Institutional Investor Masterclass

 

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AVCA invites you to an intensive two-day masterclass designed for Limited Partners with a focus in Africa, who are non-retail investors in private equity funds including:

  • development finance institutions
  • endowments
  • single-family offices
  • insurance companies
  • public and private pension funds
  • sovereign wealth funds

This training is organised in conjunction with the South African Private Equity and Venture Capital Association (SAVCA). 

Agenda

Day 1

8:00 am – 8:15 am: Registration

8:15 am – 8:30 am: Introductions and Opening Remarks


8:30 am – 9:30 am:  Module 1 - Overview of Investment Funds in Emerging Markets and in Africa
This session provides an overview of the private capital market including PE and VC funds in emerging markets and in Africa. The current funds landscape is presented, including fundraising by types of funds as well as investments and exits.

9:30 am – 10:30 am:  Module 2- Business Model of Investment Funds
This session explains the business model of private capital funds (including PE and VC funds) with a focus on fund structures in emerging markets. It describes the structures of funds, and the incentive structure and compensation of the fund manager, including fees, expenses and carried interest.

10:30 am – 10:45 am: Refreshment Break


10:45 am – 12:30 pm: Module 3 -Investment Funds Structures
This session outlines the legal structures of investment funds and discusses typical terms. Domiciliation issues will be addressed in the context of Africa-focused funds.

12:30 pm – 1:30 pm: Lunch

1:30 pm – 2:15 pm: Module 4 - Pension Fund Landscape in Africa
The session presents the landscape of pension funds in Africa, their role in private capital, and the opportunities
and challenges they face.


2:15 pm – 4:00 pm: Module 5 - Introduction of Fund Managers and Presentations
Fund managers active in Africa are presented and each will introduce his/her fund management firm and funds under management.


4:00 pm – 5:00 pm: Module 6 - Valuations and Reporting
This session outlines the different methods of valuing investments in companies for different financial instruments and outlines best practices in reporting to investors.


5:00 pm – 6:00 pm: Module 7 - Components of a Successful Fund
This session provides a framework to establish a well-structured fund and describes the components that are needed and how these relate to each other. Drivers of returns and strategic options for funds to achieve targeted returns will be explored.

Day 2

8:30 am – 9:30 am: Module 8 - Fund Manager Roles, Responsibilities and Value Addition
This session describes the composition of the fund management team, the skill set needed, the roles and responsibilities of the team members, and the role of the fund management team to grow profitable and sustainable companies.
Mini-case #1: Team retention
Mini-case #2: Adding Value Plan

9:30 am – 10:30 am: Module 9 - Sourcing & Deal Flow: Turning Opportunities into Investments
This session covers key considerations for sourcing deals and building a pipeline.


10:30 am – 10:45 am: Refreshment Break


10:45 am – 11:30 am: Module 10 - Due Diligence of Funds
This session outlines and explains the structure of fund due diligence. It focuses on the evaluation of the risks to consider, the appropriateness of the fund strategy, the fund management team and its capabilities to deliver the strategy, and the deal flow, pipeline and exits. Due diligence tools and resources are presented. Integrity and ESG due diligence processes will be addressed.

11:30 am – 1:00 pm: Module 11 - Case Study – Due Diligence
In their roles as either fund managers or fund investors, participants review and discuss the merits of an investment in the Fund. Taking into consideration the outcome of the due diligence, each manager group prepares a presentation to the investor group.
The investor groups prepare questions and areas for discussion with the managers, including the fund’s strategy and key terms under which they would choose to invest in the Fund.


1:00 pm – 1:45 pm: Working Lunch

1:45 pm – 3:00 pm: Module 12: Manager - Investor Negotiations
Each of the manager group presents the Fund to one of the investor groups. The investor group must delve into the merits of the proposed investment, including a review of the Fund’s risks, its likely success and its fit with the investor’s strategy. The two teams negotiate the key terms for the Fund.


3:00 pm – 4:00 pm: Module 13 - Portfolio Monitoring and Reporting
The session gives an overview of portfolio monitoring, risk management, and reporting to investors.


4:00 pm – 4:15 pm Refreshment Break


4:15 pm – 5:45 pm:  Module 14 - Fund Governance
This session explains the governance structure of funds and best practices in fund governance. Participants will explore a series of mini-cases to illustrate typical issues faced by fund managers and fund investors.
Mini-case #3: Conflict of Interest
Mini-case #4: Key Person Event


5:45 pm – 6:00 pm:  Wrap-Up, Feedback and Conclusion

Date

Thursday, 5th - Friday, 6th December 2019 

Fees

AVCA Member: GBP£500

Non-AVCA Member: GBP£800

Location

Bowmans Offices,
22 Bree Street,
Cape Town City Centre,
Cape Town,
South Africa

Date

05 - 06 December 2019

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