Index. C Capacity building and training 37 Capital preservation 47

Transcription

1 Index A Academia 6, 36, 149 Accelerator 58, 87, 145 Access to information 112, 138, 139 Accountability 37, 65, 105, 108, 110, 115 Actual risk 39 Acumen Fund 112, 113 Additionality 80, 89, 94 African countries 2, 13, 15, 17, 56, 58, 128 African stock markets 75, 130, 147 African Union 12 African vision Africa rising 14 AGOA 33 Agricultural funds 47 Agriculture 1, 6, 38, 40, 58, 59, 62, 82, 87, 90, 91, 112 Agriculture finance 6 Allure Flowers 28 Alternative cooking fuels 2 Annual reviews 114 Anti-money laundering 19 Aquaculture 40 Arbitration 19, 20 Autodesk Foundation 59, 93 B Bank 5, 6, 9, 46, 48 51, 54, 68, 74, 97, 134 Basic education 12 B-corporations 65 Benchmarks 105, 107 Bioethanol 2 Biogas 2, 56, 142 BlackRock 69 Blue stamp 99 Board 79 81, 88, 92, 95, , 104, 117, 125, 130, 136, 143 Board of advisers 79 Bottom line 15, 26, 33, 65 Bottom of the pyramid (BoP) 48, 82 Bridge 8, 30, 39, 62, 83 Budgets 17, 81, 120, 126, 137 Business advisory services 112, 133 Businesses opportunity 3, 5 Business partners 17, 84, 117, 118, 132 Business Partners International (BPI) 121 C Capacity building and training 37 Capital preservation 47 The Editor(s) (if applicable) and The Author(s) 2018 E. Mungai, Impact Investing in Africa, 153

2 154 Index Carbon Trust UK 76 Cash flows 120, , 134, 147 Certification 64, 65, 139 Challenges 1 10, 12, 14, 16, 20, 23, 26, 29, 30, 32 35, 37, 39, 40, 53, 63, 65, 71, 83, 87, 88, 102, 106, 107, 110, 117, 122, 123, 128, 130, , , Chief investment officer 75 Child mortality 11 Civil society 6, 27, 36, 66 Clean cook stove 2 Clearance in principle (CIP) 88, 94 Climate change 25, 30, 36, 56, 57, 64, 76, 94 Climate finance 6 Climate funds 47 Climate-smart agriculture 48 Co-investment 75, 83, 89, 98, 101 Colonization 13, 38 Commercial discipline 119 Commercial parameters 60, 90 Company structures 19 Compensation 63, 64 Competition law 19 Competitions 86, 87, 122, 143 Competitive advantage 12, 91 Competitor analysis 135 Compliance 74, 80 Concessionary programmes 48 Conditions precedent 84 Conflict 4, 40, 45, 80, 128 Consortium 16 Contract terms 124, 132 Convertible debt 26, 97, Core values 20, 21 Corporate foundations 48 Corporate social performance 28 Corporate sustainability (CS) 27, 65 Corruption 12, 16, 22, Crowdsourcing 5 Cultural heritage 13, 92 D Danish International Investment Fund (IFU) 29, 30, 46, 47 Data collection Data management systems 107 Data verification 107 Deal making 83, 99 Deal origination 49, 85, 104 Deal sourcing 88 Deals ticket size 90 Decentralized 32 Decision-making 102, 113 Deep-pocket investor 16, 17 Demographic trends 12 Department for International Development (DfID) 41, 62, 145 De-risking , Development aid 7, 9, 36 Development financial institutions (DFIs) 5, 8, 17, 29, 34, 38, 39, 46 49, 51, 54, 57, 71, 77, 138 Development financing 7, 9, 40, 69 Development partners 6, 7, 35 38, 61, 110 Developments 1, 2, 4, 62, 146 Diaspora 52, 54 Disposable income 2, 5, 12, 14, 25, 33, 35 Distribution of wealth 14, 35 Diversification 85, 98 Diversified financial institutions 5, 46, 48, 54 Donors 1, 32, 36, 42, 61, 110, 119, 142 Drag along 84 Dry powder 16, 120 E Early-stage start-ups 47, 85, 96, 99, 119, 129 Ease of doing business 15, 147 Economic growth 8, 11, 12, 14, 22, 34, 40, 57, 58, 61

