NASP-MiDA Advisory Council Updates |
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A Message from
Lee Stephens
Advisory Council Chairman
Reflecting on the nearly 3 million lives lost to date across the globe to COVID-19, I remain sobered by the dislocations and surreal impacts that we have all endured over the past year. However, I am also humbled and inspired by the collective efforts now underway to preserve our shared humanity through the global roll-out of vaccination protocols. There is “light in the tunnel”; and I wish you and your loved ones Godspeed and continued safety as we march toward our new normal.
As Aymeric noted, we have begun 2021 with the opportunity to reinvigorate our intentions and momentum for driving stronger economic connections between the U.S. and Africa. This includes reinforcing our compelling “risk-adjusted returns” thesis for increased institutional portfolio investment on the Continent, and in other emerging markets. Throughout the year and into 2022, NASP and MiDA Advisors are committed to supporting each of you with relevant thought-leadership and programming to advance your investment journeys.
Looking forward to our continued work,
Lee Stephens
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The Advisory Council Hosts Upcoming Special Event |
Strengthening Economic Ties Between the United States and Africa
Monday, April 26, 2021
11:00 am - 12:30 pm EST
This virtual event will include remarks by U.S. Congressman Gregory Meeks, Chairman of the House Foreign Affairs Committee, focusing on key priorities for reinforcing the economic relationship between the U.S. and Africa. Congressman Meeks' remarks will be followed by a panel discussion with experts from the United States and Africa moderated by MiDA CEO Aymeric Saha.
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The Advisory Council Welcomes New Members |
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The NASP-MiDA Africa Advisory Council welcomes four new members to the Council: |
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Andrew Junkin
Chief Investment Officer
Office of the General Treasurer
State of Rhode Island
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Orim Graves
Investment Committee Member
The Police and Fire Retirement System of Detroit
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Sean Graham
Senior Investment Officer
Cornell University
Office of Investments
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Anthony Hagan
Managing Director & Director of Private Assets
Crewcial Partners
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The NASP-MiDA Africa Advisory Council held its first meeting of the 2021 in February. Upcoming council meeting will take place virtually on Tuesday, April 27, 2021.
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Council Member Investment News: SFERS in West Africa |
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Singrobo hydropower project in Cote D’Ivoire has moved to the construction phase. The new hydropower project will deliver much-needed electricity to the Ivorian power grid via a 35-year power purchase agreement (PPA) with the national offtaker, CIENERGUES. This will be the first-ever hydro independent power project in West Africa, delivering power to millions and creating around 500 jobs for the construction phase alone.
According to Scott Mackin, Managing Partner at Denham Capital, “like other Denham power projects across Africa and globally, Singrobo will have a significant economic and social impact via low-cost, reliable power and the creation of local jobs while supporting the country’s energy transition.” The City and County of San Francisco Employees Retirement System (SFERS) approved a $100 million investment into Denham Capital's International Power Fund that is investing in this project. SFERS Commissioner and Board President, Leona Bridges, has been a member of the NASP-MiDA Africa Advisory Council since in its creation in 2017.
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MiDA Advisors is Proud to Announce the Launch of WE>MI! |
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We are excited to announce the Women Empowerment Mentoring and Incubation Program (WE>MI) funded by USAID and in partnership with The Southern African Venture Capital and Private Equity Association (SAVCA).
WE>MI mentors and empowers Southern African women-owned and managed fund management firms by providing technical assistance and investment support.
The WE>MI program is now accepting applicants.
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MiDA Advisors Welcomes New Team Members! |
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Sean Duncan
Senior Associate
Sean Duncan is MiDA's newest Senior Associate, specializing in Development Finance and focusing on programs and partnerships management. Previously, he worked as a Project Specialist and Coordinator at the One Earth Future Foundation where he focused on impact and programs monitoring and evaluation. Sean holds a Masters in Public Policy and a Bachelors in Political Science and Public Policy. At MiDA, Sean's role will focus on monitoring and evaluation, relationship building, and capacity development.
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Constantine Kandie
Senior Advisor
Constantine Kandie has joined MiDA as our Senior Advisor based in our Kenya office. She is a Founder Trustee of the Kenya Pension Fund Investment Consortium (KEPFIC), which she spearheaded the formation as Director at Kenya Revenue Authority (KRA) and Chair of the Board of Trustees. Constantine brings over 20 years of experience in strategic management and capacity building. At MiDA, her role will be strengthening relationships in Kenya and other markets within Africa.
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Follow us on social media to stay up to date on all things MiDA!
