SAVCA-GIBS MASTERCLASS ON
INFRASTRUCTURE
INVESTING IN AFRICA
DATE: Thursday, 26 March 2015
TIME: Arrival 07:30 for 08:25 start
VENUE: GIBS Campus, 26 Melville Road, Sandton
COST: SAVCA Members R3400; others R4000
MORE INFO:Visit www.gibs.co.za/conferences or contact
Yolanda Bolosha at [email protected]
Delegates who attend the full course will receive
a SAVCA-GIBS certificate of attendance.
Topics:
•African macro-economic trends and implications for
infrastructure investing.
•Sources of capital for infrastructure investing; from private
equity and pension funds to corporate balance sheets
and commercial debt.
•Mechanics of project finance for infrastructure.
•Infrastructure-investment analysis: case studies on
investors’ analysis and decision-making processes.
•Management of infrastructure assets.
•Collaboration and partnerships: the key players and the
role for government and the private sector.
SAVCA-GIBS masterclass on
infrastructure
investing in africa
26 March 2015
PROGRAMME
07h35 – 08h25 Registration
08h25 – 08h30 Welcome Erika van der Merwe SAVCA
08h30 – 10h00 African macroeconomic trends, and the context for infrastructure investing
Introduction
Andrew Johnstone Phoenix Infraworks
Topics and Presenters:
Africa’s infrastructure story
Michael Lalor EY
Regional and sector themes in Africa, and the opportunity for infrastructure investing
Duncan Bonnett Whitehouse & Associates
People and Partnerships: The key players in African infrastructure Marcel Bruhwiler IFC
Followed by panel discussion and Q&A, facilitated by Andrew Johnstone
10h00 – 10h30 Refreshment break
Sources of capital for infrastructure investing: An examination of the characteristics of the primary 10h30 – 12h40 sources of funding for African infrastructure, from private equity and pension funds, to corporate balance sheets
and commercial debt
Introduction
Andrew Johnstone Phoenix Infraworks
Topics and Presenters:
Private equity as a source of funding for infrastructure
Marc Immerman L
ereko Metier Sustainable
Capital Fund
Perspectives from a principal investor
Hemal Naran GEPF
Corporate investors’ approach to infrastructure
Connor Dawson Group Five
The role of commercial debt in infrastructure funding
Werner van Oudenhove RMB
Followed by panel discussion and Q&A, facilitated by Andrew Johnstone
12h40 – 13h40 Lunch
13h40 – 14h30 The mechanics of project finance for infrastructure: What it is, and how it differs from traditional
private equity financing
Introduction
Andrew Johnstone Phoenix Infraworks
Topics and Presenters:
Structures and Risks
Brigette Baillie Webber Wentzel
On the economics of project finance
Coenraad Krige Eaglestone Capital Advisory
14h30 – 15h20 Infrastructure-investment analysis: Case studies showing investors’ analysis and decision-making processes
Introduction
Andrew Johnstone Phoenix Infraworks
Topics and Presenters:
A private equity fund manager’s perspective
Erik Wandrag Harith General Partners
An infrastructure fund manager’s approach
Ulisha Singh Old Mutual Alternative Investments
15h20 – 15h50 Refreshment break
15h50 – 16h45 Management of Infrastructure Assets: A look at what the management of an infrastructure portfolio entails
Topics and Presenters:
Fund manager
Sean Friend Old Mutual Alternative Investments
An SPV exec
Neil Tolmie N3 Toll Road
To be followed by panel discussion and Q&A, facilitated by Andrew Johnstone
16h45 – 18h00 Networking Cocktails: GIBS Campus
Sponsored by:
SAVCA-GIBS masterclass on
infrastructure
investing in africa
26 March 2015
Brigette Baillie
Partner: Webber Wentzel
Brigette Baillie is a partner, Head: Project Finance
Construction & Environment as well as Sector
Group Head: Energy and Infrastructure at Webber
Wentzel. She is experienced in the areas of nonrecourse and limited recourse financing, structuring
of projects, as well as corporate and equity finance.
Brigette has expertise in respect of concession and PPP agreements,
PPAs, construction contracts from standard form FIDIC and NEC
contracts to bespoke construction, EPC and EPCM contracts, as well
as the operation and maintenance contracts across a wide spectrum
of sectors. Her experience in financing ranges from general banking
facilities to limited or non-recourse financing to preference share and
other corporate financings and equity acquisition financings.
