Impact Investing in Emerging Markets - Capital Allocation for Sustainable Development
Can Impact Investing in emerging markets successfully facilitate capital towards achieving the Sustainable Development Goals?
Although the Sustainable Development Goals represent agreed common aspirations, the United Nations estimates that reaching the SDGs in emerging markets will cost approximately $3.9 trillion per year and that private and public sources provide just $1.4 trillion per year. As a result, asset managers, financial institutions, governments, foundations, and aid agencies are increasingly placing emphasis on new products and methods of capital allocation to achieve social, environmental and financial objectives.
Impact Investing, despite often convoluted and opaque methodologies, has risen to the forefront of the dialogue as a potential ‘silver bullet’ – promises of financial returns above investor hurdle rates while simultaneously achieving social outcomes have proven to be an enticing combination. Impact Investing now represents a subset of every major asset class including private equity, private debt, public equities, ETFs, fixed income and real estate. As toolkits, exit strategies and investor sophistication continue to evolve in emerging markets, and entrepreneurs continue to tackle ‘wicked problems’ that are of increasing urgency, Impact Investing now seeks to align with the sustainable development agenda on a global scale.
This 1 day conference will debate, discuss and share some of the key themes and challenges essential to at the centre of Impact Investing in emerging markets:
• Impact investing as a tool to address social and environmental prosperity in emerging markets
• Alignment of direct and intermediated investment portfolios with appropriate sustainable development goals
• The effects of the SDGs on investment and exit strategies
Environmental, Social and Governance (ESG)
• Effective methodologies and toolkits to address ESG concerns in the context of emerging markets
• Red flags and risk management techniques, both reputational and financial
• Role of ESG on exits – do ESG screens influence success?
• Incorporating impact and ‘lens’ based frameworks into the entire investment process
• Informatics approaches to capturing, cleaning and understanding impact data
• Relevance of impact on exit opportunities and strategies
• Design and structuring approaches to align investors with varying financial return and impact objectives
• Blended finance, tiered tranches and bond issuances as direct investment strategies in impact focused corporates
• Valuation methodologies and effective structuring of an investment exit
• Realistic expectations for limited partners in impact investing funds
• Management, performance and technical assistance fees
• Exit visibility and impact on financial returns
- Explore ways to expedite sustainable private sector investment to facilitate economic growth and prosperity in emerging markets
- Discuss methods to leverage official development assistance through private sector investment that seeks to tackle extreme poverty and other sustainable development goals
- Network with active players including impact investment professionals and industry thought leaders in an effort to define (and refine) industry best practices
- Participate in cutting edge discussions and have an opportunity to share experiences and lessons learnt (case studies/scenarios for discussion welcome)
- Establish and discover viable, less conventional potential co–investment channels, partnerships and opportunities
Damian Payiatakis, Head of Impact Investing - Barclays
Damian is leading the development of an impact investing business for Barclays that enables clients to protect and grow their assets in a way that also generates societal impact. This work has been recognised in 2016 by the UK Cabinet Office’s Social Investment Awards for Market Building and by Investment Week’s Sustainable Investment Awards for Innovation.
Through this new business line, Barclays will offer new possibilities to the full range of clients, including corporations, families, foundations, mainstream investors, to bring impact into their portfolios and invest for impact across the liquidity and impact spectrum. Previously, Damian was responsible for delivering a strategic transformation across Barclays Investment Management business with sixteen offices across UK, Europe and Asia. Prior to Barclays he spent over ten years in various boutique strategy & change consultancies.
Damian graduated from Brandeis University summa cum laude with Highest Honours. He also holds both a M.A. in International Economics & Finance from Brandeis International Business School and a M.Sc. in Organisational & Social Psychology from the London School of Economics.
Charlotte Ward, Senior Partner - AHL Venture Partners
Charlotte joined AHL in 2014 in Nairobi to lead the portfolio in East and Southern Africa, and sits on many Boards and Advisory Committees. She has experience in investment banking, project finance and managing small business development support programmes in emerging markets. Prior to joining AHL Charlotte managed the GSMA Mobile for Development Foundation programme for energy and water in Africa and Asia. She also spent seven years with Deutsche Bank in the Global Markets division, serving finally as VP for Equity Prime Services. Charlotte holds a Bachelor of Science (Hons.) from Bristol University and a Master of Science from Sydney University in Applied Environmental Science.
