Team and role overview
Private Equity Funds sits within the Private Equity and Corporate Debt Group which manages all of BII’s investment activities in SMART Industries, (Services, Manufacturing, Agriculture, Real Estate and Technology) (SMART). SMART is organised along product lines: (i) Private Equity Funds, (ii) Direct Private Equity, (iii) Venture Capital, and (iv) Corporate Debt.
Private Equity Funds comprises of four sub-teams (Sector Funds, SME Funds, Mid/Large Funds, and South Asia Funds) that are involved in sourcing, executing and managing fund investments and co-investments in Africa and Asia. The Sector Funds team will closely collaborate with other teams to achieve BII’s objectives.
Private Equity Funds takes a hands-on patient approach to develop the private equity industry across BII’s target markets, ensuring the right teams, strategies, skills and sectors are focused on to make underlying businesses sustainable, successful and impactful in the long term.
There are 4 levels in the team – Associate, Executive, Manager, Director/Team Head. The team is flat and people at all levels are involved all aspects of our work and transactions including presenting to Investment Committee and representing BII externally. Directors and Managers act as deal and portfolio leads/oversights.
Purpose
The Investment Manager (Sector Funds) will support the team’s strategy in developing innovative solutions to enable the growth of small, medium and larger businesses in BII target sectors across BII’s target markets, through the provision of capital to companies through private market funds and co-investments. We will pursue opportunities that support BII’s impact objectives by making Productive, Sustainable and Inclusive investments that:
• Provide access to goods and services to improve quality of life
• Provide income generating opportunities through direct and indirect employment
• Encourage institutionalisation of the informal sector, supporting responsible business practices
• Help develop human capital, with a focus on Diversity & Inclusion
• Support transition to net zero, and creation of just and resilient economies
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:
• Lead role in managing a portfolio of Sector funds in BII target markets (predominantly Africa and South Asia), including actively monitoring the financial performance and development impact of the funds and their compliance with BII’s investment policy. Sectors include food and agriculture, forestry, healthcare, digital infrastructure, education and innovative strategies for example in sectors such as water, circular economy and green manufacturing. Funds specialising in Financial Institutions and Infrastructure are covered by different teams within BII.
• Lead role in sourcing, analysing and executing new Sector fund investments (and co-investments), with the objective of selecting fund managers/co-investments with the highest potential financial and developmental impact
• Working with BII’s Environmental and Social, Business Integrity, Development Impact (including Climate and Gender), Legal and Finance teams in support of both fund selection and relationship management
• Building and nurturing relationships with key stakeholders in in our markets to support portfolio management and investment origination
• Travelling to BII target geographies to conduct onsite meetings as required
• Keep up to date deal flow, deal management and portfolio monitoring databases for all funds on which s/he is a team member
• Maintaining up-to-date market knowledge and relationships
• Leading the preparation of presentations to support team strategy and BII’s brand building with stakeholders
• Supporting and coaching junior team members in the Private Equity Funds and Sector Funds teams and in deal teams
• Collaborating with colleagues across BII, including providing sharing market perspectives gained via our investments
Managing investment portfolio
• Formally, through the receipt and analysis of quarterly financial information and representing BII in advisory board meetings,
• Informally through active engagement with the fund managers, other investors, and other organisations active in the regional business community
• Collaborate with all teams across BII to support and add value to our investees
• Preparing materials and analysis for BII Valuations Committee and Portfolio Review
• Taking a pro-active approach to identify problems of under-performance and/or non-compliance at fund manager level
Evaluating new investment opportunities
• Building an effective network in the Private Equity Funds business
• Leading in the selection of funds which will meet BII’s objectives, including utilising BII internal tools for mapping proposals and implementing market scoping studies as relevant
• Reviewing proposals and preparing screening papers and, where relevant, leading the due diligence process on fund and co-investment proposals
• Leading in the preparation of recommendations to the Investment Committee
Reviewing documentation and negotiating fund commitments
• Reviewing all aspects of transaction documentation and leading the negotiation process
• Engaging with fund managers and other investors including regarding fee and incentive arrangements, investor rights, reporting, the powers of the management company and its relationship with investors, and BII’s side letter
• Seeking input early from Environmental and Social, Business Integrity, Development Impact, Finance and Legal teams and working alongside them in the investment process of each new fund
Maintaining up-to-date market knowledge
• Develop and maintain expertise on the economic, political and social conditions in BII markets
The Candidate
Background, skills, aptitude
• Suitable experience in private equity fund management and/or fund-of-funds management
• Proven business experience in an international environment, including a track record of working in emerging market finance
• Experience working in development finance is desirable, ideally in BII geographies
• Equity valuation and experience of direct investing desirable
• Good academic credentials, preferably including a post-graduate qualification such as CA/ACA/CIMA, CFA, IMC, MBA or equivalent
• Detailed working knowledge of and an active interest in investing in developing countries
• Rigorous approach to fund assessment and experience with relevant investment processes
• Familiarity with diligence processes, financial terms, legal terms
• Ability to analyse and bench-mark fund / investment performance reports / data
• Ability to develop relationships with fund management teams
• Knowledge of relevant markets and sectors to enable cross-examination of new fund strategies. Experience in one or more of the following sectors is desirable: healthcare, food and agriculture, forestry and/or digital infrastructure
• Portfolio management skills, including techniques for track record analysis, team skills analysis and an appreciation of the role of ESG
• Demonstrable professional and collaborative approach and ability to develop relationships within BII as well as externally
• Strong written and verbal communication skills
• Understanding and comfort with emerging market environments
• Willingness to travel within BII target markets
• Candidates should be strongly motivated by BII’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
British International Investment 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.
Please provide a cover letter with your application
Salary: Competitive
Our mission and objectives
