Division: SMART Industries Group

Location: United Kingdom, London

Employment Type: Intern

Salary: £59,415

Closing Date: 09 December 2022

Summer Intern, SMART Industries – Private Equity 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

Team Overview

BII is one of the leading providers of capital to private equity funds in Africa and South Asia. These investments are made by the Private Equity Funds team which is part of the SMART (Services, Manufacturing, Agriculture, Real Estate and Technology) Industries group. As part of the SMART Industries group, the Private Equity Funds team leads on productivity initiatives, ensuring how best to support the creation of direct and indirect jobs across our focus countries (a central pillar of BII’s next 5-year strategy), identify managers that can support our desire to promote women’s economic empowerment and sign up to the 2X Challenge, as well as uncovering opportunities for fund managers’ investees to put in place mechanisms to tackle climate change. The Private Equity Funds team focuses on investing into funds, platforms and co-investments and is composed of the following sub-teams:

• SME Funds
• Mid/Large Cap Funds
• Sector Focused Funds
• South Asia
• Funds Restructuring

The Private Equity Funds team works closely with other teams within the SMART Industries group and across BII. It is also able to access BII’s Catalyst programme, which allows the team to accept higher risk to achieve particular development objectives across some of the hardest markets in BII’s mandate. This includes investments that would benefit excluded or underserved groups, addressing financing gaps or market failures, and supporting innovative business models with strong developmental outcomes.

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

• Supporting the team on strategic projects

Research

• Undertaking research into specific sectors, countries and regions with a view to mapping market opportunities, active fund managers, and potential new teams;
• Undertaking research on an ad-hoc basis, as part of the background analysis for specific proposals
• Producing market development updates, monitoring factors that could have an impact on pipeline and portfolio companies, using open-source information and specialized publications

Evaluation of new investment proposals

• Updating the BII deal tracking system on a regular basis
• Initial filtering of investment proposals for fit within BII’s developmental and investment mandate
• Assisting with the due diligence on specific proposals, including conducting financial analysis as required;
• Assisting with preparing presentations and participating in meetings with co-investors, potential investees and portfolio funds where appropriate
• Assisting with preparing investment committee papers and participating in the meetings.

Portfolio Monitoring

• Supporting the team in monitoring the portfolio of existing investments.
• Preparing reviews of investee funds’ financial and strategic performance, including compliance with BII’s Environment, Social and Governance requirements.
• Updating internal monitoring tools as appropriate.

The candidate

Background

• University degree or equivalent level of education, currently enrolled in an MBA or equivalent programme
• Demonstrable business experience in an international environment, including exposure to emerging market finance
• Experience within development finance, private equity, banking and/or financial institutions is desirable
• Demonstration of a genuine affinity for developmental objectives and BII’s proposition evidenced by:
  • An awareness of and appreciation for BII’s objectives, outside of personal motivations and strongly motivated by these aims
  • Some evidence of these values (E.g., volunteering, career changes due to changing motivations)
  • An appreciation of what BII is doing and a real desire and passion to be part of our development
  • Appropriate periods with each previous employer and explicable career moves
  • An understanding of the remuneration and its structure, with the trade-offs it requires
• Candidates should be strongly motivated by BII’s development mission and ideally demonstrate some commitment to development or social goals through previous executive or non-executive activity

Technical Skills

• Rigorous approach to due diligence and deal selection process
• Analytical, research and financial modelling skills
• Report writing and advanced knowledge of Excel
• Some knowledge of relevant markets and sectors
• Basic commercial insight into the challenges and issues that businesses face in BII’s geographies
• Understanding of either equity investments or debt transactions and the challenges inherent in this type of investments
• Understanding of emerging market environments and inherent challenges working in these environments
• Strong written and oral presentation skills
• Ability to analyse data, draw conclusions and present ideas

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 programme 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