Divisional Executive: Venture Capital and Corporate Finance at National Empowerment Fund

Job description

MANAGEMENT OF STRATEGIC PROJECTS FUND’S FUNCTIONS & ACTIVITIES
​Develop and implement SPF Strategy

 Ensure that projects selection criteria methodology or investment rationale strategy is adhered to and should include but not limited to:

•  New job creation
•  Investment in Poverty Nodes
•  Investment in other geographic regions
•  Import substitution / Export Earnings
•  Participation of Black Women and BB-BEE
•  Early-Stage Projects (Greenfields – Ramp-up’s)
•  Play a role in the enhancement of manufacturing capacity of the country
•  Ensure progressing of projects in line with project timelines and deliverables
•  Ensure that the team adheres to governance frameworks of the NEF and good corporate governance principles 

 Ensure that the focus is on the strategic sectors identified by the Government including:

•  Renewable energy
•  Mining and Mineral beneficiation
•  Agro-processing
•  Tourism
•  Infrastructure
•  Information technology and 4IR

Identification of New Projects 

• Assist Investment professionals in sourcing projects and undertaking scoping and feasibility studies.
• Ensure that pre-feasibility studies that are undertaken are comprehensive and findings are used to explore opportunities for the NEF 
• Prioritise projects to achieve an ideal project mix and ensure that projects are at various development levels (e.g. ensure financial close of at least 4 projects per annum). 
• Ensuring that all project management and funding activities are undertaken in accordance with the project funding mandate, SPF investment policy and Public Finance Management Act. 

Manage the process of commercializing the projects or project development

• Ensure that projects go through multiple approvals that involves development costs before there is finalization to the funding requirements and structures for the business. 
• Reporting back on a regular basis to the Executive Committee and the Board of Trustees. 
• Reporting back on a regular basis to the Executive Committee and the Board of Trustees on project progress 
• Ensuring that all project management and funding activities are undertaken in accordance with the project funding mandate, SPF investment policy and Public Finance Management Act. 

Financial Closure

• Ensure that projects have successfully undergone through the project development phase and are going into construction phase. 
• Raise funding for projects from other external sources locally and internationally. 
• Ensure that the fund has a fund-raising strategy. 

UMNOTHO FUND

The Divisional Executive is required to provide leadership to the private equity / corporate finance business Unit (“Umnotho Fund”) within the NEF. Umnotho Fund provides financing to support Black Economic Empowerment (“BEE”) groups seeking to acquire existing businesses or equity interests in existing businesses. The Fund invests across economic sectors and through a range of investment products. The Fund typically invests using equity and mezzanine instruments. The Divisional Executive is responsible for development and implementation of the strategy and business plan of Umnotho Fund. Responsibilities include growing the Umnotho Fund investment portfolio by taking leadership for business development and providing guidance and mentorship to investment professionals in relation to origination and execution of transactions. The role includes management of investment professionals and support staff. Other responsibilities include management of internal and external stakeholders.

• Ensure the funds execute transactions transferred from Pre-investment or directly referred are effectively and efficiently processed against the investment process. 
• Ensure that approved transactions are structured on the best possible terms for the NEF, accessing what tangible security is available as collateral and support the sustainability of the underlying entity. 
• Ensure that all structures are in compliance with requirements of the Public Finance Management Act and other relevant regulatory requirements. 
• Ensure that due diligence process is established and followed in accordance with best practice and guided by accounting and auditing standards. 
• Ensure that full audit trails of all due diligence are completed and maintained as well as evidence of signed off review and approval of due diligence files. 
• Ensure that due diligence teams are adequately staffed with the appropriate experience and skills emanating from legal, accounting, valuations and financial analysis background. 

Business development including customer and stakeholder relationship management 

• Ensure that Business Development strategies and plans for the Division are further developed by proactively identifying new opportunities and needs using market and customer intelligence. 
• Lead the implementation of the Business Development plan and strategy. 
• Build on and develop the NEF regional presence programme by appropriately staffing and monitoring the regional offices and establishing and managing the regional loan officers as they are appointed. 
• Cultivate extensive networks within and outside NEF aimed at growing the reputation of NEF within the BEE financing, private equity, Development Finance Institution (“DFI’), commercial bank, financial intermediary arenas. 
• Develop appropriate customer relationship strategies to deliver the Umnotho Fund products and services. 
• Ensure that ongoing road shows/ engagements with potential clients/intermediaries aimed at stimulating market awareness of the NEF’s products and services. 
• Champion and contribute to the development of new products and services. 
• Regularly lead NEF participation at conferences promoting NEF products, services and interventions to BEE market and other stakeholders. Assume ultimate accountability for generating new business in accordance with targets set in performance contract. 
• Deliver outcomes on agreed deadlines and milestones. 

