Director Equity recruitment
Background
The EBRD is uniquely positioned as an experienced investor in its countries of operations and is the largest private equity investor in its region, with a track record of impact and financial success over 20 years. The Bank invests equity ranging from €2 million - €100 million in transactions within industry, infrastructure, and the financial sector, using innovative approaches and instruments. Equity investments are made in companies at both pre- and post-privatisation stages, alongside large international sponsors, local owners and managers, in private equity funds focussed on CEE/CIS and the SEMED regions, and in co-investments with private equity funds. The Bank expects a market return on its investments, only takes minority positions and with a clear exit strategy. There is an increasing focus within the Bank on equity and quasi-equity which at present represents approximately 20% of the EBRD's portfolio with operating assets of over €6.0 billion at cost.
The Equity team ("the Team") has the mandate to advance the equity investment culture and operations of the Bank, acting as a "centre of excellence". In this respect, the Team plays a leadership role in overseeing and coordinating equity investment activities with a goal to achieve the highest standards in quality and consistency Bank-wide. The Team has a central role in generating an active engagement and "value creation" in the Bank's investments with a strong focus on post investment involvement, with an emphasis on value enhancement and readying the investments for profitable exit, and a strong commitment to best practice corporate governance standards. In addition, the Team is responsible for reviewing and screening all of the Bank's pipeline equity and quasi-equity transactions prior to their submission to the Operations Committee. The Director will lead a core team comprising approximately 6 Professional Staff.
The Bank frequently will be both a shareholder in and lender to its portfolio companies. In such circumstances, it is the Bank's policy and practice to maintain a wall between separate debt and equity teams. The Director, Equity will be on the Equity-side of that wall.
Role Overview
The Director, Equity (the "Director") has the overall leadership and direction of the Bank's equity business in all sectors of Bank activity, and is responsible for design and implementation of the Bank's equity investment activity and the achievement of the Bank's investment performance goals. S/he will have overall responsibility for managing the Team and, working in partnership with the in-team Equity Specialists, establish and maintain high levels of professionalism within the Bank's equity and quasi-equity product offering. S/he will play an active and pivotal role in the design and execution of equity transactions often with direct personal engagement.
Equity Specialists are bankers with private equity backgrounds who reside in Banking Sector Teams who, together with the relevant team director and the Director, play a leading role in formulating suitable approaches to the team's equity engagement and its implementation throughout the project investment cycle, including sourcing, structuring, pricing, negotiating and executing acquisitions and divestments, as well as achieving "value creation" engagement once invested. In this setting, the Director's role is analogous to a Senior Partner at a private equity firm while his/her senior direct reports within the Team and the Equity Specialists would be equivalent to a Partner role. The Director will also be responsible for ensuring, in partnership with the relevant team director, adequate involvement of Equity Specialists in operations to achieve the expected high standard of investment execution and post-investment engagement.
The Director will combine advanced equity finance skills and a strong commitment to the Bank's mandate and institutional goals to create an environment conducive to operational excellence in its equity operations.
Key Responsibilities and Deliverables
Operational:
- Manage the Team resources, budget and staff, in order to achieve the objectives and targets set by the First Vice President and/or in the Business Plan of the Bank, and to ensure the high quality of the Bank's engagement in equity investments throughout the project cycle.
- Responsible for recruiting, appraising, coaching and motivating team members in addition to selecting and managing consulting resources as appropriate.
- Manage team budgets within applicable limits.
- Build and maintain strong working relationships between Banking and Risk in order to maximize constructive partnerships in equity project execution.
- Work with Equity Specialists and Banking team Directors in designing each team's approach to equity projects, and conduct a review of each team's approach from time to time, proposing adjustments when necessary.
- Supervise, appraise and evaluate the work of Equity team Bankers and the Equity Specialists, providing timely feed back to the relevant Banking team directors to whom the Equity Specialists report. The Director has primary responsibility for standardizing and maintaining quality control across all equity transactions whether executed by an Equity Team Banker or an Equity Specialist.
- Design and manage processes for reviewing each and every investment and divestment as well as the performance of portfolio projects. Under such processes, s/he will be responsible within the Banking Department for approving/signing off, prior to each project's submission to Operations Committee, the proposed transaction features such as transaction design, structure and pricing, and where necessary provide input and guidance to strengthen transaction features. On portfolio transactions, working closely with the Managing Director, Portfolio with particular attention to ensure the execution of the "value creation" process, and corresponding engagement of the Bank. The Director will exercise leadership in planning and executing the exit strategy for each investment, working in close collaboration with other departments of the Bank.
- Act as a voting member of the Small Business Investment Committee (SBIC) for eligible equity and quasi-equity investments presented either under various delegated frameworks or for those investments under €10 million.
- Act as Chair of the Venture Capital Investment Programme (VCIP) Advisory Committee, a member of the Equity Valuation Review Committee (EVRC) (including reviewing all "fair values" under IFRS of all Bank investments) and attend the Bank's Equity Committee (which oversees the entire equity portfolio).
- Manage the Bank's Nominee Director Programme and maintain integrity of the agreed processes and oversee implementation of the programme's intended objectives. This includes the selection and on-going assessment of nominee directors for Bank investments and recommending the candidacy to FVP. The selection includes the management of an internal Bank budget to support "value creation" by using external high calibre nominees or consultants where appropriate.
- Establish and maintain best equity product practice for the Team and the Equity Specialists, disseminate these practices across the Banking Department, and play a leading role in corporate governance training in the Bank.
Essential Skills, Experience Qualifications
· Minimum of 12+ years of relevant work experience (with at least 7 years at senior level) at a major investment or commercial bank (primarily in MA) or a successful career within a substantial private equity fund, together with at least 5 years of proven managerial and leadership experience, and the ability to guide high calibre professionals.
· Advanced level direct equity investment skills and exposure to complex equity and quasi-equity transactions.
· Experience in leading the full private equity cycle, i.e. deal generation, analysis, structuring, pricing, negotiating and closing transactions; engaging with company owners/managers and other investors; in "value creation"; and achieving exits from investments through both private and public markets, and...