3 Index 155 Economic performance 28, 70, 148 Economies 8, 9, 15, 16, 21, 31, 34, 38, 40, 46, 53, 56, 61, 75, 88, 99, 140, 147, 148 Ecosystem 6, 27, 28, 35, 40, 49, 52, 55, 66, 71, 79, 87, 115, 127, 140, 141, 147, 149 Education 1, 8, 9, 11, 12, 30, 36, 39, 40, 45, 47, 48, 52, 54, 62, 76, 84, 87 Electricity connectivity 14, 22 Emerging markets 8, 12, 14, 22, 40 Employment aspects 19 Enabling ecosystem 112 Enabling regulatory environment 32 Enel Foundation 33 Energy 1, 2, 9, 30 33, 36, 40, 49, 52, 56, 57, 62, 63, 82, 87, 93, 112, 141, 142 Enterprise budgets 126 Entrepreneur 1, 2, 4 6, 34, 35, 37, 40, 41, 51, 58, 73, 74, 77, 81, 83 85, 87, 89, 92, 93, 95, 99, 104, 106, , 121, 124, 140, 144, 146 Equator Principles 50 Equity investment 85, 125, 130 Evaluation criteria 88 Evidence-based programming 108 Exclusive 14, 42, 88 Exits 35, 46, 47, 50, 53, 64, 75 77, 82, 86, 91, 95, , 127, , 138, 146, 147 Exits multiples 84 Export 7, 127, 128 F Facilitation of access to facilities 112, 139 Family offices 5, 34, 46, 48, 54, 110 Fast-moving consumer goods (FMCG) 76 Fiduciary duties 79, 129 Finance 1, 5, 6, 50 52, 57, 61, 84, 87, 105, 110, 119, 134 Financial flows 5, 9, 34, 40, 148 Financial inclusiveness 14, 22 Financial reporting 73, 74, 104 Financing and enterprise development 112 Financing partners 97, 117, 129, 132 Food security 30, 35, 36, 112, 131 Foreign Direct Investment (FDI) 3, 38, 51 Foreign exchange risk 128 Fostering peace 4 Foundations 5, 6, 26, 34, 37, 38, 46, 48, 49, 54, 64, 67 69, 110, 138, Founders 56, 57, 69, 74, 83, 93, 124, 125, 129, 133, 138 Fund managers 6, 45, 46, 50, 51, 55, 62 65, 67, 73, 79, 85, 98, 101, 106, 107, 114, 117 Fund structure 76, 77, 79, 145 Funds under management 5, 45, 46, 69, 83, 98 Future generations 2 G Gatsby Africa 41 Geopolitical 21 Global Impact Investing Network (GIIN) 5, 45, 46, 48, 53, 55, 106 Good governance 37 Governance 16, 17, 19, 37, 38, 42, 49, 74, 76, 79, 80, 83, 88, 99, 101, 104, 126, 130, 146 Government policies 3 Governments 1, 3, 6, 8, 9, 28, 34, 35, 37 40, 42, 49, 51, 58, 61, 65, 66, 70, 71, 76, 93, 122, 141, 145, GroFin 49, 100

