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African Financial Sector Deepening Strategy
Adventis has developed a African Financial Sector Deepening Strategy that will Strengthen Africa’s financial services sector by investing in instruments issued by African financial services companies, and deepen Africa’s debt capital markets by listing these instruments on local stock exchanges.
Africa Financial Services Deepening Strategy
Investment Process
The Africa Financial Sector Deepening Strategy will seek to invest in primary debt issues of African financial services companies. The strategy can hold primary senior, subordinated and convertible debt that is issued by African financial service businesses that is also in line with the targeted returns of the strategy.
Type of Investments
Predominantly Subordinated Debt issued by leading Financial Services companies in Africa. The tenor of investment will be matched with the remaining fund life.
Duration
10 years which will allow funding for the development of long-term industries such as mortgage and small medium enterprise (SME) funding.
Instrument Currency
$ Denominated debt instruments, understanding restrictions on where these can/cannot be listed, and local currency debt issues where these make sense with a $ target in mind.
Target Return
Annual 15% return in US Dollars.
Portfolio Breadth
Approximately 20 holdings at any one time, diversified across countries and companies.
Listed/Unlisted
We will aim to list these holdings on a local market, facilitating Capital Markets Deepening, and at the same time, providing extra liquidity for the instruments
Board of Directors and Investment Team
Andrew Bainbridge
Chairman (The Africa Financial Sector Deepening Fund)
Currently Chairman Guarantco, Infrastructure Crisis Debt Pool LLP, Previously Global Head SME Banking, Standard Chartered, Non Exec Emerging Africa Infrastructure Fund, MD Africa and Indian Ocean for Barclays.
Joseph Rohm
Managing Director (Adventis Limited, Adventis SA Pty Ltd)
18 years of investment experience and previously managed the Africa public equity portfolios of Investec, Investec Investment Forum and the Investec Africa Macroeconomic Forum, Portfolio Manager of the T Rowe Price Africa and Middle East portfolios, Senior Emerging Market financial analyst T Rowe Price, Global financial analyst ABN AMRO
Mark Richards
Non-Executive Director (The Africa Financial Sector Deepening Fund)
Previously Head of Financial Institutions, Actis, previously Chief Financial Officer of Barclays International Banking, Group Corporate Development Director of the Barclays Group, Strategic Planning Director of Barclays Bank
Rupert McCammon
Director (Adventis Limited, Afinitas Limited)
Managing Director AFSIC, Afinitas Limited (listed on Botswana Stock Exchange), previously Managing Director of the Botswana Share Market (Botswana Stock Exchange), founder and Managing Director of Capital Group Botswana – Botswana largest investment banking operation.
Michael Waller
Director (Africa Financial Sector Deepening Fund)
Managing Director of Sofala Capital, previously managed the Sofala Africa Credit Fund, Head of Standard Bank’s Africa trading origination team and has experience in financial institution subordinated debt structuring
Other relevant team information
Highly experienced Investment Team
Joseph Rohm (previously Portfolio Manager for largest pan African listed equity fund globally), Michael Waller (previously Portfolio Manager for the Sofala Africa Credit Fund with experience in managing, originating and structuring African debt) and Mark Richards, Head of Financial Institutions for Actis.
Extensive Real Life Operational Experience
Andrew Bainbridge with a strong Operational and Risk background, has been MD Africa and Indian Ocean for Barclays, and CEO of BMI Bank. Mark Richards, previously Chief Financial Officer of Barclays International Banking, Group Corporate Development Director of the Barclays Group, Strategic Planning Director of Barclays Bank.
Substantial Capital Markets Development experience
Rupert McCammon (previously Managing Director of the Botswana Share Market, since renamed the Botswana Stock Exchange). Opened Listed Debt Market in Botswana. Michael Waller, Head of Standard Bank Africa’s trading origination team and has experience in financial institution subordinated debt structuring.
Environmental Social Governance (ESG)
Adventis has engaged with IBIS partners, a prominent ESG consultancy, to ensure that development principles and standards will be adhered to by the fund. IBIS partners will also ensure that an ESG framework is incorporated into the investment process. Adventis will seek to invest in financial services companies that adhere to the Equator Principles, which are the IFC’s Performance Standards on Environmental and Social Sustainability. The fund aims to balance both the need for investment returns as well as meeting development criteria, when providing Tier 2 capital to African financial service companies.