As part of the GIIN’s mission to accelerate the scale and effectiveness of impact investing, we publish job openings from members of the GIIN Investors’ Council and other impact investing leaders.

Investment Associate, Financial Services Group, Funds

at CDC Group in London, UK

About the Job

CDC’s Principal Investment Groups

  • Financial Services: This group oversees our investment activity via financial institutions and into financial services.
  • Infrastructure and Climate: This group oversees our investment activity in energy sectors and wider infrastructure sectors such as transport. They also help develop our capability in climate-focused investing.
  • SMART Industries (Services, Manufacturing, Agriculture, Real estate, Technology): This group oversees our investment activity in sectors such as manufacturing, telecoms, agriculture, consumer and business services and construction and real estate.

The Financial Services Group plays a key role in contributing towards inclusive development, including filling the SME financing gap and supporting the inclusion of significant numbers of people that remain unbanked, particularly women. With the full product suite within one department – from fund investing to providing equity and trade finance – the group decides how to invest CDC’s capital into financial services and institutions for the most impact. This is particularly important as many FIs face liquidity challenges, as a result COVID-19, which are disproportionately impacting low-income populations and SMEs.

Fund Investing in Financial Services (FS Funds)

One of the ways in which CDC supports the growth of companies is by investing in private equity funds and we are one of the leading providers of capital in our markets:

  • Africa – CDC is the largest single investor in private equity funds in Africa, supporting c.90 funds investing in 32 out of the 54 countries on the continent;
  • South Asia – CDC is one of the largest investors in private equity funds in South Asia, supporting c.60 funds investing across the region, including in 25 out of India's 29 states.

Within the FS group, the FS Funds team focuses on:

  • Funds – Investing in and managing a portfolio of private equity funds, which invest in the financial services sector, including fintech / digital financial services;
  • Alternative vehicles – Invest in or setup alternative vehicles (e.g. single managed accounts) with mission-aligned, best-in-class strategic and financial partners;
  • Platforms – Investing in intermediaries and vehicles that invest in or lend to MSMEs either directly or indirectly through financial institutions;
  • Co-investments – Investing in underlying portfolio companies alongside the funds and platforms we have invested in.

The FS Funds team works closely with other investment teams across CDC. It is also able to access CDC’s Catalyst Funds programme, which allows the team to accept higher risk to achieve particular development objectives across some of the hardest markets in CDC’s mandate. This includes investments that would benefit excluded or underserved groups, addressing financing gaps or market failures, and supporting innovative business models with strong developmental outcomes.

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:

  • Support in evaluating new investment opportunities to invest in FS funds, tailored intermediated structures and co-investments, with the objective of selecting teams with the most potential financial and developmental impact.
  • Research on trends, innovations and intermediated transaction opportunities across CDC’s target geographies
  • FS funds’ portfolio management responsibilities, including supporting the active monitoring the financial performance and development impact of the funds and their compliance with CDC’s investment policy.
  • Maintain up-to-date market knowledge and relationships.
  • Prepare presentations to support team strategy and CDC’s brand building with stakeholders.

Evaluating new investment opportunities

  • Research specific sub-sectors, countries and regions as a part of any ongoing strategy and mapping exercises;
  • Support in the selection of funds which will meet CDC’s financial, development and mobilisation objectives under its mandate, including catalysing new managers.
  • Review investment proposals, prepare investment committee papers, and support in the due diligence process.
  • Ensure incorporation of CDC’s Investment Code, ESG matters, and legal requirements.
  • Review all aspects of fund commitment agreements, assist in the commercial and legal negotiation process.
  • Coordinate with fund managers and other investors to drive investment approvals and closings.
  • Update CDC’s deal tracking systems on a regular basis.

Monitoring investment performance and compliance

  • Support in the active engagement with fund managers (General Partners) and other investors (Limited Partners) related to portfolio issues and ongoing monitoring.
  • Monitor investments through quarterly financial information, advisory board meetings, and regular dialogue with General Partners and Limited Partners.
  • Support senior staff in the management of under-performance and/or non-compliance at fund manager level, including in relation to ESG standards.
  • Portfolio analysis under the guidance and supervision of senior colleagues.
  • Support the work of colleagues on fund relationships and portfolio management projects.
  • Assist in the monitoring of funds’ development impact, liaising with the ESG team and Development Impact team.

Maintaining up-to-date market knowledge

  • Support building an effective network in the Financial Services funds business.
  • Develop expertise on investment climate and conditions in CDC’s target geographies.
  • Specifically, develop and maintain views on economic, political and social conditions in markets where CDC’s funds operate, or potentially wish to invest.

Candidates should be strongly motivated by CDC’s development mission and ideally demonstrate some commitment to development or social goals through previous executive or non-executive activity.

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.

Salary: Competitive


The Candidate


  • University degree in finance, economics, corporate finance accounting, or other relevant degree. CFA, ACA or MBA would be an additional advantage
  • Strong relevant experience within investment management, banking or management consulting with exposure to origination and structuring of financial services investments
  • Experience within emerging markets would be an additional advantage
  • A genuine affinity for developmental objectives, evidenced by personal interests and career decisions (e.g., volunteering, career changes due to changing motivations)

Fund assessment skills

  • Familiarity with some of: financial analysis, PPMs, diligence processes, financial terms, fund legal terms.
  • Basic understanding of the financial services sector and drivers of different types of business models
  • Potential to develop relationships with fund management teams, investors and market participants.
  • Ability to analyse and benchmark fund / investment performance reports / data.
  • Ability to pro-actively research, analyse and present (written / oral) relevant and concise information for decision making.

Technical Skills

  • Understanding and comfort with emerging market environments
  • Strong technical writing ability
  • Financial modelling and analytical abilities related to company financials / valuation.
  • Portfolio management skills, including techniques for track record analysis, team skills analysis, and an appreciation of the role of ESG.

Personal Skills

  • Team work: Collaboration with own team and the larger employee community
  • Results focus: Drive to achieve outcomes/results
  • Personal effectiveness: Organising self/teams to meet agreed deadlines efficiently
  • Influencing/persuading: Ability to obtain agreement and cooperation in a ‘win-win’ fashion

To apply

Please provide a cover letter with your application

CDC Group

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 £6.4bn and a portfolio of £4.7 billion. In 2019 we committed over £1.66 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