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Highlights from MiDA Partners |
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AVCA Kicks off their Annual Conference |
AVCA kicks off their annual conference virtually, with the central theme of resiliency, resurgence, and results. The Annual Conference aims to bring together renowned investors, policymakers and business leaders for interactive sessions, solutions-driven dialogue and dynamic networking. Panels will focus on private equity opportunities, ESG and impact investing, best practices for emerging markets within Africa, and other topics around positive economic growth on the Continent.
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Recap: SAVCA Annual Conference |
Congratulations to our partner SAVCA on a successful annual conference! The Southern African Venture Capital and Private Equity Association (SAVCA)'s conference theme this year centered around reimagining the purpose of the financial services industry by rethinking how to use finance to achieve the well-being of individuals, companies, and the economy. The 2-day event included panels on gender, health, diversity, and other lenses in finance. |
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Recap: MiDA Industry Partner Sango Capital Featured in
NASP Diversity Managers Forum
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Managing Director and Co-Founder of Sango Capital Richard Okello was featured on a "Smart Cities" panel at the NASP Diversity Managers Forum last February. The panel focused on how to manage sustainable growth in emerging markets and regions that are projected to do the most growth in the next decade - many located within Africa. |
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Industry Partner Spotlight |
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Gateway Partners Closes on Gateway Fund II |
In February, Gateway Partners, the emerging markets investment manager based in Dubai and Singapore, completed the first close of their second growth equity fund, Gateway Fund II. Gateway Fund II currently has commitments of over $500m, against a target fund size of $750-1,000m. Also Fund II has completed its first investment into a newly-created mining platform led by Sir Mick Davis (ex-CEO of Xstrata) which will invest into mineral assets required in the production of batteries for electric vehicles and large scale energy storage systems.
Investing across Africa, Middle East, South and Southeast Asia in well-established market leading companies, Gateway Fund II's strategy is consistent with its predecessor, Fund I, which closed in Sept 2016 at >$750m. Gateway is a UN PRI signatory since 2017 with an ‘A’ rating, and has also received a governance and control effectiveness rating of ‘A’ from US-based non-credit risk ratings agency Sigma Ratings.
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Growth and Development Continues in DPI's ADP III Fund |
Finnfund, a Finnish development financier and impact investor, announced a USD26 million commitment to African Development Partners III (ADP III), a pan-African private equity fund aiming to foster the growth and development of African consumer focused businesses across the continent. The Fund is advised by Development Partners International (DPI), a private equity firm with a USD 1.1 billion portfolio that has invested in 20 portfolio companies across its two former funds: ADP I and ADP II.
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Standard Bank's recent research publication highlights trends driving Africa's allure, including the importance of peace and stability in economic development.
*This research is an Independent Third Party Research where MiDA Advisors has no influence or input into the contents of the report. This report is being distributed solely for information purpose and is not intended for solicitation.
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Johnson & Johnson Announces Advance Purchase Agreement with the Africa Vaccine Acquisition Trust for the Company's COVID-19 Vaccine Candidate
Johnson & Johnson
Johnson & Johnson will supply its one-dose coronavirus vaccine to African Union member states, the pharmaceutical company recently announced. The company said it had reached a deal with the African Vaccine Acquisition Trust to supply up to 220 million doses of the one-shot COVID-19 vaccine beginning in the fall. The Trust will also have the option to order an additional 180 million doses, for a total of 400 million doses through 2022.
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China and Russia taking advantage of delays by Western countries to supply vaccines to Africa, says, expert
Johnson & Johnson
While Morocco, Algeria, Ethiopia, Zimbabwe, Egypt, Sierra Leone, Senegal, and Equatorial Guinea have already received Chinese supplies, the African Union (AU) has said it is planning to acquire 300 million doses of Russia’s Sputnik V vaccine to inoculate people across the continent.
Kenya and Guinea are in talks with both countries to procure the jabs. Nigeria and Algeria have received doses from both China and Russia.
Speaking to Anadolu Agency, Iqbal Jassat, an official at the Johannesburg-based Media Review Network advocacy group, said Western countries have been hoarding vaccines, leaving poorer countries little option but to seek alternative sources.
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Report: How the COVID-19 crisis is impacting African pension fund approaches to portfolio management
IFC, Jacqueline Irving
Ahead of the onset of the COVID-19 crisis, local pension sectors had been growing rapidly across the African region since the late 2000s. Further development and appropriate regulation of local pension funds and other institutional investors with longer-term investment horizons could enable these financial institutions to become important sources of local finance for infrastructure and other longer-term socioeconomic development needs.
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