Position description
Connect One Billion’s mission is to provide small high-potential internet service providers (ISPs) in low- and middle-income countries (LMICs) with the capacity building and early financial support they need to extend secure and affordable high-speed Internet connectivity to at least one billion people over the next decade. Connect One Billion will do so through a closely integrated three-part structure that will support ISPs at various stages of development. This is envisioned to be a $250M initiative with $50M in Technical Assistance, $50M-$100M in Concessional Capital, and $100M-$150M in Growth Equity.
- The Technical Assistance (TA) Fund offers grants and capacity-building programs for ISP management and technical staff. Grants might fund research, equipment for pilots, or consulting services; capacity-building programs might focus on areas such as business planning, technical operations, investor readiness, and financial management. The TA Fund also plays an important role in Connect One Billion’s mission to support the broader ISP ecosystem by facilitating knowledge sharing among ISPs both within and across regions, fostering partnerships with equipment vendors and investors, supporting policy advocacy for an enabling regulatory environment, and hosting events and convenings to create a more supportive ecosystem for ISP growth and digital infrastructure development. By addressing non-financial barriers to growth, the TA Fund prepares ISPs for effective deployment of capital and enhances their ability to successfully scale.
- The Concessional Capital Fund (CCF) offers patient, flexible capital at below-market rates to support early-stage ISP growth. This fund utilizes various financial instruments tailored to the specific needs of early-stage ISPs in challenging markets. By providing affordable capital with flexible terms, the CCF aims to de-risk later stage investments and catalyze additional capital into the sector. This component bridges the gap that currently exists for ISPs between grant funding and commercial investment, with the goal of de-risking investments and crowding in private capital.
- The Growth Equity Fund (GEF) provides equity investments to fund the expansion of proven ISP business models. With a target ticket size of $3-10 million, with potential for follow-on, this fund focuses on ISPs that have demonstrated traction and are ready for significant expansion. By investing in the most promising ISPs, this fund aims to drive substantial growth in connectivity, while also demonstrating the commercial viability of investing in or lending to ISPs in LMICs to attract further commercial capital to the sector, in the form of both equity and debt.
Position Overview
Connect One Billion will be a separate legal entity, with its own management, board, and staff. Pursuant to an agreement with USAID, Vernonburg Group is incubating the formation of Connect One Billion. As the founding Chief Investment Officer (CIO), you will lead investment strategy and execution across technical assistance, concessional capital, and growth equity vehicles. This is a builder/operator role requiring both strategic vision and hands-on execution. This is a unique opportunity to shape a new organization from the ground up while working to close the digital divide in low- and middle-income countries.
Responsibilities
Investment Strategy & Leadership
- Work with the Connect One Billion team to select and negotiate with fund manager(s)
- In partnership with the CEO, design an integrated investment approach across technical assistance, concessional capital, and growth equity vehicles
- Establish investment criteria and due diligence processes in partnership with Connect One Billion team and equity fund manager(s)
- Guide strategy on market research including country prioritization and selection
Investment Operations & Systems Development
- Design and implement investment management systems and processes
- Establish portfolio monitoring and reporting frameworks
- Develop risk management and compliance procedures
- Build out a pipeline tracking and deal flow management system
- Create investment committee processes and documentation requirements
Portfolio Management & Execution
- Build and run investment committees across funding vehicles
- Oversee pipeline development, due diligence processes, geographic approach, and portfolio management
- Oversee relationship(s) with equity fund manager(s)
- Oversee compliance for Connect One Billion and partnership with equity fund manager(s)
- Finalize design of concessional capital instruments
- Lead direct investment activities for the concessional capital vehicle
- Oversee development of impact measurement frameworks
Partnership & Stakeholder Management
- Provide investment expertise and market insights in support of fundraising efforts
- Build relationships with donors, development finance institutions (DFIs), corporates, and other investment partners
- Work closely with CEO on board and committee management
- Liaise with board and advisory and/or steering committees about portfolio and pipeline
- Represent the organization at high-profile investor related events
Qualifications
We’re looking for candidates who bring some combination of the following experience:
- 12+ years relevant investment experience, managing investment portfolios of $100M+ across multiple vehicles
- Strong financial modeling and valuation skills
- Track record of leading deals from $1-10M in emerging markets
- Successful portfolio management through market cycles and currency fluctuations
- Experience managing board and investment committee relationships and processes
- Experience designing and implementing first-time fund strategies and processes
- Experience structuring and working within blended finance frameworks
- Due diligence and portfolio management capabilities
- Demonstrated commitment to digital inclusion
- Strong cross-cultural communication skills and experience working across diverse stakeholder groups
The following aren’t as essential, but would be nice to have:
- Experience in digital infrastructure and telecommunications
- Understanding of ISP business models, revenue drivers, and technical infrastructure
- Track record of successful collaboration with DFIs and donor organizations
- Advanced degree in finance, economics, business, or related field
- Professional certification such as CFA, CAIA, or other preferred
Commitment to Diversity
Connect One Billion is dedicated to promoting a diverse team. Consistent with applicable law, all qualified applicants will receive consideration for employment without regard to age, ancestry, citizenship, color, family or medical care leave, gender identity or expression, genetic information, immigration status, marital status, medical condition, national origin, physical or mental disability, political affiliation, protected veteran or military status, race, ethnicity, religion, sex (including pregnancy), sexual orientation, or any other characteristic protected by applicable local laws, regulations and ordinances.
Compensation
Connect One Billion will offer a salary commensurate with experience and a competitive benefits package.
Other Information
Connect One Billion is expected to be a distributed organization with employees working remotely. This role will require 20-30% travel.
Application instructions
Please submit your resume/CV and at least three professional references. In the body of the email, include 1-2 paragraphs about why you’re a good fit for the opportunity. Applications will be reviewed on a rolling basis in early 2025. Ideally, we will have someone in place by March 2025.
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