portfolio management
  • Detailed working knowledge of and active interest / networks in impact investing in emerging markets
  • Equity valuation, financial structuring and direct investing experience is desirable
  • Strong motivation for CDC’s proposition and a real desire and passion to contribute to the Impact Fund’s activities

 

Personal Skills

  • Communication: Appropriate written/verbal communication to effectively carry out role
  • Team Working: 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
  • Coaching/Mentoring: Taking time to develop and support colleagues
  • Influencing/Persuading: Ability to obtain agreement and cooperation in a ‘win-win’ fashion

 

Technical Skills

  • Strong numerical, analytical and problem-solving skills
  • Ability to lead investments from start to finish including writing and presenting high quality investment memos
  • Capacity to sustain long term relationships with investee management teams
  • Good management/mentoring skills
  • Familiarity with PPMs, diligence processes, financial and legal terms
  • Understanding of monitoring and ongoing relationships
  • Rigorous approach to following fund selection investment process
  • Knowledge of relevant markets and sectors to enable cross-examination of new fund strategies
  • Strong portfolio management skills, including techniques for track record analysis and an appreciation of the role of ESG

 

ESG Considerations

An interest and awareness of Environmental, Social and Governance (ESG) considerations

  • Support the continued delivery of CDC’s ESG compliance process
  • Ensure that CDC’s investments are made to maximize their development impact
  • Devote time and attention to ensuring that ESG performance of deals is appropriately managed and addressed
  • Attend regular ESG training on relevant topics and issues throughout the year

 

CDC Identities

We look for candidates who share our culture and reflect our identity, the CDC identities are described as follows:

  • Compassion is central to everything we do
  • We owe our clients and prospective clients a fast and thoughtful process
  • We accept the tough challenges inherent in our mission
  • We are quick and non-defensive when things go wrong
  • We oppose bureaucracy
  • We never forget that we are investing and spending tax payers’ money
  • We promote a fulfilling work environment 

For further information, please see our website www.cdcgroup.com

 

Please submit a cover letter with your application.

 

Opening date: 3 January 2018

Closing date: 1 February 2018

Salary: competitive

Apply now