Closing date: Sunday, 8 February 2015
Background / General description
IFC Asset Management Company, LLC (AMC) is the fund management arm of International Finance Corporation (IFC). AMC was established in 2009 as a wholly-owned subsidiary of IFC, to mobilize and manage third-party capital for investment in private enterprise in developing and frontier markets. It aims to generate profits for investors while enhancing IFC's development impact. AMC-managed funds are targeted at investors who are looking to increase their exposure to emerging markets and who are interested in accessing IFC's transaction pipeline, investment approach and standards, global reach and track record of superior returns. AMC currently has seven funds under management (six direct investing funds and one fund of funds) with an aggregate AUM of $7.8 billion, all focused on emerging and frontier markets. The strategies of the current AMC-managed funds cover equity and subordinated debt for commercial banks and other financial institutions; equity for infrastructure companies and projects; growth equity for generalist companies and projects in select regions; and fund investing in the resource efficiency space. In addition, AMC is planning to raise and manage additional funds in the future, each with a focus on a particular sector, region or product. IFC's investment departments support AMC by providing investment origination, execution and supervision services, while investment and portfolio decisions for funds under management are taken independently by AMC.
Duties and Accountabilities
AMC's fund of funds platform (AMC FoF Platform) currently comprises the IFC Catalyst Fund ($418 million AUM) which invests in specialist PE funds focused on the resource efficiency space, and we now plan to raise the IFC Global Emerging Markets Fund of Funds (GEM Fund or the Fund) with a target size of $750 million. The Fund will raise capital from a variety of public and private sources (including IFC), to invest in (a) generalist midcap growth equity funds across the emerging markets globally; (b) direct co-investments originated by investee funds invested by IFC and/or the Fund; and (c) opportunistically, secondary purchases of LP interests in funds whose managers IFC is presently or has in the past invested with. The AMC FoF Platform will be managed by a single integrated team covering the different pools of capital. AMC is presently seeking to hire an experienced professional to join the FoF team as Principal, who will form a key part of the AMC FoF team. The IFC Funds Group is an industry-leading existing core business of IFC, investing in PE funds in emerging and frontier markets since 2000, with some $3 billion committed to approximately 160 PE funds. Teams from the IFC Funds Group and the AMC FoF Platform will work jointly to identify, diligence and monitor investment opportunities, with IFC and AMC making independent investment decisions on individual opportunities. Duties and Accountabilities: The Principal will report to the Head of the AMC FoF Platform (the Head), and will be responsible for (i) leading AMC investment teams; (ii) working with the Head and other IFC and AMC team members to structure, negotiate and monitor fund investments and co-investment transactions that will lead to a solid and well balanced investment portfolio for the Fund and the AMC FoF Platform more generally, respecting the focus and constraints of the different pools of capital; (iii) supporting the on-going marketing of the Fund; (iv) participating in negotiations with investors and helping to achieve closings for the Fund; and (v) helping to maintain a good relationship with investors in the AMC FoF Platform and with IFC investment teams working on funds and co-investments. In particular, the Principal will work with the Head to:
Selection Criteria
The successful candidate is likely to have worked for a private equity firm, a fund of funds management business, an international financial institution or major bank with significant emerging markets presence. He/she will have a deep understanding of and practical experience in fund selection, diligence, investing, valuation, structuring, portfolio construction/ management and business strategy, ideally in a fund of funds context. Successful experience in selection, diligence, structuring, investing and monitoring co-investments and secondary purchases of LP interests will also be highly valued. The background and experience of the selected candidate is expected to include the following elements:
To apply for this position, please send your CV and cover letter to AMCRecruit@ifc.org NOTE: The selected candidate will be employed directly by AMC, which is a distinct legal entity to IFC. IFC Asset Management Company, LLC is an equal opportunity employer.