Tomi Nummela, Associate Director Investment Practices - UN PRI
Tomi joined the PRI in late 2014. At the PRI he is responsible for PRI’s investment practice work. Prior to the PRI he worked at the University of Cambridge, delivering a thought leadership programme for institutional investors at the Cambridge Institute of Sustainability Leadership. Before joining the University he spent over a decade in investment banking in London – at Société Générale as a Director responsible for corporate debt origination team, at ABN AMRO Rothschild managing equity origination for Nordic countries and at ABN AMRO in debt origination. Tomi has an MSc in Finance and an MBA in CSR. Outside the PRI, Tomi chairs a mid-side charity – The Bootstrap Company – focused on supporting social enterprises and small businesses
Bonny Landers, Head of SRI Investments and Family Governance - Sandaire Investment Office
Bonny Landers helps develop Sandaire’s capabilities in Sustainable, Responsible and Impact Investing as well as advising families regarding their governance structures and assisting them to define their legacy. She is an experienced finance professional, having spent more than 25 years working in America, Europe and Asia at large international banks in senior roles and across the spectrum of product lines. In 2005, she was appointed CEO of a large single family office in Hong Kong and specialised in assisting family members in the sphere of socially responsible investing. From 2013 to 2015, Bonny ran her own company as an independent consultant to assist families and foundations wishing to increase their sustainable and impact investments. She is currently a member of the Johnson & Johnson Impact Investment Advisory Committee. Bonny is an Honours graduate of Harvard University and has completed graduate degree work in International Relations, Politics, Economics and Financial Management. She also holds a Diploma for Non-Executive Directorship from the Financial Times.
Liesbet Peeters, Founding & Managing Partner - D.Capital Partners
Liesbet is a known expert in the impact investment space, with strong investor relationships, deep understanding of financial solutions to development challenges, and extensive experience investing in Sub Saharan Africa and Latin America. Liesbet provides transactional and investment advisory services to foundations, private individuals and international organisations on strategic growth and investment management. Over the last 15 years, Liesbet has built up extensive experience assisting private foundations, family offices and institutional public-private partnerships in building up impact investment portfolios and fund structures in emerging markets. She has successfully led multiple direct investment transactions in Latin America and Africa. Additionally, she is recognized as a leader in financial product structuring for international development, having led the creation of products such as HUGinsure, a social insurance platform, and development impact bonds, including the Mozambique Malaria Performance Bond ad Cameroon Cataract Performance Bond. Prior to joining Dalberg and co-founding D. Capital, she founded an investment advisory firm, Lapiluz Advisory Services, based in Belgium and London. She was previously the CFO/Investor Relations Manager with Capricorn Venture Partners in Belgium and an Investment Officer with the Grassroots Business Initiative at the IFC. Liesbet holds an MBA from MIT Sloan and a Master’s degree in Commercial Engineering from Katholieke Universiteit Leuven, Belgium.
Steven van Weede, Managing Director, Capital Advisory Services - Enclude Capital
Steven joined in 2014 and is an investment banker by training, having worked in the investment banking teams at Merrill Lynch (now Bank of America) and Citi in both London and Johannesburg. In these firms he specialised in corporate finance (balance sheet optimisation, structuring equity and equity-linked financings and debt advisory), before taking on wider coverage roles (which also included M&A). Subsequently, he helped set up Gryphon Investment Bank, an investment banking boutique, where he advised entrepreneurial businesses in central and Eastern Europe on M&A transactions, private equity financing and debt (re-)structuring. Steven has developed a particular expertise in working with small and growing businesses and determining how best to meet their capital needs to fulfil the business objectives. Steven holds a Master’s Degree in Finance and Economics from Groningen University, and followed an executive MBA programme at Wharton.
