Investment Associate, Technology and Telecoms Equity
About the job:
Our mission and objectives
CDC is the UK’s development finance institution, owned by the UK Government. We invest with the aim of solving the biggest global development challenges by investing patient, flexible capital to support private sector growth and innovation.
We have over 70 years of experience successfully supporting the sustainable, long-term growth of businesses in Africa and Asia, and have recently expanded to invest in the Indo-Pacific and Caribbean.
We invest to achieve impact and a financial return which is then reinvested for more impact. Over the past five years, we have committed almost £7 billion of new investments, with our net assets growing in value to approximately £7.5 billion. We are now invested in 1,200 businesses which directly employ over 900,000 workers and support many more. Over the next five years, we plan to grow further, and aim to commit around £9 billion of new investments over the period.
Our new five-year strategy responds to the opportunities and challenges facing developing and emerging economies. To ensure our capital is used in the best way possible to meet these opportunities and challenges, it sets out three clear strategic objectives – to invest in productive, sustainable and inclusive development. These objectives mean an increased focus on climate finance, including investing in green infrastructure; on financing digital transformation; and on driving inclusive outcomes, including through gender and diversity finance.
As part of our new strategy, we will also be changing our name to British International Investment (from 4 April 2022), to more accurately reflect our central role in the UK Government’s international financing offer.
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, Pakistan and Ghana; with additional locations opening soon.
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.
We work with like-minded ambitious people who are primarily motivated by our mission to deliver impact. We are a growing team of over 500 and place immense value on diversity within our organisation.
The Technology & Telecoms team covers both digital infrastructure businesses as well as digitally-native and technology-enabled companies. It has been spun out as a separate industry practice within CDC last year in testament to the firm’s recognition of the growing importance technology plays in driving economic development in our target markets.
The Technology & Telecoms team’s mandate covers both venture capital and growth equity investments with cheque sizes ranging from US$2m to US$20m for more passive co-investments primarily with CDC’s venture capital portfolio fund managers and from US$20m to US$250m for actively managed growth deals. We look to back high-quality management teams within established profitable enterprises and also invest in exceptional earlier-stage companies when they are the leading players in the development of a rapidly growing new market.
Our investments are purely in Africa and South Asia (SAARC), and we have a particular focus on businesses that are in or expanding to the poorer parts of those geographies as well as businesses with the potential for driving substantial inclusion, productivity and/or resource utilisation efficiency gains.
There are 5 levels in the team – Associate, Executive, Manager, Director & Team Leader. However, the team is very flat and people at all levels are involved in the real detail, and in representational work, both to Investment Committee and externally. Directors and, to a material degree, Managers act as deal leads/oversights.
There are 3 parts of the job (at all levels):
Origination – sector mapping, finding & evaluating investment opportunities, and building and maintaining relationships with companies.
Execution – analysing companies in detail, conducting due diligence, navigating the Investment Committee process, agreeing legal terms.
Portfolio management – analysing companies in detail, preparing for Board meetings, helping the companies wherever we can, preparing for follow-on investments, roll-ups and/or exits.
At Investment Associate level, you will spend the majority of your time on execution; supporting senior members and colleagues on new proposals, especially on market analysis, financial analysis and modelling. By the time you are a senior Investment Associate you should be able to run some of the due diligence and execution work streams with limited support. You will also assist on origination and portfolio management.
This particular Investment Associate position we are recruiting for will primarily focus on transacting in the US$15m+ later-stage venture and growth equity transactions end of the spectrum.
We are looking for candidates that will deliver from day one and who have the drive, ambition and tenacity to progress through the ranks.
Typically, candidates will have a solid grounding in fundamental analytics (financial / commercial analysis, valuation, financial modelling) from Private Equity, Venture Capital, investment banking or strategy consulting.
The successful candidate will likely have relevant prior work experience (min 3 years), with exposure to the tech & telcos verticals and/or demonstrable interest in technology, venture capital, innovation being a plus.
University degree or equivalent with a master’s in Finance, Economics, Corporate Finance, Accounting degree or equivalent is required. CFA or similar qualifications would be an additional advantage.
Over and above quantitative skills, analytical rigour and attention to detail, the softer skills we are looking for include: (1) ability to look at complex problems and get to the root of the issue, (2) ability to build relationships with companies, (3) ability to communicate clearly on paper and in person, and (4) ability to multi-task.
Candidates will also need to evidence previous experience working in, or demonstrable passion for, Africa or South Asia, or at the very least an understanding of emerging markets, with willingness to travel.
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.
Please provide a cover letter with your application
Closing Date: 07 March 2022