Institutional Investor Masterclass

The African Private Equity and Venture Capital Association (AVCA) in partnership with the Mauritius Chamber of Commerce and Industry, is proud to offer a two-day private equity (PE) training course certified by the Mauritius Qualifications Authority. The 14-module course covers the different stages of PE investment cycle and will be facilitated by industry experts from Avanz Capital, Benoit Chambers, Lineage Invest and Riscura.

This training is certified by the Mauritius Qualifications Authority.

Agenda

DAY ONE

8:30 am - 8:45 am        Registration

8:45 am - 9:00 am        Introductions and Opening Remarks

9:00 am – 9:45 am       Module 1: Overview of Investment Funds in Africa and Other Emerging Markets

This session covers the evolution of investment funds in emerging markets and in Africa in particular. It provides an overview of the current funds landscape including fundraising by types of funds (seed, venture, private equity, debt/credit, mezzanine, infrastructure and other types of funds) as well as investments and exits.

9:45 am – 11:00 am    Module 2: Investment Funds Business Model

This session explains the business model and investment framework. It describes the structures of funds, the fees, expenses, and carried interests. It outlines the legal structures of funds and discusses typical terms.

11:00 am – 11:15 am  Refreshment Break

11:15 am – 12:00 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 VC funds.

12:00 pm – 1:00 pm    Module 4: Fund Manager Roles, Responsibilities and Value Addition

This session provides a framework for understanding the roles and responsibilities of the fund manager and the team members to better understand motivations, drivers of success and how to assess managers.  A mini-case will on team retention will be discussed.

1:00 pm – 2:00 pm      Networking Lunch

2:00 pm – 3:00 pm      Module 5: Manager and Fund Selection

This session covers key considerations for manager and fund selection. Practical tools will be provided for early screening and selection of funds and fund managers. The session will include how to review a pitchbook, a PPM and how to identify the key success factors for a fund.

3:00 pm – 4:30 pm      Module 6: Case Study – Manager and Fund Selection

A case about a fund manager presenting a fund to investors. Following group discussions, participants are asked to consider investing in this fund and justify the decision.

4:30 pm – 4:45 pm      Refreshment Break

4:45 pm – 5:45 pm      Module 7: Due Diligence

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 presented.

5:45 pm – 6:00 pm      Summary of the Day and Preparations for Day Two

DAY TWO

 8:30 am – 9:30 am     Module 8: Introduction of Fund Managers and Presentations

Four fund managers active in Africa will be presented and each will introduce his/her fund management firm and funds under management.

9:30 am – 10:30 am    Module 9: Deals, Deal Flow Pipeline and Valuations

The session explores the type of deals and the deal flow of private equity and venture investments in Africa and the ways, opportunities, and challenges of building a portfolio of investments. Various deal structuring options are outlined. Valuations of companies will be addressed as well as portfolio valuations of a fund.

10:30 am – 10:45 am  Refreshment Break

10:45 am – 12:00 pm Module 10: 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 LP groups prepare questions and areas for negotiation with the managers, including the fund's strategy and key terms under which they would choose to invest in the Fund or not.

12:00 pm – 1:00 pm    Module 11: Manager - Investor Negotiations

Each of the manager groups has 30 minutes to present 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 development impact and its fit with the investor's strategy. The two teams negotiate the key terms for the Fund.

1:00 pm – 2:00 pm      Networking Lunch

2:00 pm – 3:30 pm      Module 12: Portfolio Monitoring and Reporting

The session gives an overview of portfolio monitoring, risk management, performance measurement and benchmarking, and reporting. It also explains the governance structure of funds and the Limited Partners Advisory Committee. The session will explore two mini-cases to illustrate typical issues faced by fund investors. Two mini-cases will be discussed.

3:30 pm – 3:45 pm      Refreshment Break

3:45 pm – 5:00 pm      Module 13: Fund Governance

This session explains the governance structure of funds and the Limited Partners Advisory Committee (LPAC). Two mini-cases will be discussed, addressing typical issues faced by the LPAC. A mini-case will be discussed.

5:00 pm – 5:45 pm      Module 14: Pension Fund Landscape in Africa

The session explores the role of pension funds in private equity, and the barriers they face to invest in this asset class.

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

Venue

Labourdonnais Waterfront Hotel Caudan Waterfront Port Louis Mauritius

Date

17 - 18 June 2019

Senegal is taking a unique approach to closing its financing gap. Bloomberg @markets’s @alonsosotoj talks to FONSIS… https://t.co/7j6Gg5Flhn

Verod Capital Management makes investment into West Africa’s largest clothing manufacturer. Read more: https://t.co/izNBfvo2iw

Join us this September for training, thought leadership and networking opportunities in Lagos, Nigeria. Register To… https://t.co/Qomz9RqUfZ

@AVCA_Africa is coming to Lagos, this September! Join us from Wednesday, 11th September – Friday, 13th September fo… https://t.co/0dxQN0kNIZ

@norfund_ makes investment into Nigeria’s Sundry Foods, an integrated foods service company. Read more:… https://t.co/7xoVNhilcb