A Message from

MiDA Advisors CEO

As the year draws to a close, I want to extend warm holiday wishes and a Happy New Year to you all. Additionally, I would like to express my sincere gratitude for your support, which has been instrumental in amplifying the impact of MiDA’s initiatives.

Throughout the year, we have achieved significant milestones in our efforts to strengthen connections with key industry leaders and facilitate U.S. institutional investments in Africa and other emerging markets. During this final quarter of the year, our commitment to creating a favorable environment for U.S. institutional investment in Africa has remained steadfast. Notably, during the 28th United Nations Climate Change Conference (COP 28), I actively participated in conferences, engaging with key stakeholders to ensure Africa's continued presence in the domain of impact investment.

On behalf of the MiDA Advisors team, I wish you all a fruitful, healthy, and prosperous year ahead.

With warm regards,

Aymeric Saha

In this Issue:

Supporting the Enabling Environment

MiDA Team Makes the Investment Case for Africa

MiDA in the News

Research Recap

Industry News

Looking Ahead

Supporting the Enabling Environment

MiDA Pioneers Institutional Investor Consortium Model

In November, Partner and Managing Director, Roselyn Spencer, traveled to Abidjan, Côte d’Ivoire to lead a workshop with the United Nations Economic Commission for Africa (UNECA) between November 13th and 14th. The workshop focused on educating institutional investors in the West African Economic and Monetary Union (WAEMU) about the Consortium Model. Thank you to the U.S. Ambassador to Côte d’Ivoire Honorable Jessica Davis-Ba, and Sonia Essobmadje, Chief of Innovative Finance and Capital Markets at UNECA for their support. Please refer to the paragraphs and graphics below to learn more about the Institutional Investors Consortium Model.

MiDA has pioneered the use of Consortiums to help institutional investors in Africa invest their funds in infrastructure, housing, and other key economic sectors. The Consortium Model allows institutional investors to collaborate on building critical capacity, share resources related to project opportunities and pipeline development, and pool their resources so that they can be mobilized at scale to invest in infrastructure and critical alternative sectors to support local economic development. 

We have deep experience developing institutional investor Consortiums such as the Kenyan Pension Funds Investment Consortium (KEPFIC) and the Asset Owners Forum of South Africa (AOFSA)—which have collectively made over $450 million in commitments to infrastructure and other real assets. From our experience, we believe that the WAEMU region could significantly benefit from the establishment of a similar Consortium. 

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MiDA Makes the Investment Case for Africa

Partner and Senior Managing Director Nadine Mentor Williams Attended the SACRS Conference

November 9th: Nadine Mentor Williams spoke on a panel about "Exploring Africa as an Investment Opportunity," during the State Association of County Retirement Systems (SACRS) Fall Conference in Rancho Mirage, California. Her co-panelists were Vivian Gray, Trustee at Los Angeles County Employees Retirement Association (LACERA), and Romi Bhatia, Senior Finance and Investment Officer at the United States Agency for International Development (USAID). The discussion was moderated by Kellie DeMarco, President of Kellie DeMarco Communications. SACRS consists of 20 independent county retirement systems in California. This conference allowed MiDA to provide capacity and support as well as insights about investing in Africa to the system members of SACRS.

During the conference, Mrs. Mentor Williams was able to reconnect with delegates of the Prosper Africa U.S. Institutional Investors Delegation Trip to South Africa including: Marcus Alexis, Senior Director of Business Development at Cambridge Associates; Alysia Bonner, Trustee of Fresno County Employees’ Retirement Association (FCERA); and Dr. Daniel Walker, a Board Member of The California Endowment.

Nadine Mentor Williams Attended Diverse and Emerging Managers Investment Conference

November 16th: Nadine Mentor Williams moderated a panel titled “The Business Case for Investing in Africa” for the Office of the New York Comptroller’s 2023 Annual Diverse and Emerging Managers Investment Conference in New York City. Attendees heard from the following panelists: Jarred Glansbeek, Executive Director and CIO of RisCura; Richard Okello, CEO and Founder of Sango Capital; and Ronald Mincy, Head of Africa at BlackRock Climate Infrastructure. MiDA helped curate and facilitate this panel discussion as a platform to enhance the capabilities of OCIOs, consultants, and other stakeholders in understanding and engaging in investments in Africa.

