AFRICA – United Kingdom’s development finance institution, CDC has appointed Stephen Priestley as new Managing Director, Funds and Capital Partnerships, in charge of investments in Africa and South Asia.
His appointment is effective January 2019 and will report directly to Chief Executive Nick O’Donohoe.
He succeeds Murray Grant who retired at the end of 2018 and will sit on CDC’s Executive Committee.
Stephen will play a leading role in CDC’s efforts to mobilise investment from other sources of finance to meet the growing need for capital amongst businesses in developing countries.
Stephen will lead CDC’s Intermediated Equity team which sources, manages and develops fund investments in Africa and South Asia.
He is also responsible for the newly formed Capital Partnerships team which directs CDC’s efforts in mobilization, risk sharing partnerships and credit intermediation, co-investment opportunities and in helping to develop capital partnerships with both financial and strategic investors.
CDC is one of the largest private equity investors in Africa and South Asia, with over US$4.7 billion invested through 166 funds, supporting more than 1250 companies.
CDC has recently committed capital to an impact investment fund in Myanmar, an SME fund in Nigeria and an Indian fund supporting businesses in poorer and underserved communities.
Stephen joins CDC having left Standard Chartered bank early in 2018 where he was the Regional Head of Global Banking for Africa, Middle East, and Pakistan.
Prior to that, he held multiple roles with Standard Chartered based in Johannesburg, including Head of Origination and Coverage for Africa and Head of M&A, Africa.
Stephen has previously held senior roles at JP Morgan.
He has a BSc degree from London School of Economics, an MA in International Affairs from SAIS, John Hopkins University and an MBA from the Wharton School.
“As CDC plays an increasingly important role in supporting the private sector in developing countries, I’m delighted that Stephen has decided to join us.
CDC has committed to doubling our investment in Africa and South Asia, and Stephen will play an important part in helping us deliver that promise.
His experience and commitment to those regions in which we invest mean that CDC will be able to offer new and innovative forms of investment to the businesses that we support, bringing jobs and economic development to millions of people,” said CDC’s Chief Executive, Nick O’Donohoe.