Michael MacHarg, Senior Director - Social Ventures, Mercy Corps
Michael serves as Senior Director of the Social Ventures team at the global humanitarian agency, Mercy Corps. Michael leverages his experience launching early stage enterprises to help Mercy Corps identify, invest in, and accelerate impact-oriented, for-profit businesses. Prior to Mercy Corps, Michael was Co-Founder of Simpa Networks, a venture-backed energy services company with a bold mission: to make modern energy simple, affordable, and accessible for everyone. Michael has led Arc Finance’s research into micropayment approaches for financing pro-poor clean energy and water enterprises and consulted to the social venture capital fund, Acumen Fund, mapping private sector investments across east Africa. Michael was on the founding team of the first non-profit pharmaceutical company, the Institute for OneWorld Health, whose goal is clinical development and distribution of affordable new medicines for diseases of poverty in the developing world. Michael spent his early career with the Social Development Department of the World Bank. Michael holds degrees from Duke University (CASE Scholar) and Vanderbilt University (Ingram Scholar) and has studied at the Universidad de la Habana in Cuba.
Shantanu Bhagwat, Venture Partner - LGT Impact Ventures
Shantanu is a Venture Partner at Impact Ventures UK and has more than 15 years of experience in venture capital and impact investing, across sectors and geographies. He started his career in early-stage tech investing with Amadeus Capital Partners in 2001. More recently, Shantanu was a Venture Partner at Nesta Impact Investments where he joined after several years as a Principal Director at Frontier Investments Group. He has also worked at Monitor Co. in London and prior to that, spent several years as a fast-track career diplomat in New Delhi and Tokyo. Shantanu currently serves on the Boards of Learning Possibilities, Reall and Innoviti. A personal investor in, and an advisor to several start-ups, Shantanu is a frequent speaker on social entrepreneurship at conferences and B-Schools. A graduate in Computer Engineering, Shantanu holds an MBA from London Business School where he was a Chevening Scholar.
Dan Schönfeld, Head of Finance - Vital Capital Fund
Mr. Schonfeld has twenty years of experience in the fields of finance, strategy, economics, business development and law, with top-tier organizations such as McKinsey & Company, UBS and Ernst & Young. During this time he has led a large number of assignments in a broad range of industries, including infrastructure, construction, healthcare, energy, telecommunication, financial services and others, in many markets and regions worldwide, including Africa. Mr. Schonfeld brings with him a strong foundation of business fundamentals and a rigorous, methodological approach to the analysis of potential investment opportunities by the Fund. In his role as Head of Finance, he oversees all of Vital Capital’s financial operations, manages all investment opportunity screening and evaluation work, monitors and oversees many of Vital Capital’s portfolio investments and in many cases represents Vital Capital on these companies’ Boards of Directors, and drives Vital Capital’s fundraising efforts. Mr. Schonfeld holds an undergraduate degree in Law (LLB) from the Hebrew University in Jerusalem and an MBA from the INSEAD Business School in France & Singapore.
Barry Lawson, Managing Partner - The Private Equity Consultancy
Barry is an English solicitor with over 25 years private equity experience and 18 funds raised. He has held senior positions within major UK private equity and venture capital firms including 3i Group, Bridgepoint Capital and the UK Government owned CDC Group Plc – where, until late 2015, he was their first Director of Business Integrity and Compliance. In 2008 he established The Private Equity Consultancy LLP to provide compliance, operational, fund raising and ESG consultancy services to small – mid-market private equity investment managers in the UK and Europe. In 2015 he left CDC to form The Fund Incubator Limited – a venture capital fund manager helping first time managers raise funds and develop good governance systems within a regulatory umbrella.
Barry served for over 10 years as member of the BVCA’s Regulatory Committee before stepping down in summer 2015. He continues to lecture on behalf of Invest Europe (formerly the EVCA) and devised and delivered their foundation course for support staff and is the course leader for the Regulatory and Legal Master Class.
Susan de Witt, Senior Project Manager - Bertha Centre for Social Innovation and Entrepreneurship
Susan de Witt is a senior project manager at the Bertha Centre at University of Cape Town. She is working closely with National Treasury in South Africa to understand the regulatory implications of the instrument as well as, with specific provincial and municipal line departments to design outcomes based funds and single transaction models. Those projects are in the areas of early childhood development, after school care, workforce development, job creation and health. Prior to this she worked with the Social Investment and Finance Team in the UK Cabinet Office engaging with Social Impact Bonds specifically and social investment policy more broadly. She has worked as a veterinary surgeon in both the public and private sector, in South Africa and abroad and holds an MBA from the UCT Graduate School of Business and a BVSc from the University of Pretoria.