During the conference, Mrs. Mentor Williams was also able to reconnect with delegates of the Prosper Africa U.S. Institutional Investors Delegation Trip to South Africa including: Taffi Ayodele, Director of Diversity, Equity, and Inclusion at the Office of the New York Comptroller; John Gluszak, Head of Real Estate at the Office of the New York Comptroller; and Lawrence Bosely, Trustee of the New York City Employees’ Retirement System.

CEO Aymeric Saha Met with Industry Leaders in Dubai, UAE for COP 28

December 4th: On the margins of the 28th UN Climate Change Conference (COP28), Aymeric Saha held discussions with Alice P. Albright, CEO of the Millennium Challenge Corporation (MCC); David Escoffier, CEO of the Liquidity and Sustainability Fund Secretariat; and Jon Richart, Deputy Vice President for Infrastructure, Environment, and Private Sector at MCC.

Aymeric Saha Spoke on Mercer's CIX COP 28 Panel in Dubai, UAE

December 5th: Aymeric Saha was a featured speaker for the “Dedicating Portfolio Assets to Emerging Private Markets” panel during Mercer’s Catalytic Investment Exchange (CIX) COP 28 event in Dubai, UAE. His co-panelists were Rich Nuzum, the Global Chief Investment Strategist at Mercer, and Elie Aloko, Vice President of Africa Finance Corporation Capital Partners. Attendees learned about return and risk considerations and explored the implications of climate transition. Mercer’s Global Climate and Sustainability Leader, Cara Williams, moderated the panel, and Bogolo Joy Kenewendo, Managing Director at Kenewendo Advisory, was the keynote speaker.

The CIX Platform brings together deal sponsors and direct investors to navigate investments. Mr. Saha was able to share MiDA's experience in facilitating the mobilization of capital into Africa and other emerging markets.

Aymeric Saha Spoke at Milken Institute's MEA Summit in Abu Dhabi, UAE

December 8th: Aymeric Saha was a featured speaker for a panel titled “A Brighter Future for the Giant of Africa? Building the Institutional Investor Base to Finance the Sustainable Economic and Financial Transformation in Nigeria” for the Milken Institute’s Middle East and Africa (MEA) Summit. His co-panelists were Ndidi Nnoli-Edozie, Founder of the Growing Business Foundation; Fatma Yehia, Financial Analyst for the Central Bank of Egypt; Miguel Azevedo, Chairman of Investment Banking for Citigroup; Eric Bugundu, Deputy Executive Director for Capital Market Authority—Rwanda; and Daniel Warutere, Senior Manager for Capital Market Authority—Kenya. This panel was moderated by Jingdong Hua, Vice Chair of the International Sustainability Standards Board (ISSB).

The MEA Summit centered on “Navigating Complexity through Collaboration,” provided a platform for stakeholders to pinpoint solutions to the critical issues facing the numerous countries, cultures, and societies within the region. Mr. Saha shared MiDA's experience in developing institutional investor Consortiums in countries in Africa.

Aymeric Saha Met with Industry Leaders at MEA Summit

December 8th: Aymeric Saha held discussions with Prosper Africa Coordinator British Robinson; Cameron Khosrowshahi, Senior Investment Advisor at Prosper Africa, James Wells, a Transaction Specialist at Prosper Africa; and Lindeka Dzedze, Executive Head of Strategic Partnerships at Standard Bank Group, during the Milken Institute's Middle East and Africa (MEA) Summit. Mr. Saha shared MiDA’s experience creating African pension fund Consortiums in East and South Africa, and highlighted the achievements of the Consortiums with respect to mobilizing investments in infrastructure and housing.

MiDA In The News

Building Relationships to Strengthen Economies

Nadine Mentor Williams, Partner and Senior Managing Director at MiDA, wrote an article that was recently published in the November 2023 edition of African Business Magazine. Mrs. Mentor Williams stated, “Expanding U.S. institutional investors’ knowledge base coupled with access to key relationships on the continent can have positive, long-term impacts for Africa.” 

