INVESTING FOR IMPACT & PROFIT
PRIVATE EQUITY IN AFRICA: NAVIGATING AN UNCERTAIN MARKET LANDSCAPE
African economies have presented robust opportunities for private equity investors on the basis of a rapidly emerging middle class and fast economic growth. However, they are now facing increasingly uncertain market conditions, including macroeconomic volatility, political uncertainnty, and greater competition for attractive assets from both PE and increasingly active corporate investors. How are private equity investors responding to these challenges? Does the evolving market dynamics present new opportunities?
Hurley Doddy, Founding Partner and Co-CEO, Emerging Capital Partners
Hurley Doddy is a Founding Partner and Co-CEO of Emerging Capital Partners (ECP), a leading Africa-focused private equity manager which has raised over $3 billion and made over 60 investments in Africa since 2000. Mr. Doddy is responsible for providing overall leadership and strategy for the firm and for managing investment staff. A Princeton graduate, Mr. Doddy began his career at Salomon Brothers in 1984, with assignments in New York, Tokyo, and Sao Paulo, and was made a Managing Director in 1997. Mr. Doddy is Chairman of African Private Equity and Venture Capital Association (AVCA).
Patrice Backer, Partner & CIO, AFIG Funds
Patrice Backer is the Chief Investment Officer of AFIG Funds and has been with the Fund since its inception in 2006. He leads all aspects of the investment process and is a member of the Fund's Investment Committee. Prior to AFIG Funds, Patrice was the Managing Director of PromoCapital, and prior to that was with JPMorgan's Emerging Markets Sales and Trading and Latin America M&A groups.
Patrice graduated from Harvard College with a bachelor's degree in Engineering Sciences. He holds an MBA from the Wharton School of Business, and an MA in International Studies from the University of Pennsylvania's Lauder Institute.
Hynd Bouhia, CEO, Global Nexus
Hynd Bouhia is the Chief Executive Officer of Global Nexus, a financial structure dedicated to managing investment funds in infrastructure, clean energy, innovative technologies and startups in Africa; she carries also strategic advisory work on the Nexus of Water, Energy and Food, and sustainable development.
Prior to that, Dr. Bouhia was the Head of Strategy and Development of Morocco's Public Pension Fund, in charge of investment strategies and development programs. A position she took in 2010, after being the Director General of the Casablanca Stock Exchange. Previously, Dr. Bouhia was the Economic Adviser of the Prime Minister of Morocco, in charge of international investment and sectorial strategies. She went back to Morocco in 2004 after eight years at the World Bank in Washington, where she worked on lending projects for sustainable development and managed World Bank issuances in emerging market currencies.
Dr. Bouhia received her Ph.D. in Environment Engineering from Harvard University in June 1998 and has a Diploma of Engineering from Ecole Centrale Paris in France. Dr. Bouhia holds a M.A. in International Relations from The Johns Hopkins School for Advanced International Studies (June 2000).
In August 2008, she was ranked 29th of the 100 more powerful women of the world by Forbes Magazine. Then, in 2012, she was selected among the 100 most powerful Arab women by Business Finance, and in 2015. Finally, Bouhia received the Oxford Said Business School certificate as a 2013 Archbishop Tutu Africa Leadership Fellow; and was elected into the Johns Hopkins Society of Scholars, in 2016.
Hasham Mehmood, Senior Investment Officer, IFC
Hasham Mehmood is a Senior Investment Officer at International Finance Corporation (IFC), the private sector arm of World Bank. He covers health and education in Africa and Latin America. Hasham has spent 11 years at IFC and has also led investments in building materials and oil & gas in MENA and Eastern Europe, and consumer services and health in Asia. Before IFC, he was an investment banking analyst with JPMorgan in New York covering oil & gas, chemicals and utilities. He has a BS in Economics from the Wharton School majoring in Finance and a MALD from the Fletcher School majoring in Public International Law.
Dr. Yemi Osindero, Managing Partner, Uhuru Investment Partners
Dr. Yemi Osindero is the Managing Partner of Uhuru Investment Partners based in Lagos, and has over 18 years of investment banking, private equity and operating experience. He most recently co-headed Africa Private Equity for SCPE, where he was instrumental in building and had oversight for over $900 million of investments across the continent. He sat on the Boards of several portfolio companies including Seven Energy, Union Bank of Nigeria, GZI and Copperbelt Energy Nigeria. He was actively involved in portfolio management and value creation at these companies, driving the operational transformation and chairing the Credit Committee at Union Bank of Nigeria and several other Board Committees at investee companies. Prior to this, Mr. Osindero co-founded Virgin Nigeria Airways in 2005, and was its Chief Operating Officer and a member of its Board for 5 years, from its inception. He was previously an Investment Manager at Virgin Management, which acted as investment manager to Sir Richard Branson's Â£20 billion Virgin Group, overseeing strategic initiatives and managing exits for portfolio companies. Before that, Mr. Osindero provided financial and strategic advice to Private Equity investors at Hawkpoint Partners. He started his career in the Investment Banking group at Goldman Sachs. Mr. Osindero holds a BEng (First Class Hons) and PhD in Chemical Engineering from Bath University.
THE FUTURE OF IMPACT INVESTING IN AFRICA: WHAT NOW?
As the impact investing space matures, questions have begun to arise around the seemingly low level of successful exits and limited reporting of their returns. Now that "it's too early to tell" is losing validity, where *really* is the sector in terms of financial viability and sustainability? Where does the sector go from here? Is a pivot needed, or is the proof just around the corner?
