Chief Equity Management Officer at African Development Bank - AfDB

The Complex

• The Vice Presidency for Private Sector, Infrastructure and Industrialization is central to the Bank’s mission of developing the private sector, improving infrastructure, and accelerating industrialization. The complex main functions are to:
  • Strengthen the enabling environment for private sector [and financial sector] development conducive to inclusive growth and sustainable development,
  • Support the development of reliable and sustainable infrastructure, including cities and urban development, and
  • Place renewed emphasis on industrial and trade performance in support of structural transformation across Africa.
• The Complex leverages knowledge, co-financing, and partnerships to attract private capital and work with governments on delivering the Bank’s development agenda.

The Hiring Department

• For effective, coherent and harmonized Private Sector Operations performed by the five (5) sectoral departments of the Bank (Energy, Infrastructure, Industry and Trade, Agriculture and Social Services, Financial services) a Central  Support Department for Non Sovereign Operations (NSOs)-related activities (PINS) was  put in place.
• The primary role of PINS is to:
  • Assist Sector Departments to efficiently design and monitor NSOs, in a coherent manner, in line with the best market practices and in consistency with the Bank’s related Strategies, Policies and Guidelines, including the Bank’s Private Sector Development Strategy and Policy,
  • Manage the corporate portfolio comprising equity, debt and guarantee instruments.

The Positions
The main responsibilities of the Chief Equity Management Officer are:

• Lead, support, and co-ordinate NSO sector departments in the evaluation of equity investment proposals, investment teasers, pitch books or financial models received by the Bank in order to assess their financial feasibility and transaction bankability.
• Lead, design and develop the execution of investment capital structures suitable for the Bank’s specific development, commercial and legal requirements.
• Lead, oversee and coordinate the Supervision/monitoring of active equity investments of the Bank.
• Lead the corporate portfolio management and reporting on Bank equity investments.
• Contribute to the dissemination of lessons learnt and knowledge sharing on Private Equity development  activities.

Key Functions
Under the supervision of the Division Manager, the Chief Equity Management Officer will perform the following duties:

• Lead business origination support on equity investment operations of private sector projects, primarily at origination level but also throughout the project life cycle.
• Coordinate activities associated with project selectivity and the arbitration of risk capital resources available for Equity investment pipeline.
• Develop Knowledge based benchmarking for equity investments and supervise specific asset class business intelligence gathering (market trends, benchmarking, etc.).
• Contribute to the preparation of corporate guidelines and standards related to equity investments.
• Regular revision of the process and procedures governing the Bank’s equity investment operations.
• Lead and coordinate the on-going supervision activities of all Private Equity Funds investments
• Coordinates and oversee the Advisory committees and Annual General Meetings (AGMs) of Private Equity Funds.
• Oversees the activities of the direct equity investments including the coordination of Board representations at the investee companies as well as AGMs and EGMs.
• Reviews all annual supervision reports and project status reports prepared by Portfolio Management Officers of Private Equity Funds.
• Leads, guides, and ensures harmonization in the processing of all requests for waivers and other changes in the terms of investment agreements.
• Leads and guides Portfolio Management Officers with problem investments, including handling of rescheduling, restructuring, and other instruments, and processing the internal documents required to obtain approvals in line with Delegation of Authority Matrix, including Board approvals.
• Oversees, ensures compliance, and clears the processing of disbursement requests and distribution notices related to equity investments.
• Coordinate and ensure the review of all quarterly reports by Portfolio Officers and share with portfolio officers the matters, which can apply to other investments.
• Assists as expert lead in the preparation of the semi-annual equity portfolio report and Annual Portfolio review report for submission to the Senior Management and the Boards.
• Through the oversight of the Quarterly valuation review, coordinates with Portfolio Management Officers and work with risk management and accounting officers on maintaining accurate risk rating of the individual investees and coherent financial data.
• Contributes to reviews of policies, practices, and procedures as necessary to identify and scope areas for improvement.
• Leads and oversees the sharing of lessons learned and ensure assigned Portfolio Management Officers provide input at entry of new investments to ensure quality at entry and adequate supervision program aligned with risk rating assigned to investment.
• Guides Portfolio Officers in their role on Project Appraisal Teams, ensure quality at entry.
• Ensures that the transfer process of investments from origination Sector Teams to Portfolio Management team is performed in line with process
• Oversees quality of data in the equity portfolio management software eFront including the accurately detailing of the capital calls and distribution.
• Establishes effective partnerships with internal, external customers, partners, and stakeholders, using a range of communication and facilitation skills. This optimizes opportunities for partnerships, which ensures customer focused service delivery for improved business performance.
• Handle other ad hoc assignments as requested by the Management team of PINS.

Job Requirements

• At least a Master's Degree in Business Administration, Finance, Accounting, Law or Economics or in related fields.
• A minimum of seven (7) years of relevant professional experience in the Bank or a similar institution and/or in strategic consultancy, Private Equity Fund, Asset Management.
• Experience and understanding of direct equity investment and private equity funds management.
• Good Knowledge of equity valuation methods.
• Proven ability to acquire new skills (particularly in legal, investment, risk capital, technology, and innovative sectors).
• Capacity to adapt to the rapidly evolving needs of the Bank’s Non-Sovereign Operations ecosystem.
• Knowledge of international economic development issues is not essential but would be an asset.
• Sense of initiative and innovation in proposing solutions to internal and external clients and partners’ needs.
• Ability to respond swiftly to new situations and to anticipate eventual challenges and roadblocks.
• Ability to communicate effectively (written and oral) in English or French, preferably with a working knowledge of the other.
• Strong interpersonal skills and ability to communicate at all levels of the organization. 
• Competence in the use of Bank standard software (Word, Excel, Access, PowerPoint). Knowledge of SAP and eFront is desirable.