Tracey Austin, Director – Impact Investing, Palladium
Tracey Austin has more than 15 years of investment banking and emerging markets experience ranging across energy, infrastructure and natural resources sectors. Prior to joining Palladium, Tracey worked at CDC Group plc leading the DFID Impact Fund where she focused on leading investing in activities, through fund and other intermediated structures. In addition she spent her time at CDC, on the development of a Frontier Investment strategy, mapping and focusing on incubation models for profitable, scalable investment ideas in post-conflict and transition economies across Sub-Sahara Africa and South Asia. Before CDC, Tracey was a principal at the hedge fund, BlueCrest Capital LLP, focused on selling distressed gold mining assets in Australia and Colombia, where she managed the restructuring programs to turnaround and divest mining assets. Tracey holds a bachelor of commerce degree in accounting, tax, and corporate finance, and is a member of the Chartered Institute of Management Accountants UK.
Sanyade Okoli, Chief Executive Officer - Alpha African Advisory Ltd
Sanyade is the Chief Executive Officer of Alpha African Advisory Limited ("Alpha African", formerly Travant Capital), based in Lagos, Nigeria. She has over 22 years of financial advisory; private equity; corporate, commercial and management finance; and auditing experience. Sanyade has led numerous advisory transactions in areas such as mergers & acquisitions, capital restructuring and strategic advisory. Sanyade joined Travant Capital as one of the founding Directors in 2006 and was a key member of the team that raised and partially executed a US$107m private equity fund. She sits on the board of Dorman Long Engineering Limited, a portfolio company. She holds an MA in Mechanical Engineering from Cambridge University, UK and trained as a Chartered Accountant with Arthur Andersen (UK). Sanyade is also a Fellow of the Aspen Global Leadership Network.
Jerry Parkes, Chief Executive Officer - Injaro Investments Limited
Jerry is the CEO of Injaro Investments Limited, manager of a US$50m fund focused on agricultural SMEs in Africa. Injaro is a member of the ImpactAssets 50 (2015), a list of the global top 50 impact investment managers. Prior to Injaro, Jerry was a director at Knox D'Arcy Investment Management, a UK-based fund manager focusing on small to mid-sized companies. His previous experience also includes roles with Accenture, Merrill Lynch, UBS and Technoserve. He holds a MEng. in Electronic and Electrical Engineering from the University of Manchester and an MBA from the Wharton School, University of Pennsylvania.
Laurens Friso, Business Manager – Shell Foundation
Laurens Friso works as a Business Manager at Shell Foundation and is responsible for a range of portfolio companies focusing on directly or indirectly on access to energy. He has worked in off-grid renewable energy and strategy consultancy in different roles for the last 11 years. Most recently, he laid the foundation of the (pay-as-you-go) solar energy business of Digicel, a telecommunications multinational in Papua New Guinea. Prior to that, Laurens built up Greenlight Planet’s business in East Africa and managed the Ethiopia country programme for the NGO Rural Energy Foundation, which pivoted into the social enterprise SolarNow. He was educated in The Netherlands and Spain, graduating with a Master’s degree in Business Studies and a specialisation in Business Development in 2005.
Juan Garcia Alvarez, Head of Investor Sales - Prodigy Finance
Juan is a member of Prodigy Finance’s Funding team, which focuses on managing and driving supply for Institutional, Impact, and Retail products that deliver financial returns with impact. In his role, Juan manages the offering for retail and family office investors, who invest in school-specific, global multi school, and regional-focussed higher education bonds, and which support international postgraduate students attending top-ranked globally recognized business schools and universities. Prior to joining Prodigy Finance, Juan worked with GE Capital EMEA’s private equity and leveraged finance teams, and founded an entrepreneurial, angel-backed premium nut brand. Earlier professional experience in the US, Saudi Arabia, and Colombia, focused on consulting and advising companies in underserved urban markets on their growth capital raising and business development strategy. Juan holds an MBA from Saïd Business School at Oxford.
