Acumen’s Hardest to Reach Impact Debt Fund is looking for an Associate Director based in London to help lead early-stage investments in the off grid solar sector in Sub-Saharan Africa as part of our Key Strategic Initiative “Hardest to Reach.” This role will report to the Investment Director and be based in London or Nairobi

About Acumen
Acumen is changing the way the world tackles poverty by investing in companies, leaders and ideas. We invest patient capital in businesses whose products and services are enabling the poor to transform their lives. To date, Acumen has positively impacted 309 million lives by investing $137 million in 139 innovative, early-stage companies in Africa, Latin America, South Asia, and the United States. But investment isn’t only about capital, we’ve been investing in innovators for years, connecting with emerging leaders around the world and engaging them in collective dialogue, moral inquiry, and skill building.

About the context
Of the approximately 789 million people in the world who currently live without electricity, many will gain access through grid extension and off-grid solar by 2030. However, estimates suggest that roughly 215 million people will be left behind because they live in risky or remote, rural areas where investors have been unable or unwilling to go. In the last decade, there has been a steady increase in financing available for clean, renewable energy, but that money is largely directed towards wealthier nations. Even when investment dollars are directed to low-income regions, they are not always directed where the need is greatest.

About Hardest to Reach (“H2R”)
H2R is working to bring clean energy to some of the “hardest to reach” countries in Africa. We will bolster markets and provide capital to off-grid companies, enabling clean energy access via two vehicles: the Market Support Facility (a Hardest to Reach philanthropic vehicle) and the Market Expansion Facility (a Hardest to Reach Impact Debt Fund).

About the role
Acumen is seeking an Associate Director to lead the investments of H2R. This role will involve sourcing, evaluating, underwriting, and managing private credit investments for off-grid solar enterprises to expand and grow in identified H2R countries. This role will report to the Investment Director.

The role is expected to foster strong collaborative working relationships with key stakeholders, including sponsors, lenders, investors, governments, and regulators, and to raise significant brand awareness for H2R.

Accountabilities include:

Origination

• Build relationships with all H2R stakeholders within the focused countries, including business owners, borrowers, lenders/investors, and risk partners; steer deals from identification to close in line with H2R’s investment policy, risk appetite, and development impact mandate.
• Develop pipeline, source and evaluate new transactions, pre-screen transactions according to eligibility and ESG criteria
• Strong networker and relationship builder

Deal Execution

• Conduct due diligence in preparing credit approval memos, presented transactions to the investment committee to obtain credit approval, negotiated and reviewed legal documentation, and participated in deal closing.
• Retain oversight of the transaction, quality of work, approach taken, and outputs as the team undertakes due diligence, structuring, qualitative and quantitative appraisals, preparation of Credit Committee papers for the H2R Investment Committee and reviewing and executing legal documentation to reach financial close.
• Financial modelling, including review, stress testing, and scenario analysis.
• Coordination with Sustainable Developmental Impact (SDI) and Health Safety Environmental and Social (HSES) teams on respective assessments
• Coordination with internal teams for client on-boarding, KYC checks and related tasks

Portfolio Management

• Managing portfolio performance: It’s about understanding the core issues and where to intervene. It’s also about covenant compliance, periodic/annual reviews, examining amendments and waiver requests, providing performance updates to managers, identifying and acting on warning signals, participating in portfolio reviews, cooperating in the validation of impact data collection and analysis and incentives to borrowers for extending first-time clean energy access.

Team management

• Demonstrates accountability and actively encourages everyone to operate with the highest level of integrity.
• Promotes exemplary working behaviours' with a strong focus on collaboration and ‘rolling up your sleeves’.
• Being part of the execution team to deliver high-quality results, taking full ownership of complex issues and outcomes, effectively managing pressure situations while ensuring H2R’s values are maintained.
• Undertake other duties as and when required.

Skills & Qualifications

• Minimum 7 years of transactional experience in venture debt or private credit funds in emerging markets
• Experience in conducting commercial and operational due diligence.
• Background in financing SMEs in an advisory or principal role; operational understanding of building and running early-stage businesses across finance, marketing, sales, distribution, customer service, talent, and governance.
• Strong financial accounting and financial statement analysis skills.
• Strong financial modelling and cash flow analysis skills.
• Good knowledge of transaction legal documentation.
• Track record of delivering a solid client-focused service.
• Excellent verbal and written communication skills in English.
• Have good networks across financial intermediaries, impact investors, and other stakeholders in Africa.
• A commitment to serving people living in poverty.
• A willingness to roll up your sleeves with your team and get to work. There are people that need clean energy, after all.
• Resilient, not put off by setbacks.
• Proactive and solutions-orientated
• Ability to get up to speed quickly in a technical area of work and to understand and navigate complex issues.
• High integrity, strong ethical principles and ability to command respect at all levels.
• Commitment to good governance and ethical business practices. Acumen has a zero-tolerance policy on corrupt business practices. We expect careful diligence and to engage in governance.
• Self-reflective and aligned with Acumen values.
• Authorized to work in the UK. Available to work in London.
• Willingness to travel extensively and commitment to achieving Hardest to Reach’s objectives.

Deadline
Applications will be accepted and reviewed on a rolling basis through 23 August, 2024.

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