This is a special fixed-term appointment for a period of three (3) years). The duration may be extended on exceptional basis for a further fixed period at the option of Asian Development Bank (ADB), if the position continues to be required and funded under the “Leading Asia's Private Infrastructure” (LEAP) Fund co-financing initiative with JICA. A special fixed-term appointment will automatically and without prior notice expire at the end of the original or extended term.
This appointment is open to internal and external applicants. If the successful candidate is an ADB staff member holding a regular appointment, his/her regular appointment will be converted to a special fixed-term appointment.
Within ADB's Private Sector Operations Department (PSOD), the Private Sector Investment Funds & Special Initiatives Division (PSIS) deploys and administers third party donor capital in ADB's non-sovereign operations.
PSIS is seeking a Principal Investment Specialist to act as the Fund Manager for a co-financing initiative with the Japan International Cooperation Agency (JICA), designed to stimulate investment in quality and sustainable private infrastructure in Asia and the Pacific.The Leading Asia's Private Infrastructure (“LEAP”) fund will be capitalized with $1.5 billion in equity from JICA, and combined with ADB's own capital and that of commercial cofinancing partners, is expected to mobilize financing of at least $6 billion over a five-year investment period.
LEAP will target a wide range of quality infrastructure transactions in energy and power generation (with a strong focus on renewable energy and energy efficiency), water and urban infrastructure, transport, information and communications technology, and health. The fund will provide cofinancing to private companies and projects at different stages of development, including early stage, growth stage, and greenfield and brownfield. It will support various private sector participation modalities, such as public-private partnerships, joint ventures and infrastructure concessions, and corporate financing, while using a range of debt, equity and mezzanine instruments.
The Fund Manager will primarily oversee the LEAP fund. He/she will be responsible for working closely with the relevant departments within ADB to ensure that ADB complies with contractual, fiduciary and investment responsibilities to the fund and providing routine investor and financial reports and updates. The incumbent will also manage and analyze the investment portfolio performance and prepare the required documents. He/She will work within general policies, principles and goals, working directly with clients. The Fund Manager may also be required to work on other projects within the PSIS division, as required.
The ideal candidate will have a demonstrated track record of managing third party funds with extensive experience in infrastructure finance, significant and practical experience with direct investing, and a background in banking, finance, asset management and accounting.
Project Development, Processing and Management
- Overall administration and monitoring of the LEAP fund for compliance with operational and other guidelines and agreements, including fund documentation and ADB policies and procedures (e.g., ADB safeguards, integrity, and terrorism and anti-money laundering)
- Administering and managing capital call requirements
- Managing cash flow including projections
- Managing expenses (including providing guidance to project teams and reviewing the expense budget) on a regular basis
- Maintaining accurate records of all fund transactions (disbursements, reflows)
- Monitoring of the returns and other performance measures of the fund
- Maintaining all investor communications and generating routine investor and financial reporting preparation and distribution packages
- Leading the coordination with Office of Risk Management, Treasury Department, Controller's Department and other concerned offices for the preparation of information to be provided to a third party.
- Working with external auditors for annual financial audits, including the provision of requested information to external auditors
- Working closely with PSOD's portfolio management division to support day to day operations in the administration, monitoring, and risk management of projects co-financed by third parties
- When needed to manage and reduce potential conflicts of interest, acting as a member of a separate ADB project team to represent the interest of a third party funds in ADB's processing of transactions
- Assisting in the liquidation and dissolution of the fund
- Coordinating with concerned ADB offices to resolve identified issues relating to the management of the LEAP fund
The role will also include tasks involving:
- Supporting the origination of a pipeline of LEAP-eligible private sector infrastructure transactions and screening investment opportunities in ADB's developing member countries
- Assisting in the preparation of information packages for investment consideration
- Analyzing and structuring transactions to maximize the potential for commercial co-financing and catalyzing of additional sources of capital
- Undertaking due diligence, risk analysis and mitigation in the structuring of loans, equity investments, mezzanine financing instruments for third party financing
- Supporting ADB's internal approvals process including interfacing with credit, safeguards, integrity, legal and other teams as well as management and the ADB Board
- Supporting the structuring of transactions utilizing third party funds, including providing inputs to transactions' documentation (e.g., term sheets, loan agreements, shareholder agreements and guarantees)
- Support the PSIS division in other ad hoc work as needed, including executing strategies that support the PSOD strategy
b. External Liaison
- Liaising with third party donor to ensure projects are aligned with the appropriate financing mandate and fulfill all conditions under co-financing agreements including approvals (if needed), monitoring, evaluation and reporting
c. Policy and Project Evaluation
- Draft or comment on projects, policy and other papers related to private sector operations and development across a range of key themes and sectors
- Maintain and share knowledge of emerging best practices in fund management
d. Knowledge Sharing
- Conduct analysis and prepare discussion papers on third party finance topics, provide inputs to ongoing initiatives/discussions with donors about engaging the private sector in infrastructure financing activities
- Participate in and contribute to internal and external training and conferences and other activities for advocacy, dissemination and knowledge building relating to third party financing
e. Strategy and Planning
- Work with division team to help achieve ADB's co-financing goals and objectives
- Participate in country teams for planning and programming purposes, particularly with respect to private sector development and operations and sector priorities
f. Staff Supervision
- Take the role of team leader to develop capabilities/potential of reporting staff.