Geetha Tharmaratnam, Advisor – Capria Ventures & Capria Accelerator
Geetha is a private equity professional with 14+ years in Private equity. She is an Advisor to Capria Ventures and Capria Accelerator, the first global business accelerator for fund managers in Sub-Saharan Africa, Asia and Latin America. As a principle in the Chief Investment Officer’s Office at Aureos Capital, the preeminent emerging markets private equity firm investing in Small and Mid Cap businesses, she focussed on group strategy, new fund establishment, was responsible for Sustainable Investing as a founding member of the Africa Health Fund and managed ESG (Environment, Social and Governance) for the Group. She pioneered the development of the first Emerging Markets Private Equity sustainability index while at Aureos Capital. Geetha joined the Abraaj Group’s Portfolio Management team, holding responsibility for ESG and impact investing in the Group’s 120+ portfolio companies and also worked on new fund establishment. Geetha was a founding member of the innovative Abraaj billion-dollar Global Health Fund investing in health ecosystems. She worked on transactions in Africa and India, focusing on low cost business models for healthcare delivery to the mass market. She holds a Bachelors of Science degree in Finance from the University of Bridgeport, a Masters in Business Administration from Oxford University and a Masters in Management Research from Oxford University (Private Equity as an instrument of development in Africa).
Patrick Goodman, Co-Founder & Partner - Innpact
Patrick Goodman is co-founding Partner of Innpact S.à r.l., which was established in 2007 and provides expert consulting services for the establishment and management support of impact finance vehicles. He has an in-depth understanding of all operational, financial and legal processes of investment vehicles, backed by almost thirty years’ experience in the banking and fund industry. Previous employers include JP Morgan in Brussels and Citibank in Belgium and Luxembourg. Since early 2003, Patrick Goodman has dedicated his career to responsible finance and impact finance, providing structuring and management support services for MIVs (Microfinance Investment Vehicles) and other impact finance vehicles. He is also a board member of a number of impact investment funds. Patrick holds a Master in Business Engineering from the Solvay Brussels School.
Noorin Mawani, Investment Executive, DFID Impact Fund - CDC Group
Noorin joined CDC in 2015 and is responsible for evaluating and managing investments for the DFID Impact Fund. Prior to joining CDC, she spent time in public market investing at Casdin Capital, co-founded a Y Combinator-backed start-up, and advised governments on health strategy with the Clinton Foundation's Health Access Initiative in East Africa. Noorin started her career as a management consultant in Accenture’s Global Strategy Practice. She holds an MSc in Management Science, Business and Engineering from Columbia University and an Honors Business Administration from the Richard Ivey School of Business at the University of Western Ontario.
Andrew Koleros, Director Research, Monitoring and Evaluation - Palladium
Andrew has fifteen years of experience in the design and implementation of programme monitoring, evaluation and learning (MEL) systems for both small and large development programmes in Africa and Asia. He brings particular expertise in the development of programme theory which integrates complexity concepts and systems thinking into the programme design process. In this capacity, he has led programme design activities for development programmes across a range of sectors including public health, private sector development, civil society strengthening, voice and accountability and economic growth and livelihoods. Andrew has a proven track record in the design and delivery of external independent project evaluations, including performance evaluations and impact evaluations. He has experience designing and implementing multi-year evaluations incorporating mixed-methods designs and working with multiple stakeholder groups including programme funders, programme implementers and target populations. Andrew contributes to Palladium’s Thought Leadership initiatives, conceptualising new approaches and methodologies to improve the design and delivery of development projects.
Magchiel Groot, Senior Investment Office Private Equity - FMO
Magchiel Groot has over 20 years of corporate banking, project and structured finance as well as private equity experience. He started his banking career working for Deutsche Bank both in Amsterdam and London. He then joined FMO in 1998 during which he was seconded to the Emerging Africa Infrastructure Fund at Standard Bank in London between 2002 and 2007. Until 2012 he was responsible at FMO for further developing FMO’s capital markets activities in emerging markets, leading the desk that originates, structures and executes all structured finance transactions within FMO. Since 2012 he is working as Senior Investment Officer at FMO’s Private Equity Department with a focus on Africa.
Christelle Kupa, Partner – Uhusiano Capital
Christelle is a Partner at Uhusiano Capital and has more than 15 years of broad based experience in financial services including investment banking, alternative investment, and development finance. Christelle is dedicated to advance sustainable capitalism and inclusive society. She is a global impact investor and active advocate, with multidisciplinary experience in sustainable finance, cross-border investing, economic development and philanthropy across Africa. She has worked within sustainable development as well as traditional investment firms such as JP Morgan, Deutsche Bank and hedge fund in London. Christelle holds a degree in Business and Finance and is FCA regulated.