Sean Friend
Portfolio Manager: Old Mutual Alternative
Investments
Sean is the portfolio manager of the IDEAS Managed
Fund. In the six years of his stewardship, the fund
has grown from assets of approximately R 2 billion
to over R 8 billion, whilst significantly exceeding the
fund’s target return of 7% real. This growth has served
to make the fund South Africa’s largest domestic equity infrastructure
investor and the premier vehicle for institutional investors to access
infrastructure as an asset class.
Sean holds a masters degree in property and is a CFA charter holder.
Marc Immerman
Duncan Bonnet
Partner & Director: Whitehouse & Associates
Duncan is a partner and director at Whitehouse &
Associates, a consulting company dedicated to
business opportunities across Sub-Saharan Africa.
Duncan has a unique understanding of African
drivers of growth and a granular understanding
of their operating environments and the ability
to marry these into cogent, practical strategies. This has taken
Duncan to over twenty countries on assignment in Sub-Saharan
Africa in fields including cement, mining, infrastructure development,
trade hub development and supply-side logistics analysis. Duncan
frequently travels to Europe, Asia and Brazil, as well as other African
countries to advise on trade, development and investment strategies
for governments and private companies.
Marcel Bruhwiler
Principal Investment Officer, Infrastructure SubSaharan Africa: IFC
Marcel Bruhwiler leads IFC’s Johannesburg hub for
infrastructure investments in power, transport and
water. He has more than 20 years’ experience in
development & financing of infrastructure projects,
including six years as the Managing Director of
the South African subsidiary of an international plant & equipment
supplier. Before moving to Johannesburg in 2006, Marcel lived and
worked in Switzerland, China and Indonesia. He holds an MBA from
the University of St. Gallen, Switzerland.
Connor Dawson
Director: Group Five
Connor joined Intertoll, a subsidiary of Group Five
which operates toll roads in Africa and Eastern
Euorpe, in 2004. He subsequently moved to Group
Five Infrastructure Developments in 2006 where
he leads a team developing concession projects
with a focus on transport projects in Africa. He
has worked on concession projects which include PPP Government
Accommodation projects, Toll Road concession projects and gas
fired power plant IPP’s in Africa and Eastern Europe.
Connor has been in the construction industry since 1989 and has
broad experience in road construction and building construction
projects. Prior to joining Group Five he completed a business degree
and worked for Ford Motor Group in the United Kingdom.
Executive: Metier
Marc joined Metier six years ago to initiate and
develop the Bokpoort CSP project which is no
approaching commissioning as part of the second
round of the REIPPP comprising a 50MW CSP
trough plant with over 9 hours of molten salt
storage and total investment exceeding R5 billion.
He has also been integral in the creation and management of the
Lereko Metier Sustainable Capital Fund which is targeting investment
in renewable energy, energy efficiency, water and waste in Southern
Africa currently managing in excess of R1.5 billion.
Andrew Johnstone
Founder & Chairman: Phoenix Infraworks
Andrew has over thirty years’ experience in the
delivery of infrastructure assets in emerging
markets, spanning origination, due diligence, capital
structuring and execution of acquisitions and
refinancing.
He was the CEO of AIIM for thirteen years, before which he held a senior
management role in an international toll road operator.
Andrew has been a director and chairman of boards and management
committees of several infrastructure companies, including Lekki,
N3TC, TRAC, Bakwena, Neotel and Kelvin Power. He was also a
member of the governing boards and investment companies of the
funds managed by AIIM, and was the chairman of Macquarie Africa
from 2008 to 2014.
COENRAAD KRIGE
Managing Director: Eaglestone Capital Advisory
Coenraad Krige is the Managing Director of
Eaglestone Capital Advisory. Eaglestone Capital
Advisory provides project and corporate finance
advice to infrastructure projects in Southern Africa.
Coenraad is an experienced infrastructure finance
professional with a proven track record in African infrastructure
transactions. Coenraad has led and worked on numerous African
infrastructure transactions over the last ten years, including power
projects, renewable energy projects, toll roads, airports, PPPs, railways,
ports and communication infrastructure assets in excess of $2.5 billion.
