Deputy Chief Investment Officer (CIO) for Higher Risk Investment Portfolio, Director, Chief Investment Office

Team: Investment

Location: London, UK

Employment Type: Permanent

Salary: Competitive

Closing Date: 05 March 2018

Deputy Chief Investment Officer (CIO) for Higher Risk Investment Portfolio, Director, Chief Investment Office

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

Background

 CDC, the UK’s Development Finance Institution, is pioneering a series of new investment strategies, each designed to unlock or accelerate a market in Africa or South Asia that could bring significant development impact. To enable this, each strategy will seek to make a series of catalysing investments and bear more risk at the portfolio level than CDC’s main portfolio. The six initial strategies (known collectively as ‘investment policy 2’ or ‘IP2’ inside CDC) focus on markets as diverse as medical supply access, electrical transmission and distribution and impact funds. There is the potential for more strategies to be developed in the future, including in agriculture.

 

The Role

Purpose

  • We are now looking for an exceptional individual to coordinate this exciting approach, which we believe to be unique in development finance, and oversee the investment portfolio that grows from it.
  • Key responsibilities of the role include supporting investment teams in developing new strategies or amending existing ones, supporting IP2 portfolio management processes, monitoring the overall IP2 portfolio for impact and financial risk and return and acting as strong internal and external advocate for the work.
  • The role will report to CDC’s group CIO.

 

Responsibilities

  • Mapping/scoping future strategies
    • Develop a process for originating and then assessing future potential of highly additional investments (IP2) qualifying strategies, working closely with existing investment teams and sector specialists /sector development impact experts. In doing so, ensure:
      • due attention is given to strategies that originate and/or could be managed by partners outside of CDC as well as in-house ideas (see partnerships section below)
      • the parallel development of CDC’s 7 sector strategies help to inform the development of future IP2 strategies
      • the future approach to originating and assessing future strategies learns from the original approach CDC took to developing its six initial IP2 strategies between 2014-2017
    • Attend board-level decision-taking meetings on new qualifying strategies

Key CDC relationships: all investment teams, sector specialists and sector DI experts, corporate strategy team, external partners 

 

  • Supporting decision-making process for individual strategies and investments
    • support the assessment process for new IP2 qualifying strategies, working with Exco and the Board, as well as supporting any major shifts in existing IP2 qualifying strategies
    • support a consistent Investment Committee approach to specific IP2 considerations (e.g. fit with qualifying strategy), and advising on appropriate IP2 Investment Committee composition
    • maintain and help to enforce a ‘blending’ policy in the event IP2 investments ever blend with investments in CDC’s main portfolio
    • be a member of Investment Committees considering IP2 investments

Key CDC relationships: IP2 investment teams, CIO, individual investment committee members, Exco, Board

 

  • Supporting portfolio management process
    • Support the development of a robust and consistent IP2 portfolio management process including:
      • a consistent way of tracking development impact and financial performance and risk, both within and across different IP2 strategies as well as for the IP2 portfolio as a whole
      • a process for considering additional capital requirements or, conversely, reshaping or stopping strategies that are not performing
      • a way of monitoring the implications of IP2 performance on overall CDC profitability and sustainability
    • consider whether CDC’s approach to exits needs adjusting for IP2 investments (for example, to give appropriate regard to impact considerations). Develop an approach to existing whole strategies, and also for the prospect of strategies to ‘graduate’ from IP2 to the main CDC investment portfolio

Key CDC relationships: IP2 investment teams, portfolio analysis team, CIO

 

  • Assessing development impact
    • support the IP2 investment teams developing and tracking the development impact case, including setting and collecting impact metrics, for each IP2 transaction, and assessing whether realised impact is greater or lesser than intended impact
    • Lead on assessing the sector or market-level impact across the whole of an IP2 strategy, working closely with the CDC evaluation programme

Key CDC relationships: IP2 investment teams, embedded DI teams, head of DI evaluations, Devco sub-committee of CDC Board

 

  • Developing high-value partnerships and representing CDC externally
    • develop and maintain a small but high-quality set of relationships with potential or active IP2 partners who may help to originate, manage or co-invest with CDC IP2 strategies. These partners will be diverse, but could include impact investors and major philanthropies and grant-makers as well as commercial investors, and should be complementary to the relationships held by IP2 teams themselves
    • represent CDC in impact investing debates and blended/finance discussions, as helpful, and at the appropriate senior level
    • develop thought-leadership pieces that reflect CDC’s pioneering approach to market-building, higher risk investing
    • maintain a watching brief of how other actors use concessional finance and any opportunities or risks this presents to any part of CDC’s operations (including the main investment portfolio)

Key CDC relationships: comms and stakeholder team, corporate strategy team, DI policy and research team, any future ‘mobilization’ team/bench

 

  • Internal representation
    • be an internal advocate for IP2 across all CDC teams and with the Exco and Board
    • seek synergies and cross-learnings across IP2 teams, for example by organising an internal, annual IP2 ‘day’ for CDC staff working on IP2 strategies and investment

Key CDC relationships: various but incl. Exco and Board 

 Team Structure

Initially this role is foreseen as a standalone position within the CIO’s office. There will be a strong emphasis in working alongside other individuals and teams across CDC. In due course additional resource from direct reports may be justified.

 

The Candidate

 Background

This is an unusual opportunity so we are open-minded on the right attributes for the role, but we expect some combination of:

  • Career history:
  • extensive experience in sustainable, responsible or impact investing, or with development finance institutions, ideally across a range of assets classes/ investment instruments
  • experience of international development or of working in emerging markets will be a significant bonus

 

  • Skills and style:
  • experience of portfolio monitoring and analysis, and strategy development
  • an ability to provide leadership in a matrix setting and work effectively across teams.
  • sufficient gravitas to influence at c-suite/board level and be respected as a peer by heads of investment teams
  • strong written and verbal communication skills including a willingness to speak at high-profile external events. Strongly collaborative in nature
  • Experience of international development or of working in emerging markets is desirable

 

  • Motivation:
  • must be highly driven by CDC’s development mandate, and excited by the chance to establish CDC as a pioneer in the field of market-building, higher risk investing

 

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 submit a cover note with your application.

Posted on 26 January 2018

Closing on 05 March 2018

Salary: competitive

Apply now