20150113 - Agenda Kusuntu Orrick Conference Winter2015_ Booklet_Program - FINAL

In Partnership with
12 February 2015
3rd
Africa Finance Conference:
“Impacts and Returns through Responsible
Investments in Corporate Africa”
With the support of

KUSUNTU-LE-CLUB Association Loi 1901
Répertoire National des Associations W913003866
4, avenue des Princes F-91370 Verrières le Buisson - FRANCE
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ORGANIZED BY:
KUSUNTU-le-CLUB is THINK TANK created by executives and
managers for promoting the emergence and the development of
African economic champions thanks to private equity
investments. Founding members of KUSUNTU are at the origin of
the creation of the first electronic information platform on
African private equity, notably a directory of actors.
ORRICK RAMBAUD MARTEL is a specialized law firm that offers in
France and abroad an exceptional p platform of services in cross
border operations such as mergers and acquisition, structured
finance, leasing asset finance, corporate, tax and social laws.
ORRICK RAMBAUD MARTEL’s lawyers also have strong skills and
expertise in dispute resolution including international arbitration.
Investisseurs et Partenaires (I&P) intervient depuis plus de 10 ans
dans le financement de petites et moyennes entreprises en
Afrique sub-saharienne francophone. I&P gère plusieurs fonds
d’investissements, à vocation financière et sociale. I&P intervient
en capital-risque et en capital-développement avec une présence
effective aux côtés des entrepreneurs.
WITH THE SUPPORT OF:
PROPARCO is the French Investment and Promotions company
for Economic Cooperation.
PROPARCO’s mission is to be a catalyst for private investment in
developing countries which targets growth, sustainable
development and reaching the Millennium Development Goals
(MDGs).PROPARCO finances operations which are economically
viable, socially equitable, environmentally sustainable and
financially profitable.
Trident Fund Services provides cost-effective back office
administration for funds from offices in the Caribbean, North
America, Europe and Asia.
As a Division of the Trident Trust Group ― established in 1978
― Trident offers its clients more than three decades' experience
as a leading provider of administration services to the financial
services sector worldwide.

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Africa has been quoted for a decade as the last economic frontier of the world. With about a billion
inhabitants of which many studies and researches indicated there are close to 300 million people
with a purchasing power that ranks them, according to the local cost of living, into the middle class
category. Africa as such presents a real opportunity for companies worldwide to do business
contributing to sustain the global growth while taking out the continent from underdevelopment
according to the western definition. And this has to be done with consideration of the goods and the
bads experienced by the developed countries. Impact and sustainability through investments must in
essence become prominent with a view to allowing an inclusive development of the continent.
According to the Global Impact Investment Network, Impact investing is defined as investments with
the intention to generate positive social, economic or environmental impacts beyond financial
return. Impact investments can target a range of returns from below market to market rate,
depending upon the circumstances.
In the current process undertaken to define a new asset class on the rise, it becomes paramount to
clarify, especially when it comes to companies financing in Africa, what Impact Investing is, being
impact as a consequence or impact seeking as the first motivation.
The Africa Finance Conference launched in 2012 by Orrick Rambaud Martel and Kusuntu-le-Club in its
third edition brings together a vast array of economic actors engaged in Africa for its economic
development. Following an introduction to the African Asset class in 2012 and the review of options
so far between private capital investment and investment through organized exchanges, this third
conference will focus on positive impacts beyond the financial return.
This conference, organized over a day, is the premier professional meeting place in France between
professional investors worldwide and those that are making the economic construction in Africa,
entrepreneurs, companies, venture and private capital firms that are backing them as well as finance
and development institutions as well as investment promotion agencies supporting this process.
As a forum, African economic actors, professional investors and companies worldwide have a unique
opportunity to network for business and investment opportunities, through independent one on one
or organized meetings alongside key notes presentation and plenary panels’ discussion. The event
addresses issues pertaining to investment opportunities in Africa from the philanthropic point up to
more financial oriented ones.
You are responsible for strategic and investment decisions within insurance companies, mutual funds
and investment houses, family offices, private banks or corporations larger or smaller and you are
interested to know more about your African business development opportunities, you are invited to
attend the third Kusuntu Africa Finance Conference in Paris and meet those actors, entrepreneurs,
private equity firms, development finance and investment promotion agencies that are building the
economic and social development of the African continent.

