BANK OF INDUSTRY
EXPRESSION OF INTEREST: FUND MANAGER FOR THE BANK OF INDUSTRY TECHNOLOGY FUND
The Fund is a Bank of Industry (BOI) led equity fund that will invest in technology-enabled/ innovative portfolio companies and Venture Capital (VC) Funds The Fund will support tech and tech-enabled businesses in their early to growth stages across the six geopolitical zones in Nigeria, with the Fund. BOI seeks to take the lead in addressing the lack of adequate funding in Nigeria’s growing technology & innovation network.
The mandate structure of the fund will be two-fold:
1. Focus on investments in Nigerian based venture capital and private equity funds
2. Equity/quasi equity investments in tech and tech-enabled businesses.
BOI will be an anchor investor in the fund and is, therefore, seeking the services of a Fund Manager to set up and execute the fund.
FUND MANAGER – SCOPE OF WORK
The Fund Manager’s assignment will be throughout the life of the fund. The assignment will entail having overall responsibility for designing, establishing, and managing the fund including:
1. Design and set-up of the fund including legal operational financial, exit, and reporting structure.
2. Establishment of the investment strategy (including prospective geographic coverage) for fund through deal pipeline.
3. Deal sourcing and identification of an illegible and realistic pipeline.
4. Deployment of robust due diligence procedures.
5. Deal Structuring and negotiations
6. Preparation of the fund’s financial governance operational policies, performance management strategy communication plan a well as other relevant documentation for fund operation
7. Fundraising including the preparation of private placement memorandum. pitch books and other marketing materials.
8. Investor management activities including the management of committed capital.
9. Defining and implementation of a value addition strategy for portfolio investments:
10. Investment compliance monitoring
11. Exit implementation.
12. Reporting and other administrative services.
The fund management company will operate under the guidance of an Advisory Committee comprising Limited Partners of the Fund.
Interested firms or consortiums must meet the following minimum requirements.
● Must have at least five (5) years of cognate and documented track record as a Fund Manager of venture capital / private equity funds or comparable institutional investment experience.
● Demonstrable value-addition capabilities with respect to portfolio Investments.
● Must demonstrate track record of capital raise, equity fund management. fund of funds management activities in Nigeria.
● The firm or lead firm of the consortium must be domiciled and fully operational in Nigeria.
● Evidence of a strong operational fund management team, including experienced investment staff and robust middle- and back-offices.
● Must be willing to invest at least a minimum of $3.75 million or its Naira equivalent in the Fund (evidence of availability of funds is required).
● Evidence of alliance/partnerships among consortium members (for consortiums only)
Firms or consortiums (lead and other members who meet the above criteria must provide sufficient evidence of the same, in addition to these, the firms or consortium members are required to provide the following information:
A. LEGAL & COMPLIANCE REQUIREMENTS
I. Evidence of legal registration with Corporate Affairs Commission (CAC). For a consortium, the lead member must be registered and operational in Nigeria
II. Submission of Memorandum and Articles form CAC07 (i.e Particulars of Board of Directors) and Form CAC02 (i.e. Particulars of Shareholders.)
III. Evidence of relevant operating license(s)
IV. Evidence of Registration with BPP National Database of Contractors. Consultants and service providers (in the case of a consortium, this is applicable to the lead member)
V. Clearance Certificate from National Pension Commission as evidence of compliance with Pensions Reform Act, 2004.
VI. Compliance Certificate from the Industrial Training Fund (ITF) as evidence of compliance with Industrial Training Fund Amendment Act, 2011
VII. Sworn affidavit indicating that all documents submitted are genuine and verifiable
B. FINANCIAL REQUIREMENTS
I. Confirmation of financial capacity of the company (3 years audited statement of accounts and financial summary)
C. TAX REQUIREMENTS
I. Evidence of Company Tax Clearance Certificates for the last 3 years.
II. VAT Registration.
D. PROFESSIONAL EXPERIENCE
I. Detailed company profile indicating CV of management team, ownership structure, competence of motion and branch contact details where applicable).
II. Brief summary of successfully exited investments in the last 3 years with key information on company exit strategy adopted fund investment str. IRR of fund
III. List of existing investment with the following information emphasis on investments in the Technology sector and in Nigeria -Saharan African)
● Sector focus
● Brief description of investee company including growth stage and performance.
● Type of investment
● Target IRR
● Fund term
● Current status of investee company
IV. Any other information that may strengthen the application
METHOD OF SUBMISSION
Three (3) hard copies of o the relevant documents/information must be submitted in a sealed envelope clearly marked “EXPRESSION OF INTEREST: FUND MANAGER FOR THE BANK OF INDUSTRY TECHNOLOGY FUND”
All submissions should be addressed to:
Micro Enterprise Directorate
Bank of industry
23, Marina, Logos
Submission of Expressions of interest should be in the appropriate Tender Box at the above mentioned address on or before 12.00pm on Tuesday, May 19, 2020.
Please note that due to the COVID-19 pandemic and the national directive of social distancing a physical submission opening event will not hold.
Further enquiries can be made between 8.00am and 5.00pm, Monday through Friday at email@example.com. Enquiries can be made until Tuesday, May 12, 2020.
Please note that
a. Late submission shall be rejected.
b. BOI is neither committed nor obliged to short any Fund Manager.
c. BOI reserves the right to take a decision on any document received.
d. The advertisement shall not be construed as a commitment on the part of BOI to appoint any Fund.
Manager nor shall permit Fund Manager submitting documents to claim Indemnity from BOI
Only shortlisted firms will be contacted.
0700 CALL BOI
0700 2255 264