Job vacancy: Private equity specialist, Africa

The editorial team of eFinancialCareers.com analyses a current job vacancy that looks significant, intriguing or otherwise of interest:

South Africa apart, Africa is not a hotbed of private equity ventures. Dictatorship, corruption, war and famine have deterred most investors even as they have snapped up opportunities in other parts of the developing world.

But there are plenty of countries where economic prospects look favourable, such as Uganda and Botswana, as well as Rwanda, despite concerns about the fairness of elections there last month. Even in less stable countries business continues be done, requiring financing and yielding profits for some.

Robert Davidson, a private equity headhunter at TRC Recruitment in London, believes interest in the continent is growing. TRC is advertising a position for an investment manager based in Africa for a private equity company that has $1.5bn under management globally.

He declined to say exactly where the job will be based, but said the fund is interested in investments across the continent. The applicant must have 'end-to-end (private equity) experience and an ability to identify opportunities in very varied situations.' The demands will be great, from making initial investments to involvement in the running of investee companies and through to executions.

The employer has 'a solid principle of ethical investment', the advert says. This, said Davidson, means not only that bribery is not tolerated but that the investments themselves are socially desirable. 'It's about projects that are beneficial to the countries invested in, rather than

simply trying to make maximum returns whatever the social cost."

MBAs are preferred and a track record of investing in varied sectors internationally is a must. 'Most of all, candidates need a passion for Africa and an understanding of its nuances,' said Davidson. 'This is a fascinating job for someone who feels committed.'

The advert describes the pay as 'very competitive'. Other headhunters said jobs in an uncertain environment such as this often pay a relatively high base salary to compensate for possibly low bonuses and low 'carry' (meaning share of the capital gains made by the private equity company).

For all Africa's potential, Davidson does not expect a flood of similar job openings to come along. 'If I only focussed on Africa I don't think the phone would ring that often.'

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