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Plenary conference and panels
MORNING SESSION
8:30 – 8:55: Registration of participants
- Coffee
- Networking
9:00 – 9:10 Welcome note
Jean-Jacques ESSOMBE – Partner, Banking and Finance Group – ORRICK RAMBAUD MARTEL
9:15 – 9:35 Opening Remarks – Africa a place for responsible and impactful economic development
Jean-Michel SEVERINO – CEO – INVESTISSEURS & PARTENAIRES (I&P)
- The Africa Time, getting the best of the economic development experiences
- The last frontier offer opportunities for all but needs to keep it the most inclusive and the most
responsible
9:35 - 9:55 Presentation 1 – The Building of an Impact Enterprise
Erick RAJAONARY – Chief Executive Officer – GUANOMAD
Challenges and pitfalls in getting a business to a success
- Searching for impact, how are ESG standards implemented
- Making the search for impact a strategy
10:00 - 10:20 Presentation 2 - The Impact Investing Landscape in Africa: The East Africa Business
Case
Abhilash MUDALIAR – Research Manager – The GLOBAL IMPACT INVESTING NETWORK
- The Impact Fund Industry in Africa (how many funds, which region/sectors do they target, what are
the deal size...)
- Key future opportunities for Impact Investing in East Africa (variation by country, sector, instrument..)
10:20 – 10:35 – Break
- Coffee
- Networking
GRAND PANEL: INVESTING IN AFRICA: IMPACT FIRST OR FINANCE FIRST, MAKING THE BEST OF THE TWO SITUATIONS
10:40 – 11:30 Panel 1.1 – Impact as a component of Private Equity investment process: how are
factored in the ESG principles
Hervé Dieudonné AYISSI – Investment Officer – CENAINVEST
Vivina BERLA – Senior Partner – SARONA ASSET MANAGEMENT
Laureen KOUASSI OLSSON – Investment Director – AMETHIS FINANCE
Paul VAN AASLT – Managing Partner – SOVEC
Martin POULSEN – Managing Partner – The MORINGA PARTNERSHIP)
Moderator: Patricia M. DINNEEN – Chair Person Impact Investing Council – The EMERGING
MARKETS PRIVATE EQUITY ASSOCIATION
What really drive investors when backing an African company
- Is impact a marketing element or a real component of the investment strategy
- Measuring and reporting on impacts, building a paradigm
- How are impact objectives driving the financial return to investors

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11:35 – 12:25 Panel 1.2 – Who are the actors on the African impact investment market and how do
they act in building the next African economic champions
Pierre CARPENTIER – Investment Director – INVESTISSEURS & PARTENAIRES
Olivier DE GUERRE – Chairman & Chief Executive Officer – PHITRUST PARTENAIRES
Christophe POLINE – Head of Sustainable Development – SCHNEIDER ELECTRIC
Barthout VAN SLINGELANDT – Managing Partner – XSML CAPITAL
Maria Teresa ZAPPIA – Chief Investment Officer – BLUEORCHARD
Moderator: Franck GIAOUI – Founder and CEO – HERA Finance
Creating the ground for a responsible business creation and development
- Driving a sustainable development of Africa through social impact investment
- Is there a universal definition for impact investment when it comes to Africa
- What are the complementarities between Impact investment, Private Equity and Venture Philanthropy
12:30 – 12:50 Key Notes – How Development Finance Institutions help in driving Impact Investing
Marie-Hélène LOISON – Deputy Chief Executive Officer – PROPARCO
- Amongst other roles such as Private Equity catalyst in Africa, DFI’s are preeminent actors to enforcing
sound implementation of ESG principles
- PROPARCO, a leadership instrument for a renewed economic relationship between France and Africa
12:55 – 13:55 – Lunch Cocktail
- Cocktail
- Networking
AFTERNOON SESSION
14:00 – 14:20 Key Notes – Africa is our future
Vincent JACOB –Director Companies and International Businesses – THE FRENCH MINISTRY OF
FOREIGN AFFAIRS AND INTERNATIONAL DEVELOPMENT
- The new French Economic diplomacy
- France as a platform for worldwide business with Africa
14:25 – 15:25 Panel 2 – Fostering an impact-friendly environment and securing options for both
impact and financial returns
Jean-Michel DEBRAT – Social entrepreneurship advisor to the CEO – PROPARCO
Pierre-Yves DENEZ – Of Counsel M&A and Private Equity – ORRICK RAMBAUD MARTEL
Ann-Katrin DOLIUM – Head of Company Relations MENA & AFRICA – VIGEO
Philippe MONTIGNY – President – ETHIC INTELLIGENCE
Karine SEGUIN – Head of Business Development, Europe – TRIDENT TRUST
Brett STEVENSON – Manager of the Capacity Building Program – The GLOBAL IMPACT INVESTING
NETWORK
Moderator: Alexandre ALFONSI – Managing Partner – AXONIA
From sourcing to the return, how to factor in all the ingredients
- How governments are helping broadening the impact culture
- What actions are being taken by companies and governments
- What environment could foster the development of impact driven investments: what kind of
framework? What government standards? How to improve the business climate, are SRI or Impact
rating a catalyst
15:30 – 15:50 – Closing remarks: Putting the Wheels into Motion for Investing in Africa
Isabelle BEBEAR – Managing Director – BPI France
- BPI France : Why Africa, why now and how
- Translating the BPI experience into African Private Equity Investment