Lily Han, Principal, Dalberg Capital
Lily Han is a Principal at Dalberg Capital, where she focuses on designing innovative financing mechanisms to address social development and environmental impact challenges. Examples of her experience includes helping to develop a first-of-its-kind Development Impact Bond (DIB) for malaria control in Africa, advising a large U.S. foundation to make its first investment in an onlending facility for women-led small businesses, and developing new structured debt instruments for a renewable energy infrastructure fund.
Efayomi Carr, Investment Associate, Quona Capital
Efayomi works on regional sourcing and due diligence of investment opportunities, as well as supporting Quona and its portfolio companies on operational projects and research. Prior to Quona, Efayomi worked with 8 Miles LLP, a London-based private equity firm that invests in Africa. Before that, he worked with the Boston Consulting Group in New York and Nigeria covering financial services. He has also spent time working as the Head of Marketplace for Jumia Nigeria in Lagos, and as the Head of Information Management and Analysis for the National Ebola Response Center in Freetown. Efayomi received an MBA from the Harvard Business School.
Gerald Pambo-Awich, Director - Strategic Initiatives & Impact Investments, Prudential Financial
Gerald (Gerry) Pambo-Awich is a Director of Strategic Initiatives & Impact Investments at Prudential Financial. In this dual role, he focuses on initiatives to influence the future of Prudential's International Insurance business, and leads the Education & Africa strategies for Prudential Impact Investments with responsibility for sourcing, underwriting and managing investments that meet Prudential's social value criteria while providing risk-adjusted financial returns. Prudential Impact Investments manages a portfolio of more than $700 million in investments and has a goal of building a $1 billion portfolio by 2020.
Matthew Ryan, Proposition Analyst, Investing & Advisory, Thomson Reuters
Matt Ryan leads the Environmental, Social, and Governance data business in the Americas for Thomson Reuters. Recently, he joined the Advisory Board to the FinTech Sandbox, a Boston based Accelerator. Prior to joining Thomson Reuters, he served as a consultant at Huron Healthcare, working with hospitals and health systems across the United States. Matt is also a proud alumnus of the University of Michigan.
PICKING WINNERS IN AFRICA: FINDING THE RIGHT INVESTMENTS
Picking winning ventures is tough. Picking winning ventures in Africa is even tougher. This panel ignites a conversation on the methodologies investors have used to examine and predict the success of ventures funded. How to tell if a venture will go bust or generate a decent return? Come learn from seasoned veterans who will share their unique take on investing in the rising continent.
Stephanie Atiase, Senior Director of Corporate Strategy, Hilton Worldwide
Stephanie Atiase is the Senior Director of Corporate Strategy at Hilton Worldwide where one of her focus areas is on Hilton's approach to investing in emerging markets ahead of scale. She also leads cross-functional initiatives focused on Hilton's support model, product development and customer experience. Prior to her role at Hilton, Stephanie spent her career working in strategy consulting at BCG and Deloitte where she focused on Customer Strategy and Business Model Innovation. Stephanie earned her BS in Accounting and Business Law from the University of Southern California and an MBA from Harvard Business School.
Brendan Mullen, Managing Director, Secha Capital
Brendan Mullen has over 10 years of investing and advisory experience in both the USA and Africa. He was previously a consultant with Bain & Company in its Johannesburg office, where he focused on agribusiness, FMCG, retail and energy. Previous to Bain, Brendan worked as a venture fellow at SJF Ventures, an impact investing venture capital firm. He began his career as a bond analyst at Putnam Investments, a Boston-based global asset manager. Brendanâ€™s first experience into sub-Saharan Africa was as an advisor to the Africa Awards for Entrepreneurship. His work with AAE, Bain and Secha has encompassed 15 different countries on the continent. Brendan holds an MBA from Duke University.
Morgan Simon, Managing Director & Author, Candide Group
Simon is a widely-recognized leader in impact investment who builds bridges between finance and social justice. Over the past seventeen years, she has influenced over $150 billion in capital. Simon currently co-leads Candide Group, which supports two clients, including members of the Pritzker family on behalf of the Libra Foundation. She is also co-founder and chair of the non-profit Transform Finance. Previously, Simon served as the founding CEO of Toniic, a global network of impact investors, and as the founding executive director of the Responsible Endowments Coalition. She has worked with the United Nations in Honduras, in corporate reform with ForestEthics, and in domestic microfinance with the Women's Initiative for Self-Employment. She currently serves on the boards of the Restaurant Opportunity Center, The Working World, and CARE Enterprises. A graduate of Swarthmore College, Simon serves as an adjunct professor at Middlebury College's graduate school program
Jeff Stine, Principal, VestedWorld
Jeff leads the operations and investments at VestedWorld. He keeps the team moving ever forward in their mission to ignite the growth of early-stage businesses in emerging markets and to support the entrepreneurs in these markets who dare to dream big. In his career as an investment banker in Lazard's Power, Energy & Infrastructure practice, Jeff focused on advising clients both large and small on strategy, capital raising and transformative transactions. Jeff holds an MBA from The University of Chicago Booth School of Business and graduated Phi Beta Kappa from Virginia Tech. His military awards and decorations include the Bronze Star, Combat Infantryman Badge, Ranger Tab and Parachutists Badge, among others.