Associate, Direct Equity Investments, CDC

Job Title	Associate, Direct Equity Investments
Employer	CDC
Job Type	Full Time
Location	London, UK
Industry	Investment Banking
Experience	0-3 Years
Languages	English
Deadline	Saturday 27th February 2016

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 1948 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:
-    making direct investments or co-investing in specific businesses, alongside local GPs or like-minded investors;
-    placing capital with expert fund managers (GPs) who then use their local knowledge and expertise to find promising businesses in which to invest; and
-    making loans, guarantees and offering micro-finance support.
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

Section Two:  Role Requirements
Background to the Role
The Equity Investments Group at CDC exists to employ commercial equity capital whilst also having a strong developmental impact. Over the last three years, the team have deployed $1b+ across Africa and South Asia with a strong pipeline of additional investment opportunity. Associates work as part of a “pool” across the Equity Investments group, with exposure to our different sector teams. 
Alongside their day-to-day work, Associates will be part of a programme of informal mentoring and formal training designed to build both technical and soft skill programs overseen by a senior member of the investment team.
Role Purpose
The Associate’s primary role is to support the senior members of the Equity Investments deal team. This will include assisting with:
·      Undertaking research into specific sectors and countries that fit within the investment mandate in order to develop sector strategies
·      Evaluating new investment proposals or potential target businesses, including conducting financial analysis, valuation exercises, financial modeling, etc.
·      Having responsibility for aspects of the deal processes including working with due diligence and other advisors
·      Supporting in the post-deal management of the investment portfolio
·      Maintaining the deal pipeline and filtering potential opportunities
·      Preparation of valuation and presentation materials for investment committees

Key Responsibilities
Research:
·      Undertaking research into regions, countries and specific sectors on an ad-hoc basis. This will include providing support to a sector mapping exercise that is currently underway
·      Undertaking research in to specific businesses or projects
·      Keeping up to date with market developments and monitoring factors that can affect the markets and considering how these might affect the pipeline and portfolio companies
·      Monitoring the financial news and updating the team of material information in the target countries, sector and companies
Evaluation of new investment proposals:
·      Initial filtering of investment proposals for deals that fit within CDC’s developmental and investment mandate
·      Analysing financial information relating to specific companies
·      Building or analysing financial models and conducting sensitivity analysis
·      Assisting with reports to be presented to investment committee for approval and participating in the meetings
·      Conducting a detailed valuation on a company using various methods
·      Updating the CDC Group Framework (database) on a regular basis
·      Assisting with the due diligence on a specific company, sector, and country

Portfolio Monitoring:
·      Preparing periodic reports and working with the deal teams to help in the monitoring of investees financial and strategic performance, including compliance with CDC’s Environment, Social and Governance requirements

Environmental and Social Responsibility (ESR) Considerations
As an employee of CDC, you must be aware of the importance of ESR considerations and support the continued delivery of CDC’s ESR compliance process.
As a member of an investment team, you should ensure that CDC’s investments are made to maximize their development impact (financial, economic and ESR performance and private sector development).  You will need to give certain attention and devote time to ensuring that ESR performance of deals are appropriately managed and addressed
CDC provides regular ESR training on relevant topics and issues throughout the year which, as a member of the investment team, you will be expected to attend.

Section Three:  Candidate background, Competencies & Identities
Candidate generic values/ traits
Candidates must be strongly motivated by CDC’s proposition. This requires:
·      An awareness of and appreciation for CDC’s objectives, outside of personal motivations and strongly motivated by these aims
·      Some evidence of these values is useful (E.g., volunteering, career changes due to changing motivations)
·      An appreciation of what CDC is doing and a real desire and passion to be part of the next phase of development that CDC embarked upon in 2011/2012
·      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
·      An understanding of the remuneration and its structure, with the trade-offs it requires and a level-headed degree of long-term comfort with it

Candidate Background
·    University degree (Masters in Finance, Economics, Corporate Finance or accounting degree)
·    Significant relevant business experience. Exposure to emerging market finance, especially in Africa and Asia, is helpful
·      Experience within private equity and/or investment banking or consulting is desirable
·      Analytical, research and valuation skills, including the ability to analyse company reports, sector data, economics and relevant political events.
·      Report writing and advanced knowledge of Excel is imperative
·      Good business communication and presentation skills
·      Ability to work to deadlines and manage time effectively
·      An active interest in investing in developing countries.
·      Demonstrable alignment with CDC mandate, mission and values

Required competencies
·      Ability to analyse a Company’s financial statements
·      Strong excel modeling skills
·      Experience in valuation techniques
·      Ability to work on multiple deals across products and sectors
·      Basic commercial insight into the challenges and issues that businesses face
·      Basic understanding of private equity and the challenges/issues involved with this type of investment
·      Understanding of emerging market environments
·      Ability to review financial analysis and make commercial assessments
·      Good understanding of how to formulate ideas in order to originate deals
·      Evidence of relationship building and ability to support investee companies
·      Experience of structuring, reviewing and negotiating investment proposals
·      Relationship building within and across different teams internally
CDC Identities
We look for candidates that 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
We promote a fulfilling work environment
For further information please see our website ()

About CDC

CDC is the world’s oldest development finance institution and has a proud heritage in supporting the building of successful businesses across poor and emerging markets.  Having had a focused strategy over the past 8 years as an investor (LP) in private equity funds (GPs) in emerging markets, it is going through an exciting transformation that will extend the range of its activities to include direct equity investing and direct lending alongside its fund selection business.  The mission of CDC is to:-

To support the building of businesses and creation of jobs in the world’s poorest countries across Africa and South Asia, making a lasting difference to people’s lives.

CDC takes a wholly commercial approach to its investing and lending activities, but, as a DFI, is ultimately motivated by the development impact of its investing activities. As it invests from its own balance sheet, it 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 10 years if that is necessary.

CDC is wholly owned by the UK government’s Department for International Development (DFID) and plays a key role in DFID’s strategy to help build a thriving private sector in the developing world.  It is a measure of CDC’s high quality investment processes that despite investing in regions of the world that are typically considered very high risk,  it has received no fresh investment from government since 1995 and has returned a profit (which has been reinvested) of £1.8bn since 2004. 

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, guarantees and offering micro-finance support