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African Currency Valuations 

This document delves into the valuations in multiple African nations. It examines the gaps in the real effective exchange rates (REER) and assesses the degree of overvaluation or undervaluation of various currencies using the REER model. Additionally, the document offers predictions for currency exchange rates relative to the USD in the coming year. It explores the influence of factors such as capital flows, trade balances, speculation, and government policies on REERs. Notably, in 2023, the REER gaps have expanded for most countries, signifying a substantial depreciation of their currencies against the USD.

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28th United Nations Climate Change Conference (COP 28)

The United Arab Emirates (UAE) had intentions to leverage its position as the host of the 2023 UN Climate Summit (COP28) in Dubai. Their plan involved facilitating meetings between the COP28 president, who concurrently holds a leadership role in UAE's state oil company, and officials from various governments. Experts have expressed concerns about the perceived breach of impartiality expectations for COP presidents in such activities, raising potential risks to global initiatives aimed at addressing climate change.

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Important Disclaimer

These research reports may not be re-distributed to any other person without Standard Bank Group Securities express written consent.

The reports are from an independent third party. MiDA Advisors does not have influence or input into the contents of the report. The reports are distributed solely for information purposes and are not intended for solicitation.

All material presented in these reports, unless specifically indicated otherwise, are under copyright to SBG Securities. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or re-distributed to any other party, without the prior express written permission of SBG Securities. All trademarks, service marks, and logos used in these reports are trademarks or service marks or registered trademarks or service marks of SBG Securities or its affiliates.

The information, tools, and material presented in these reports are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. SBG Securities may not have taken any steps to ensure that the securities referred to in this report are suitable for any particular reader.

SBG Securities Research may not be distributed to the public media or quoted or used by the public media without the express written consent of the Standard Bank Group. 

Industry News

Biden-Harris Administration Highlights Landmark Transaction in West Africa

The White House, in this fact sheet, highlights advancements achieved by the United States in collaboration with Africa since the 2022 U.S.-Africa Leaders Summit a year ago. It notes the progress in various domains such as trade and investment, infrastructure, food security, health, democracy and governance, digital transformation, and diaspora engagement.

A noteworthy initiative highlighted in this document is the landmark Caisse Régionale de Refinancement Hypothécaire (CRRH) transaction. MiDA Advisors is proud to have served as the Originator and Lead Transaction Advisor for this transaction that seeks to increase access to affordable housing in West Africa while deepening local capital markets. Thank you to everyone who helped make this transaction possible including Prosper Africa, the U.S. International Development Finance Corporation, DAI INVEST, Brean Capital, LLC, Bank of America, BNY Mellon, CrossBoundary, and Kutak Rock. 

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Vivian Gray Awarded Trustee of the Year

Congratulations to Vivian Gray, Trustee at Los Angeles County Employees Retirement Association (LACERA), on receiving the Trustee of the Year Award at the 27th Annual National Association of Securities Professionals (NASP) - New York Chapter Symposium. Vivian Gray was a delegate of the 2023 Prosper Africa U.S. Institutional Investors Delegation Trip to South Africa. Several members from MiDA’s network attended the event on November 15th.

Looking Ahead

The 4th Annual NASP Women’s Forum, will be taking place at the Wellington Management’s headquarters located at 280 Congress Street, Boston, MA on March 12 and 13, 2024. This Forum brings together women from different intersections of business, investments, banking, and operations. The theme of the 2024 Women’s Forum is Leading with Purpose. The Forum will highlight opportunities and address challenges for women, especially women of color in the business community. Topics include: Women in Leadership; Creating Global Networks for Women Economic Empowerment; Chief Investment Officers’ Insight, Key Steps to Build and Protect Generational Wealth; and Consultants’ Roundtable. 

The 20th Annual Africa Private Capital Association (AVCA) Conference & Venture Capital (VC) Summit will take place from April 22nd to April 26th, 2024 in Johannesburg South Africa. This event is the largest Africa-focused private capital gathering globally, attracting investors who collectively manage over US $1.5 trillion in assets. There will be thought-provoking panels, roundtables, and breakout sessions about current trends and developments in Africa's private capital ecosystem.

Click Here To Register
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