- Track the performance of reporting staff providing clear direction and regular monitoring and feedback on performance.
- Ensure the on-going learning and development of reporting staff
Application of Technical Knowledge and Skills
- Provides supervision to others in completing their technical tasks
- Called upon for advice and guidance based on expertise gained by working in different countries and organizations
- Contributes advanced knowledge and expertise to different parts of the Department
- Proposes effective services and solutions to staff beyond presenting issues and past challenges
- Assists colleagues adapt to the cultural and business norms of diverse clients and country situations
- Gains respect for the breadth and depth of expertise demonstrated in effectively managing diverse clients and country situations
- Called upon to resolve client situations that may impact their long-term ADB relationship
Achieving Results and Problem Solving
- Resolves situations where client needs are not being met
- Shares past experiences from different projects, organizations, and countries to help achieve quality results
- Ensures that thorough analysis includes current and relevant factors from different countries and contexts
- Sought out for guidance and experience in overcoming the most challenging situations
- Draws on long-term relationships with stakeholders to help plan for and achieve results
- Addresses team members not contributing to required standards
- Commits to delivering timely and high quality work to assist in the team's success
- Develops and maintains good internal and external peer and senior level relationships
- Helps teams understand common features to build rapport and overcome challenges
Communication and Knowledge Sharing
- Provides stakeholders with the level and quality of information required to achieve outcomes
- Encourages others to seek long-term solutions to address feedback opposed to focusing on immediate concerns or reactions
- Uses breath of multi-country and multi-client knowledge to equip clients and staff for more effective outcomes
- Designs and implements project and program knowledge and services
Innovation and Change
- Consistently seeks more effective and practical ways for the Departmental delivery of services, products, and processes
- Proposes new ways to improve the quality and relevance of products and services
- Includes the core benefits and reasons for change when developing comprehensive change roll out plans
- Influences and persuades decision makers by presenting business cases supporting the proposed changes
- Master's degree, or equivalent, in Business Administration, Finance, and Accounting or related fields, preferably at post-graduate level or its equivalent. A University degree in Business, Finance, Accounting or related fields combined with a specialized experience in similar organization/s, may be considered in lieu of a Master's degree.
- At least 12 years of experience in investment management with demonstrated ability to manage investment portfolios and client relationships
- Relevant experience in developing private sector infrastructure projects with a focus on energy and power generation (with a strong focus on renewable energy and energy efficiency), water and urban infrastructure, transport, information and communications technology, and health
- Strong practical experience in structuring, negotiating and monitoring investments
- International experience working in development in several countries
- Excellent oral and written communication skills in English are required, including a demonstrated ability to communicate ideas clearly and confidently with good presentation skills in one-on-one settings or to larger groups (inside and outside of ADB)
- Highly motivated and strong work ethic
- Excellent organizational, multi-tasking and time management skills with demonstrated ability to work efficiently and meet deadlines
- Strong interpersonal skills and ability to work effectively with large, culturally diverse teams at all levels
Reporting Relationships REPORTING RELATIONSHIPS
- Supervisor: Director
- The following staff positions may be supervised by the incumbent:
- Administrative Staff
- National Staff
We encourage diversity in our workplace and support an inclusive and respectful work environment. Women are especially encouraged to apply.
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