SENIOR ASSOCIATE – Mergence Investment Managers 17 views

Key Responsibilities

• 1 Deal Origination and Pipeline Development
  • Primarily and proactively identify, evaluate, and cultivate PE and infrastructure equity investment opportunities in Lesotho, From time-to-time work on deals across Southern and East Africa, with a particular focus on water, energy (including renewables), transport, and digital infrastructure.
  • Build and maintain relationships with concession grantors, development finance institutions, co-investment partners, government agencies, and sector intermediaries to secure a healthy network for a robust proprietary deal pipeline.
  • Prepare preliminary investment screening memoranda and presents pipeline opportunities to the Head of Private Equity and investment team for early-stage assessment.
• 2 Transaction Execution
  • Contribute to the execution of infrastructure equity transactions from term sheet negotiation through to financial close, including coordination of legal, financial, technical, and environmental due diligence workstreams.
  • Build and own detailed robust financial models – including project-level DCF and/or multiples based, equity return, and IPEV-compliant valuation models – and performing sensitivity analyses and stress-test assumptions under multiple scenarios.
  • Draft Investment Committee papers, IC teasers, and internal approval memoranda to institutional standard, marshalling complex commercial and regulatory analysis into clear, informative decision-ready narratives.
  • Contribute to structuring transactions across multiple jurisdictions, applying knowledge of en commandite partnership structures and cross-border holding structures (e.g. Mauritius LPs) in addition to being informed / knowledgeable about the applicable regulation/legislation in these various jurisdictions.
• 3 Portfolio Management and Value Creation
  • Board observer on portfolio company boards, actively engaging in governance, strategic input and direction, and performance monitoring.
  • Prepare and present quarterly portfolio valuations in accordance with IPEV Guidelines, including fair value assessments, IPEV computations, and attribution analysis for investor reporting.
  • Support post investment value creation initiatives, working with portfolio company management teams to optimise operational performance, capital structure, and exit readiness.
  • Monitor covenant compliance, concession agreement obligations, and regulatory and legislative developments affecting portfolio assets.
• 4 Fundraising and Investor Relations Support
  • Support the preparation of Private Placement Memoranda (PPMs), investor Q&A documentation, and fund marketing materials for new and successor fund vehicles.
  • Participate in investor roadshows and due diligence meetings with institutional LPs, providing subject-matter expertise on deal-level and portfolio-level performance.
  • Contribute to fund structuring discussions, including fee mechanics, waterfall design, GP commitment frameworks, and alignment-of-interest provisions consistent with ILPA standards.
• 5 Team Contribution and Professional Development
  • Support the development of junior team members within the PE and infrastructure equity team by sharing knowledge on financial analysis, investment writing, and working practices.
  • Foster a culture of rigorous analysis, intellectual honesty, and collaborative execution across the investment team.
  • Attend and contribute to industry conferences, policy forums, and sector working groups on behalf of Mergence, supporting the firm’s visibility and thought leadership in African PE and infrastructure investment.
• 6 Travel: Must be willing to travel regularly when needed.

Requirements

• ESSENTIAL EXPERIENCE
  • In excess of 5 years’ relevant experience in PE and infrastructure investing, project finance, infrastructure advisory, or development finance – Exposure to sub-Saharan African markets an added advantage.
  • Proven track record of leading or materially contributing to the execution of PE and infrastructure equity transactions from origination through financial close
  • Advanced financial modelling skills, including proficiency with project-level DCF analysis and multiples-based approaches where warranted, leveraged buyout models, and IPEV-compliant valuation methodologies.
  • Strong knowledge of South African fund structuring conventions (en commandite partnerships, Regulation 28, FSR Act requirements) and familiarity with cross-border fund structures.
  • Excellent written and verbal communication skills, with the ability to produce institutional-quality investment memoranda / reports and present to Investment Committees and investor audiences (clients etc.).
  • Strong interpersonal, financial, analytical, research, and data management skills, with advanced proficiency in MS Excel, Word, and PowerPoint.
• EXPERIENCE ADVANTAGEOUS
  • Direct experience with water, energy, or transport infrastructure concession assets in Southern or East Africa.
  • Private equity and/or project finance experience relevant to infrastructure or capital-intensive assets.
  • Established relationships with development finance institutions (e.g. IFC, DBSA, AfDB, Proparco, FMO) and institutional investors active in African infrastructure.
  • Familiarity with ILPA reporting standards, European-style waterfall structures, and GP/LP governance frameworks.
  • Experience serving on the boards of infrastructure operating companies and/or special purpose vehicles (SPVs).
• EDUCATION
  • A postgraduate qualification in Finance, Economics, Engineering, Law, or a related discipline. A CA, MBA or CFA designation would be advantageous.
• COMPETENCIES AND ATTRIBUTES
  • Commercial Acumen: Ability to identify value in complex private equity and regulated infrastructure assets, and to structure transactions that appropriately balance risk, return and developmental impact.
  • Analytical Rigour: Strong comfort with quantitative complexity, including multi-scenario financial modelling, sensitivity analysis, and data driven decision-making under conditions of uncertainty.
  • Stakeholder Management: Demonstrated ability to engage effectively with a broad range of stakeholders, including government concession grantors, regulators, sophisticated institutional investors, portfolio company management teams, investment advisors/consultants, and third-party service providers.
  • Execution Discipline: Proven ability to manage multiple concurrent workstreams, meet demanding deadlines, and successfully drive transactions to completion in challenging operating environments.
  • Integrity and Judgement: Unwavering commitment to ethical conduct, fiduciary responsibility, and sound professional judgement.
  • Collaborative Leadership: A natural team player and leader who leads by example, supports the development of junior professionals, and contributes positively to a high-performance team culture.
  • Professional Drive: Self-motivated and diligent professional with a strong work ethic, keen attention to detail, and a commitment to delivering high-quality work under pressure.

How to Apply