Division: Financial Services Group

Location: United Kingdom, London

Employment Type: Intern

Salary: £59, 415

Closing Date: 09 December 2022

Summer Intern (Financial Services – Direct Equity and FS Funds)

Our mission and objectives

• British International Investment is the UK’s development finance institution, owned by the UK Government. We invest with the aim of solving the biggest global development challenges by investing patient, flexible capital to support private sector growth and innovation.
• We have over 70 years of experience successfully supporting the sustainable, long-term growth of businesses in Africa and Asia, and have recently expanded to invest in the Indo-Pacific and Caribbean.
• We invest to achieve impact and a financial return which is then reinvested for more impact. Over the past five years, we have committed almost £7 billion of new investments, with our net assets growing in value to approximately £7.5 billion. We are now invested in 1,200 businesses which directly employ over 900,000 workers and support many more. Over the next five years, we plan to grow further, and aim to commit around £9 billion of new investments over the period.
• Our new five-year strategy responds to the opportunities and challenges facing developing and emerging economies. To ensure our capital is used in the best way possible to meet these opportunities and challenges, it sets out three clear strategic objectives – to invest in productive, sustainable and inclusive development. These objectives mean an increased focus on climate finance, including investing in green infrastructure; on financing digital transformation; and on driving inclusive outcomes, including through gender and diversity finance.
• As part of our new strategy, we have changed our name to British International Investment (from 4 April 2022), to more accurately reflect our central role in the UK Government’s international financing offer.
• In the last few years, we have expanded our presence in Africa and Asia by opening new offices in Bangladesh, Egypt, Kenya, Myanmar, Nepal, Nigeria, Pakistan and Ghana; with additional locations opening soon.
• We take an entrepreneurial approach to investment. We think innovatively about ways to deploy our capital, attract, and mobilise other investors, and drive transformational impact.
• Deliver impact. We are a growing team of over 500 and place immense value on diversity within our organisation.
• Read more about us and the new strategy at bii.co.uk

The Role

Specific responsibilities will be driven by priorities and needs of the team at the time, but are expected to include some or all of the following:

Strategy

• Support the development of the team’s overall strategy
• Support ad-hoc strategic projects as may be required

Research

Using BII’s proprietary data, specialised publications and open-source information to:

• Research specific sub-sectors, countries and regions as a part of any ongoing strategy and mapping exercises
• Develop the investment pipeline by identifying active and potential new investment opportunities
• Conduct background macroeconomic and market research as part of the analysis for a specific proposal
• Produce market development updates and monitor factors that could have an impact on pipeline and portfolio companies

Evaluation of new investment proposals

• Evaluate new investment proposals to identify opportunities that fit within BII’s developmental and investment mandate
• Assist with due diligence and financial analysis on specific proposals
• Assist with preparing presentations and participating in meetings with co-investors, potential investees and portfolio funds where appropriate
• Assist with preparing investment committee papers and participating in the meetings
• Update BII’s internal databases on a regular basis to track deal processes

Portfolio monitoring

• Prepare reviews of investee’s financial and strategic performance, including compliance with BII’s Development Impact thesis and Environment, Social and Governance requirements
• Update internal monitoring tools as appropriate

If you are interested in supporting the building of businesses in Africa and Asia, to create jobs and make a lasting impact on people’s lives, then our 8 to 10-week internship is for you.

As well as being offered meaningful work, working with diverse teams, you will also partake in a project with your intern colleagues. You will have a comprehensive induction, attend networking sessions and our speaker series.

The Team

The Financial Services Group (“FSG”) plays a key role in contributing towards inclusive development, including filling the SME financing gap, supporting the inclusion of significant numbers of people that remain unbanked and promoting sustainable financing. With the full product suite within one department, the group decides how to invest BII’s capital into financial services and institutions for the most impact.

The Summer Intern will gain exposure to FSG’s Direct Equity and FS Funds teams.

Direct Equity provides growth capital via minority stakes in financial institutions with a focus on transformative business models and specialised financial service providers. The portfolio includes investments in I&M Holdings (one of Kenya’s leading banking groups), M-KOPA (a pioneering Pay-As-You-Go platform operating across East Africa), and Indifi Technologies (a digital lender providing loans to micro and small businesses in India).

FS Funds invests via a range of intermediated channels – including Private Equity funds, alternative vehicles, and the creation of BII-backed platform companies – to support the development of the financial services sector. The portfolio includes investments in funds managed by Apis Partners (a London-based manager investing in fintech in Africa and Asia), Leapfrog Investments (a pioneering impact investor focusing on financial services), and the Aavishkaar Group (a growth-stage investor backing entrepreneurs who drive development in India).

The Candidate

Background

• University degree or equivalent and currently enrolled in an MBA or equivalent programme
• Demonstrable business experience in an international environment, including exposure to emerging market finance is desirable
• Experience in an investing role within development finance, private equity, banking, financial institutions, or digital financial services (fintech) is desirable
• Demonstration of identity with BII’s proposition including:
• An awareness of and appreciation for BII’s objectives
• A desire and passion to be part of BII’s strategy and participate in its work
• Evidence of high-performance standards in previous positions

Technical Skills

• Ability to analyse financial statements and make commercial assessments
• Strong excel modelling skills
• Experience in valuation techniques
• Basic commercial insight into the challenges and key drivers that financial institutions face
• Basic understanding of private equity and funds and the challenges/issues involved with this type of investment
• Understanding of emerging market environments
• Strong research, writing (long and short format) and oral presentation skills
• Good understanding of how to formulate ideas in order to originate deals
• Experience of structuring, reviewing, and negotiating investment proposals

Our cultural values

We look for team members who aspire, as we do, to work at our best and to be:

• Impact-led, commercially rigorous
• Tenacious in the face of challenges
• Collaborative and caring

British International Investment is committed to diversity and inclusion and welcomes all applicants regardless of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, sexual orientation or educational background.

Application Process

• Please provide a cover letter with your application, and tell us why you would like to join the Summer Internship at BII, and why you have chosen to apply for this business area / team
• Please apply for one internship only
• Position opened: 24^th October 2022
• Position closes: 9^th December 2022
• Salary: £59, 415 (pro-rated over 8 or 10 weeks)

Please note BII will pay for flights to London for those studying internationally