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Portfolio Director, Intermediated Equity

at CDC Group plc in London, UK

About the Job

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 want people who are committed to using their skills to develop the private sector in Africa and South Asia to join us
  • For further information, please visit our website www.cdcgroup.com

The Role

  • CDC’s Intermediated Equity team focuses on investing and monitoring private equity funds, evergreen funds and corporates across sub-Saharan Africa and South Asia
  • The team takes a hands on, patient approach to develop the nascent private equity industry across these geographies, ensuring the right teams, strategies, skills and sectors are focused on in order to make underlying businesses sustainable in the long term

Purpose

  • Responsibility for a portfolio of intermediated equity funds, including monitoring financial performance and development impact of the funds and their compliance with CDC’s investment policy
  • Mentoring of the second executive on each fund relationship to increase their skill and effectiveness in monitoring existing fund manager relationships
  • Contributing to the design of CDC’s annual investment programme in Intermediated Equity funds, informed by

CDC’s strategy

  • Responsibility for sourcing, analysing and completing new proposals to invest in Intermediated Equity funds, with the objective of selecting fund managers with the most potential financial and developmental impact
  • Negotiation of all aspects of fund commitment agreements, including mobilising the assistance of CDC’s ESG (Environmental Social and Governance), Business Integrity, Legal and Finance teams in support of both fund selection and relationship management
  • 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
  • Manage the monitoring of development impact of each relevant fund
  • Maintaining up-to-date market knowledge
  • Contribute to the overall management of the CDC business, including contributing to the Africa Funds weekly team meeting, presenting to IC, to Board and to Devco

Responsibilities

  • Current investment performance and compliance
    - Active engagement with the relevant fund managers (General Partners) and other investors (Limited Partners), given the relative youth of the industry in our target geographies the team take a very proactive approach
    - Formally, at advisory board meetings of the funds and through the receipt of quarterly financial information,
    - Informally through regular dialogue with the fund managers, other investors, and other organizations active in the regional business community
    - Managing the work of the second executive on each fund relationship
  • Sourcing and evaluating new investment opportunities
    - Managing the design and implementation of market scoping studies as relevant
    - Building and maintaining an effective network in the Intermediated Equity funds business
    - Sourcing new fund opportunities, including taking a proactive approach to catalyse new funds and to improve fund managers
    - Use influence to select funds which will meet CDC’s objectives under its development grid
    - Managing the screening of fund proposals and, where relevant, due diligence on fund proposals,
    - Preparing recommendations to CDC’s CEO and Board of Directors, via the Investment Committee
  • 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 ESG, Finance and Legal teams and, in conjunction with those teams, scoping their role in the investment process of each new fund
  • Team management
    - Management of team members, including mentoring, training, conducting appraisals and acting as a role model
  • Investment performance and compliance
    - Reporting on the financial performance, compliance and any other issues that relate to his/her area of responsibility to the MD of Intermediated Equity funds and IC as required
    - 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. Ensure high risk assets/managers are visited regularly by CDC executives to determine whether risk is adequately managed and, if not, what steps should be taken in conjunction with the ESG Manager.
  • Development impact monitoring
    - Assess in a timely fashion, according to an agreed timetable, liaising with the ESG Manager
  • Maintaining up-to-date market knowledge
    - Develop and sustain expertise on conditions in the emerging markets
    - Specifically, the economic, political and social conditions in markets where CDC’s funds operate, or potentially wish to operate
  • Overall CDC management
    - Contribute to the management of CDC’s Intermediated Equity funds business
    - Act as an ambassador for CDC, including speaking at conferences and engaging with agreed stakeholders
    - Assist in development of CDC’s strategic direction and plans

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

Posted on: 26th January 2017
Closing date: 25th February 2017
Salary: competitive

Qualifications

The Candidate
Background

  • Experience with private equity fund management and/or fund-of-funds management is desirable.
  • Equity valuation and experience of direct investing.
  • At least 12 years’ 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.
  • Demonstration of identity with CDC’s proposition including:
    - An awareness of and appreciation for CDC’s objectives
    - An appreciation of what CDC is doing and a real desire and passion to be part of the next phase of development
    - History of working with 'best in class' employers in their respective fields
    - Appropriate periods with each previous employer and explicable career moves
    - the flexibility and desire to spend time in the countries in which CDC invests

Technical Skills

  • Ability to analyse and bench-mark fund / investment performance reports / data
  • Capacity to sustain long term relationships with investee management teams
  • Good management/mentoring skills
  • Familiarity with PPMs, diligence processes, financial terms, legal terms
  • Understanding of monitoring and on-going 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.

To apply

Please apply via the CDC website: https://www.jobs.cdcgroup.com/vacancy/portfolio-director-intermediated-equity-0213/239/description/

CDC Group plc

CDC is the UK’s Development Finance Institution (DFI) tasked with the inspiring mission to invest in businesses in Africa and South Asia to create jobs and make a lasting difference to people’s lives in some of the world’s poorest places. Established in 1948, CDC is the world’s oldest DFI and has a proud heritage supporting the building of successful businesses across emerging and frontier markets. CDC is currently going through an exciting transformation, which has seen it extend the range of its activities to include direct equity investing and direct lending alongside its fund selection business. Between 2004 and 2011 CDC operated as a funds investor only.

Wholly owned by the UK Government’s Department for International Development (DFID), CDC plays a key role in DFID’s strategy to reduce poverty in the developing world by supporting economic growth and creating jobs. In recognition of CDC’s high quality and developmental approach to investing, DFID recently announced a significant new capital injection of £735 million into CDC. Prior to this, since inception the UK Government had invested a net £144 million into CDC, which had been turned into net assets of £3.4 billion. The new investment will allow CDC to invest on a greater scale in job-creating sectors such as agribusiness, infrastructure, financial institutions and construction.

CDC takes a wholly commercial approach to its investing and lending activities, but, as a DFI, each investment is motivated by the development impact it will achieve. As it invests from its own balance sheet, CDC has considerable flexibility in how it structures investments and in the risk-return profiles it can consider. It is also able to take a longer view – up to and beyond ten years if necessary. CDC is currently invested in over 1,300 companies in 74 countries.

CDC invests in a number of ways:

  • placing capital with expert fund managers (GPs) who then use their local knowledge and expertise to find promising businesses in which to invest;
  • making direct investments or co-investing in specific businesses, alongside local GPs or like-minded investors; and
  • making loans or guarantees

To achieve its vision and mandate, CDC is looking to build its team and, in particular, attract high quality investment professionals who are motivated to use their skills to develop the private sector in Africa and South Asia. For further information, see www.cdcgroup.com