Summer Intern (Financial Services – Direct Equity and FS Funds)

Division: Financial Services Group

Location: United Kingdom, London

Employment Type: Intern

Salary: £57, 685 (pro-rated over 8 or 10 weeks)

Closing Date: 21 January 2022

Summer Intern (Financial Services – Direct Equity and FS Funds)

Our mission

  • 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

 

The Role

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:

Strategy

  • Support the development of the team’s overall strategy
  • Support ad-hoc strategic projects as may be required

Research

Using CDC’s proprietary data, specialised publications and open-source information to:

  • Research specific sub-sectors, countries and regions as a part of any ongoing strategy and mapping exercises
  • Develop the investment pipeline by identifying active and potential new investment opportunities
  • Conduct background macroeconomic and market research as part of the analysis for a specific proposal
  • Produce market development updates and monitor factors that could have an impact on pipeline and portfolio companies

Evaluation of new investment proposals

  • Evaluate new investment proposals to identify opportunities that fit within CDC’s developmental and investment mandate
  • Assist with due diligence and financial analysis on specific proposals
  • Assist with preparing presentations and participating in meetings with co-investors, potential investees and portfolio funds where appropriate
  • Assist with preparing investment committee papers and participating in the meetings
  • Update CDC’s internal databases on a regular basis to track deal processes

Portfolio monitoring

  • Prepare reviews of investee’s financial and strategic performance, including compliance with CDC’s Development Impact thesis and Environment, Social and Governance requirements
  • Update internal monitoring tools as appropriate

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.

 

The Team

The Financial Services Group (“FSG”) plays a key role in contributing towards inclusive development, including filling the SME financing gap, supporting the inclusion of significant numbers of people that remain unbanked and promoting sustainable financing. With the full product suite within one department, the group decides how to invest CDC’s capital into financial services and institutions for the most impact.

The Summer Intern will gain exposure to FSG’s Direct Equity and FS Funds teams.

Direct Equity provides growth capital via minority stakes in financial institutions with a focus on transformative business models and specialised financial service providers. The portfolio includes investments in I&M Holdings (one of Kenya’s leading banking groups), M-KOPA (a pioneering Pay-As-You-Go platform operating across East Africa), and Indifi Technologies (a digital lender providing loans to micro and small businesses in India).

FS Funds invests via a range of intermediated channels – including Private Equity funds, alternative vehicles, and the creation of CDC-backed platform companies – to support the development of the financial services sector. The portfolio includes investments in funds managed by Apis Partners (a London-based manager investing in fintech in Africa and Asia), Leapfrog Investments (a pioneering impact investor focusing on financial services), and the Aavishkaar Group (a growth-stage investor backing entrepreneurs who drive development in India).

 

The Candidate

Background

  • 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 is desirable
  • 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

Technical Skills

  • Ability to analyse financial statements and make commercial assessments
  • Strong excel modelling skills
  • Experience in valuation techniques
  • Basic commercial insight into the challenges and key drivers that financial institutions face
  • Basic understanding of private equity and funds and the challenges/issues involved with this type of investment
  • Understanding of emerging market environments
  • Strong research, writing (long and short format) and oral presentation skills
  • Good understanding of how to formulate ideas in order to originate deals
  • Experience of structuring, reviewing, and negotiating investment proposals

Personal Skills

  • Teamwork: Collaboration with own team and the larger employee community
  • Results focus: Drive to achieve outcomes/results
  • Influencing/persuading: Ability to obtain agreement and cooperation in a ‘win-win’ fashion
  • Relationship building: Evidence of relationship building with internal and external audiences

 

 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.  

 

Application Process 

  • 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

Apply now