4 156 Index Growth rates 2, 11, 122 Guarantee facility 97 H Health 1, 8, 9, 12, 30, 31, 35, 36, 39, 40, 45, 47 49, 62 Healthcare systems 13 High-net-worth individuals (HNWIs) 6, 26, 37, 74 Household 2, 48, 54, 112, 142 Human rights 51 Hydroponic 25 I IMF 6, 36 Impact investing 1 10, 23, 25, 28, 30 32, 34, 35, 39, 40, 42, 45 50, 52, 53, 55, 56, 58, 61 63, 66 69, 71 74, 77, 80, 81, 83 85, 88, 89, 93, 99, , 108, , 118, 119, 124, 125, 127, 128, 133, 134, 140, 145, 146, Impact investors 4, 5, 17, 22, 25, 34, 37, 40 42, 46 48, 52, 53, 56, 58 63, 70, 72, 73, 76, 77, 87 90, 98, 102, 103, 106, 107, 109, 110, 117, , , 128, 134, , , Impact measurement 62, 63, 72, 82, 91, , , 144 Impact parameters 63, 90, 91 Inconsistent sanitation 1 Incubator 58, 87, 145 Independence 13, 14, 83, 120 Indicators 35, 47, 68, 109, 113, 114, , 131, 145 Industrial partnering 135 Inequalities 14 Informal settlements 14 Infrastructure 2, 3, 7 9, 14, 22, 28, 29, 35, 36, 38, 91, 97, 123, 139, Initial public offerings (IPO) 103, 146 Initiative Climate Bonds 50 Innovations 1, 5, 14, 25, 32 34, 36 38, 52, 58, 61, 121, 134, 139, 140 Institutional investors 5, 34 Instruments 7, 47, 53, 95 98, 120, 125, , 134, 138, 145, 147 Insurance companies 48, 50, 54 Intellectual property 91, 136 Internal controls 74 Internal rate of Return (IRR) 105, 107 International Conference on Financing for Development 61 Internet 14, 71 Interventions 5, 6, 8, 12, 31, 32, 35 38, 73, 109, 110, 112, 120, 148 Investment 1, 5 9, 15 23, 26, 28 30, 32, 33, 35, 38 42, 45 55, 57 65, 67 79, 81 86, 89 91, 93, 94, 96, 97, , 108, 109, , , 134, , 142, 144 Investment appraisal 89, 95 Investment bankers 117, 143 Investment committee (IC) 67, 79, 81, 83, 84, 88, 104 Investment cycle 17, 114 Investment managers 75, 83 Investment memo 94 Investment readiness 137 Investment thesis 45, 76, 77, 129, 130, 138 Investors 1, 4, 5, 9, 16 21, 23, 29, 30, 32, 39, 41, 42, 46 49, 53 55, 57 59, 61 66, 68 71, 73 82, 84 93, , , , 117,

5 Index 157 J Jobs 4, 5, 8, 18, 25, 26, 28, 33, 36, 38, 41, 46, 49, 57, 58, 61, 63, 68, 91, 92, 108 K Kenya 1, 3, 7, 12 15, 17, 21, 25, 26, 29, 30, 41, 49, 52, 56 59, 62 64, 67, 70, 74, 76, 84, 85, 87, 93, 94, 112, 123, 141, 142 Kenya Climate Innovation Center (KCIC) 25, 26, 59, 74, 76, 87, 93, 94, 96, 97, 110, 112, 141 Kenya Climate Venture 26, 63, 64, 87, 93 KickStart International 59, 68 Kinyeti Venture Capital 46 KIVA 5, 53 L Labor force 2, 11, 21, 53 Lack of electricity 1, 14, 22 Legal agreements 19 Legal issues 19 Leverage 67, 69, 70, 73, 138, 139 Liberalization 14 Literacy 14, 22, 35 Livelihoods 12, 46, 56, 63, 68, 92, 93, 105, 108, 112, 118, 127 Logical Framework (LF) 63, 108, 113 Lord David Sainsbury 41 82, 84, 85, 87, 89, 94, 101, 103, 104, 118, 121, 122, 127, 128, 135, , 144, 146 Market segmentation 135 Mentorship 74, 101 Micro finance 6 Middle class 3, 9, 22 Mid-term review 113 Milestones 12, 96, 97, 109, 123, 135, 136 Millennium development goals (MDGs) 60, 61 Mitigating 18, 32, 36, 56, 88, 124, 125, 145 M-Kopa 14, 56, 57, 70, 71 Mobile phone 14 Mobile telecommunication 3, 20 Monitoring 64, 65, 79, 81, 82, 102, 108, 114, 119, 123, 125, 126 Monitoring and evaluation (M&E) 64, 65, 108 Msingi East Africa 40, 41 Multinational companies (MNCs) 36, 51, 52 N Natural resources 13, 40 Non-government 1 Non-governmental organisations (NGOs) 6, 26, 27, 66, 142, Novastar Ventures 62, 118 M Management-related parameters 90 Manufacturing 8, 18, 31, 33, 38, 39, 57 59, 137 Market collateral 135 Market research 71, 121, 132, 135, 142 Markets 2, 3, 8, 20, 25, 28, 33, 40, 41, 45, 48, 56, 58, 59, 70 73, 75, O Official development assistance (ODA) 8, 9, 40 Offshore 78, 79 The Open Africa Power Initiative 33 Outcomes 41, 88, 92, 109, Outsource 82, 83

