Investment Executive, Africa Funds, Intermediated Equity

Team: Investment

Location: London, UK

Employment Type: Permanent

Salary: Competitive

Closing Date: 21 August 2018

Investment Executive, Africa Funds, 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

The Role

Purpose

CDC is one of the leading providers of capital to private equity funds in Africa and South Asia. These investments are made by the Intermediated Equity team which is divided into three focus areas:

  • Africa - CDC is the largest single investor in private equity funds in Africa, supporting 58 funds investing in 32 out of the 54 countries on the continent.
  • Asia - CDC are one of the largest investors in private equity funds in South Asia, supporting 37 funds investing across the region, including in 25 out of India's 29 states. 
  • Impact Fund – Through the smaller Impact Fund portfolio, CDC is able to accept higher risk to achieve particular development objectives such as benefiting excluded or underserved groups, supporting some of the hardest markets in CDC’s mandate.

Responsibilities

Specific responsibilites will be driven by priorities and needs of the team at the time, but are expected to include some or all of the following:

  • Second or third pair of eyes role for a portfolio of Africa funds, including actively monitoring the financial performance and development impact of the funds and their compliance with CDC’s investment policy
  • Second pair of eyes role in analysing and completing new proposals to invest in African funds, with the objective of selecting fund managers with the most potential 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 in relation to ESG standards, and to propose solutions to the first pair of eyes
  • Assist in monitoring of development impact of each relevant fund
  • Keep up to date deal flow, deal management and portfolio monitoring databases for all funds on which he/she is a team member
  • Maintaining up-to-date market knowledge and relationships
  • Assist in preparing presentations to support team strategy and CDC’s brand building with stakeholders

Current investment performance and compliance

  • Active engagement with the relevant fund managers (General Partners) and other investors (Limited Partners)
  • Formally, through the receipt of quarterly financial information; this may also include supporting the first pair of eyes 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 first executive or other team members on each fund relationship
  • Supporting analysis and creating frameworks for analysis under the guidance and supervision of senior colleagues

Evaluating new investment opportunities 

  • Assisting in the design and implementation of market scoping studies as relevant
  • Support building an effective network in the Africa funds business
  • Assisting in the process to catalyse new funds and to improve fund managers
  • Assisting in the selection of funds which will meet CDC’s objectives under its development grid, including utilising CDC internal tools for mapping proposals
  • Reviewing proposals and preparing screening papers and, where relevant, assisting in the due diligence process on fund proposals,
  • Assisting in the preparation of recommendations to CDC’s CEO and Board of Directors, via the Investment Committee

Reviewing documentation and assisting in 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
  • Seeking input early from 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 fund

Monitoring investment performance and compliance

  • Reporting on the financial performance, compliance and any other issues that relate to funds on which he/she is second pair of eyes to the first pair of eyes
  • Monitoring the degree of ESG risk in each fund portfolio, and monitoring the quality and effectiveness of each GPs ESG management systems against the requirements of CDC’s Investment Code.

Development impact monitoring

  • Assist in the monitoring of funds’ development impact, liaising with the ESG Manager and Development Impact team

Maintaining up-to-date market knowledge 

  • Develop expertise on conditions in relevant African countries
  • Specifically the economic, political and social conditions in African markets where CDC’s funds operate, or potentially wish to operate

 

The Candidate

Background

  • Experience with private equity fund management and/or fund-of-funds management is desirable.
  • Equity valuation and experience of direct investing.
  • Proven business experience in an international environment, including a track record of working in emerging market finance)
  • Strong academic credentials, preferably including a post-graduate qualification such as CFA, ACA, IMC, MBA or equivalent.
  • Detailed working knowledge of and an active interest in investing in developing countries.
  • Demonstrable alignment with CDC mandate, mission and values.

Current investment performance 

  • Ability to analyse and bench-mark fund / investment performance reports / data
  • Potential to develop relationships with fund management teams

Fund assessment skills

  • Familiarity with most of: PPMs, diligence processes, financial terms, legal terms
  • Understanding of monitoring and ongoing relationships

Technical Skills

  • Rigorous approach to following fund selection investment process
  • Knowledge of relevant markets and sectors to enable cross-examination of new fund strategies
  • Portfolio management skills, including techniques for track record analysis, team skills analysis and an appreciation of the role of ESG.

 

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

 

Please include a cover letter with your application

Role Posted on: 23/07/2018

Role Closes on: 21/08/2018

Salary: Competitive

Apply now