Development of operational strategies, policies, procedures and tactics

• Ensure that Umnotho Fund annual Business Plan adheres to the overall direction and guidance provided in the Divisional Strategic plan. 
• Manage, monitor and report regularly to Exco and other stakeholders on progress made against the KPA’s and KPIs’ set in the annual Business plan. 
• Ensure that an Operating Manual for Umnotho Fund is developed and implemented covering the investment process as well as due diligence guidelines, Investment Screening Report templates, Investment Paper templates. 
• Ensure that an annual review of the Operating Manual and operating procedures is implemented as
  required with changes in consultation with Exco.
• Ensure that standard financial models used by investment professionals in performance of their transaction appraisals are developed and maintained. 
• Contribute to the development of Divisional strategy, policy, procedures and protocols. 
• Proactively align cross-functional policies, procedures and protocols within the Investment Division by exploring dependencies and soliciting input. 

RISK MANAGEMENT

Continuously improve NEF’s investment process against pre-determined risks of:

• Investment return Portfolio sustainability 
• Portfolio diversification 
• Turnaround times and reputation 
• Regional concentration 
• Meeting the mandate of the NEF (BB-BEE, job creation, women empowerment) 
• Impairments and write-offs 
• Continuously look to identify and mitigate new risks and report on these in the risk management framework 

LEADERSHIP ROLE IN NEF

• Work closely with other executives to ensure NEF meets its overall key performance targets as set out in the Balanced Score Card. 
• Enhance managerial and leadership skills to achieve NEF’s objectives. 
• Actively participate as a member of the Executive Committee for Investments and Operations. 
• Support the CEO in the strategic leadership of the NEF and overall achievement of the mandate. 
• Attend and participate in Board Investment Committee and Risk Management Committee meetings and other Board committees as and when required. 
• Maintain and develop relationship networks in the business and public service sectors. 
• Promote the role and mandate of the NEF at all times. 
• Take lead in specific tasks as assigned by the NEF from time to time. 

PERFORMANCE MANAGEMENT

Submit and obtain approval on annual key performance indicators on a balanced score card approach with respect to transaction activity for the funds and for specific deliverables falling under the Unit and within relevant KPI’s. Present these key performance indicators in the context of a rolling three-year strategy. Enter into an annual Performance Contract containing these agreed key performance indicators and targets.

Minimum requirements

Qualification Requirements

• BCom / Honours / Masters / CA(SA)

Experience / Skills Required

Essential 

• Have a working knowledge of SA Corporate law including the Companies Act, 
• Minimum ten years’ experience in the private equity, SME funding environment, venture capital and/or development finance arenas with requisite management experience. 
• Sound technical and industry knowledge of the fund management environment.
• Well-developed business networks and proven ability to generate deal flow. 
• Strong technical and industry knowledge of the BB-BEE financing market including understanding of evolution of BB-BEE financing and BB-BEE Codes of Good Practice. 
• Working knowledge of BB-BEE financing structures, equity investments and mezzanine financing structures. 
• Good understanding of and track record in corporate finance disciplines such as valuation techniques and project finance. 
• Working knowledge of financing legal documents such as sale and purchase agreement and shareholders agreements. 
• Strong credit and risk analysis skills. 
• Previous experience at a senior level in effectively managing people and large professional teams. 
• Well-developed presentation, written and verbal communication skills 
• Strong inter-personal skills 
• Strong organizational and strategic orientation 
• Experience in development and implementation of strategic and business plans 

Preferred

• Previous experience in managing a financing business Unit as well as a corporate finance business unit within a development finance environment. 
• Proven track record in growing a sustainable / private equity investment portfolio against a developmental mandate.

Personal Attributes/Behaviours/Attitudes

• Protect and Enhance NEF’s Reputation 
• Focus on the urgency of recruitment and continuous staff development 
• Meeting Customer Needs 
• Quality Conscious 
• Managing Relationships
• Analysis and Judgment
• Communication 
• Thoroughness 
• Confidentiality/Integrity 
• Personal Organization 
• Financial management 
• Impact and Influence 
• Relationship building & Networking 
• Developing others 
• Open and Effective Communication 
• Information seeking 
• Critical thinking 
• Planning and organizing 
• Project management 
• Process orientation 
• Attention to detail