6 158 Index P Patient 49, 119 Pay As You Go (PAYG) 32, 60 Pensioners 6, 46, 47 Pension funds 6, 46, 48 50, 54, 68, 75 Performance Framework (PF) 108 Personal guarantees 124 Philanthropists 1, 41 Philanthropy 2, 26, 27, 54, 65, 66, 105 Pipeline generation 85, 144 Policies 12, 32, 33, 58, 61, 92, , 148 Policy frameworks 61 Policy reform 112, 141, 148 Pollution 1 Poorest continent 1 Poor nutrition 1 Population growth 3 Portfolio return strategy 96 Post-investment management 64, 79, 98, 101, 120 Post-investment support 120 Power for Africa initiative 30 Preference shares 95, 129 Private equity 5, 34, 47, 50, 51, 63, 64, 75, 76, 79, 81, 82, 103, 117, 119, 138 Private equity managers 117 Private sector 4, 6 9, 15, 29, 34, 36, 38 40, 42, 61, 67, 69, 145, 147 Professional indemnity 19 Profit maximization 26, 66 Provision of energy 8, 36, 40 Public benefit corporation 87 Public spending 9, 34, 40, 42 Q Quasi-equity 95 R Redeemable/convertible loan regulatory compliance 95 Reforms 15, 148 Regulatory environment 3 Religion 13 Renewables 32 Results Framework (RF) 108, 113, 114 Revenues 4, 28, 47, 58, 68, 91, 93, 94, 97, 108, 119, 120, 127 Risk capital 4 Risk perception 29 Risk-tolerant 119 Rural urban migration 14, 32 Rwanda 12, 15, 21, 41, 46, 49, 53, 58 S Security 12, 45, 96, 124 Self-liquidating 102, 103, 120, 131, 147 Self-liquidating components 95 Serial entrepreneurs 6 Service industries 8, 38 Shareholder s theory 26, 27, 66 SimGas 56 Skin in the game 92 Small and medium sized enterprises (SMEs) 36, 49, 82, 107, 112 Social enterprises 4, 8, 39, 59, 62, 65, 66, 68, 99, 119, 121, , 130, 131, 134, 146, 148 Social entrepreneurs 6, 37, 58, 59, 67, 120, 130, 143, 144, 146 Social services 4, 8, 9, 40, 47, 48, 51 Socio-economic needs 9, 40 Solar 14, 32, 57, 60 Solution 1 3, 7, 9, 20, 31, 34, 37, 40, 41, 45, 51, 57, 59, 88, 91, 119, 123, 135, 136, 140, 145, 147, Stakeholders 3, 6, 8, 27, 37, 38, 42, 66, 88, 105, , 115, 135, 141, 142, 145, 147 Stakeholder s theory 27, 66 Start-up fever 6

7 Index 159 Strategies 2, 12, 20, 27, 28, 32, 36, 42, 73, 84, 98, 113, 118, 133, 139, Subordinated 97 Sub-Saharan Africa 5, 7, 13, 15, 26, 30 33, 45, 53, 55, 62, 120, 146 Sustainability Development Knowledge Platform 30 Sustainable 3 5, 11, 12, 15, 18, 27, 30, 31, 33, 37, 47, 50, 51, 56, 57, 60 62, 91, 143 Sustainable agriculture 48 Sustainable Development Goals (SDGs) 12, 36, 42, 60, 62, 72 Sustainable Energy Fund for Africa (SEFA) 32, 33 T Tailored Finance 120, 132 Taxation 19, 76, 79 Taxes 8, 15, 21, 22, 28, 38, 77 Technical assistance (TA) 26, 51, 57, 74, 81 83, 85, 89, 99, 102, , 125, 126, 130, 132, 134, 135, 138, 143 Telecommunication 1, 29, 71 Term sheet 84, 118, 138 Theory of Change (ToC) 63, Tourism 13 Tracking tool 113 Trade partner 7 Transparency 37, 64, 65, 105, 145 U Universal electricity access 32, 33 Urbanization 2, 9, 14, 22 V Valuation 73, 85, 96 98, 103, 130, 147 Value chain 17, 18, 21, 32, 52, 89, 90, 114, 122, 131, 135, 149 Venture capital 46, 47, 81 Vision convergence 93 Vision 2030 medium-term plan 112 W Water 1, 9, 36, 40, 54, 59, 60, 63, 94, 103, 112 Water and sanitation 1 Welfare 3 Works plans 126 World Bank 6, 15, 30, 31, 36, 52, 76 World Health Organization (WHO) 11