Prior to joining Eaglestone, Coenraad spent eight years with Macquarie
as a member of the Macquarie Capital Advisors and Funds teams
where he was responsible for Macquarie’s infrastructure advisory
business in South Africa.
SAVCA-GIBS masterclass on
infrastructure
investing in africa
26 March 2015
Michael Lalor
Partner: Ernst & Young
Michael is a partner in the Europe, Middle East,
India and Africa (EMEIA) practice of Ernst & Young,
and is responsible for the firm’s Africa Business
Center. He has a background in political science,
economics, and literary studies and his areas of
focus include strategy and business development.
Using a combination of facilitation and qualitative analysis he has
assisted clients across a range of sectors in projects ranging from
business concept feasibility studies to developing processes for
innovation to developing blue-sky growth strategies.
Hemal Naran
Head of Investments & Actuarial Services: GEPF
Over the past few years Hemal has managed
investments for one of the largest internally managed
UK pension funds. This entailed formulating and
managing the pension fund’s alternative investment
portfolio, diversifying the fund’s investments
from its traditional base of public equities and
bonds, to a range of alternative asset classes including private
equity, infrastructure, natural resources, timberland, insurance-linked
securities and hedge fund strategies. Prior to this, Hemal worked in the
investment advisory business of HSBC in London, advising institutional
investors of various aspects of setting and managing investment
strategy, including consulting to various global investment managers
on the creation of diversified growth funds.
Ulisha Singh
Investment Professional: Old Mutual Alternative
Investments
Ulisha a qualified Chartered Accountant, also
has a postgraduate qualification in taxation. She
has 15 years experience in the financial services
space. Her experience includes asset management,
transacting, due diligence, corporate finance and
financial modelling. She joined Old Mutual in January 2010 as an
Investment Professional and has since been responsible for closing
12 equity deals primarily in the energy space amounting to circa R2.6
billion. Ulisha also serves as a non-executive director on various
boards. Prior to joining Old Mutual Ulisha was in corporate finance at
PwC. She also worked at Standard Bank and Deloitte.
Neil Tolmie
CEO: N3 Toll Concession (Pty) Ltd
Neil served as the Director of Toll Roads of the DOT
and as the Regional Manager of the South African
National Roads Agency (SOC) Ltd (Eastern Region)
from 1996 to 2008. From 2000 to 2012 he served as
a non-executive director of the International Bridge,
Tunnel and Turnpike Association (IBTTA) with its
headquarters in Washington DC. During this time he also served as
the International Vice President for a period of two years. In 2006 he
was appointed as the CEO of the N3 Toll Concession (Pty) Ltd. His
expertise covers the development, management and operations of
both state and private toll roads.
Werner van Oudenhove
Head of Infrastructure Finance: RMB
Werner has over 17 years of investment banking
experience with RMB across a range of activities,
including project and structured finance. He has
been actively involved in helping to build Africa’s
infrastructure, PPP, and concession based finance
markets over many years. RMB is a leading player
in the infrastructure and project finance sectors across Africa and has
concluded numerous deals and landmark projects in over 15 African
countries. Our experienced, multi-disciplinary team provides funding
solutions across all key infrastructure sectors, including: publicprivate-partnerships, power, renewable energy, road, rail, ports,
water, ICT, industrial and manufacturing facilities, and state-owned
enterprises.
Erik Wandrag
Senior Investment Director, Energy: Harith General
Partners
Harith invests in and develops infrastructure
projects across the African continent.
Headquartered in Sandton, South Africa, Harith
has representative offices in Ghana, Tunisia and
London. The sectors we are actively invested in are
broad and range from communication, technology, transport, energy,
water and sanitation.
Within Harith, Erik is responsible for the existing energy portfolio as
well as new acquisitions in the energy sector.
Prior to joining Harith, Erik headed business development at Cennergi
– an independent power producer joint venture between Exxaro
Resources and Tata Power. Erik also has significant experience as an
independent business development consultant specialising in growth
and energy for companies such as Sasol, Standard Bank, General
Electric, Royal Bafokeng Holdings, Harmony Gold, Deloitte, the PSG
Group and EnBW (German utility).