8:15am - Registration and Tea/Coffee
9:00am – OPENING DEBATE
- Is there a trade-off between impact and financial returns in emerging markets?
- INTERACTIVE SESSION 1: Fund Economics - should Impact Investing funds adhere to existing benchmarks in fund economics and fees?
- WORKSHOP 1: Investor Toolkits – is integrating ESG, Impact and the SDGs into the investment process overkill?
10:45am – Tea/Coffee Break
- INTERACTIVE SESSION 2: Intermediated vs. Direct Investing – what are the benefits, drawbacks and strategies to each approach?
- WORKSHOP 2: Financial Structuring – is it possible to align the objectives of philanthropists and aid agencies with those of institutional asset managers?
- MIDDAY DEBATE: Can Impact Investing address the SDGs?
13:00 – Lunch Break
- INTERACTIVE SESSION 3: Understanding the Spectrum of Capital – where should Impact Investing begin and end?
- WORKSHOP 3: Impact Bonds – how can we iterate and improve outcomes based payment structures tailored for emerging markets?
15:00 – Tea/Coffee Break
- INTERACTIVE SESSION 4: Fund Governance – how can oversight effectively assist delivery on an investment mandate and attract 3rd party capital?
- WORKSHOP 4: Private Investors Seeking Impact – how can private investors allocate capital in emerging markets to achieve social impact?
16:30 – DAY IN SUMMARY: conference highlights
17:00 – 18:30 Networking Drinks Reception
Saïd Business School at Oxford University blends the best of new and old. We are a young, vibrant, and innovative business school deeply embedded in an 800 year old world-class university.
We educate people for successful business careers, and as a community seek to use our business acumen and global network to address long-horizon phenomena like demographic change, new technologies and natural resource scarcity.
We deliver cutting-edge education and ground-breaking research that transforms individuals, organisations, business practice, and society. We seek to be a world-class business school community, embedded in a world-class university, tackling world-scale problems.
Embedded within the University of Oxford, the Skoll Centre at Saïd Business School is a leading centre for the advancement of social entrepreneurship worldwide. The Skoll Centre’s mission is to accelerate the impact of ‘entrepreneuring’ activity that aims to transform unjust or unsatisfactory systems and practices.
We do this by:
• Cultivating talent and emerging leadership
• Disseminating actionable insights relevant to social entrepreneurship
• Catalysing deep exchanges with a global community of innovators
Barclays provides Wealth and Investment Management across 20 offices worldwide. In addition its financial experts help clients from a further 50 countries to manage their wealth offshore. Wealth and Investment Management is a division of Barclays, a major global financial services provider with over 300 years of history and operations in more than 50 countries. As well as wealth and investment management, Barclays is engaged in personal banking, cards and corporate and investment banking. Our clients can benefit from the range of services, support and expertise offered by the wider Barclays Group.
£355.50 - Early bird registration (before 28 April 2017)
£395.00 - Standard registration fee
Enquiries: Derrick Sanyahumbi
Tel: +44 (0)20 7250 0556
Travel & Accommodation
Saïd Business School, University of Oxford
Located next to Oxford’s railway station
Park End Street
Travel by train
The Park End Street venue is located adjacent to the train station.
There are direct main line services between Oxford, London and Birmingham.
From Heathrow Airport there is a fast train link to London Paddington which connects directly with services to Oxford.
Travel by coach
From London (Heathrow or Gatwick) there is a regular coach service (X70) from both airports to Oxford city centre.
Taxis are available at the Gloucester Green Bus Station, although Park End Street is just a short walk away.
Visit the Oxford Bus website for more information. https://www.oxfordbus.co.uk/
If you require accommodation in Oxford, there is a range of accommodation available from high-class Oxford hotels to self-catering and local Oxford bed and breakfast establishments (guest houses and farm houses). University colleges also offer a range of accommodation to suit a range of budgets. Here are a few suggestions: http://www.universityrooms.com/en/city/oxford/home, http://conference-oxford.com/bb-self-catering, http://www.oxfordcity.co.uk/oxford/home_accommodation.html