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One on One meetings session
The second part is reserved for professional meetings. Participants to second part are all
business and finance professional. Attendance is submitted to prior registration on the
Kusuntu Meeting Registration platform.
16:00 – 18:30 – Business Meeting
- Organized meeting: based upon scheduled registration
- Free meetings between registrants
ROOM 4 – LEVEL 0
16:00 – 17:10
17:15 – 18:25
PHITRUST
INVESTISSEURS & PARTENAIRES
ROOM 5 – LEVEL 0
16:00 – 17:10
17:15 – 18:25
SARONA ASSET MANAGEMENT
SOVEC
ROOM 8 – LEVEL 0
16:00 – 17:10
17:15 – 18:25
CENAINVEST
BLUEORCHARD
ROOM 10 – LEVEL 1
16:00 – 17:10
17:15 – 18:25
CAURIS MANAGEMENT
XSML

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SPEAKER’S PROFILE
KEY NOTE SPEAKERS
Jean-Michel SEVERINO – Chief Executive Officer – INVESTISSEURS & PARTENAIRES
Mr. Jean-Michel Severino serves as the President and Chairman at Impact Private
Equity Firm Investisseur & Partenaire, which Mr. Severino joined in 2010. He serves as
also Head of Research of the “Fondation pour les Études et Recherches sur le
Développement International“(FERDI). He served as Chief Executive Officer of Agence
Française de Développement between 2001 and 2010. He served as President of
European Investment Bank. Before that, he was a Chief Operating Officer and
Managing Director at Groupe Agence Française de Développement until April 2010.
Marie-Hélène LOISON – Deputy Chief Executive Officer – PROPARCO
Marie-Hélène Loison oversees the investment process and teams, and the
international network of PROPARCO. She joined PROPARCO in 2000 after 4 years at
Société Générale where she was in charge of export finance in Mexico and Central
America. Between 2000 and 2005 she structured debt and equity products in the agri-
business, tourism and health sectors. In 2005, she joined the newly created private
equity division and became in 2008 the head of this division. She graduated from the
Institut d'Etudes Politiques in Paris and has an MA from the School of Advanced
International Studies-Johns Hopkins University in Washington D.C
Vincent JACOB – Chief Executive Officer – THE FRENCH MINISTRY OF FOREIGN
AFFAIRS AND INTERNATIONAL DEVELOPMENT
Vincent Jacob, 51, is graduated from Université Paris Dauphine, Univeristé Paris
Sorbonne and The London School of Economics. Former investment banker specilized
in Mergers and Acquisitions in France and abroad, Managing Partner at Crystal
Consulting since 2002, former advisor to Madam Voynet at the Ministry of the
Developemnt of Territories and Environment (1997-2002). He currently heads the
mission for Foreign Trade and Attractivity within the Directorate of Companies and
International Economy at the Minitsry of Foreign Affairs and International
Development since 2012.
Isabelle BEBEAR – Managing Director – BPI FRANCE INTERNATIONAL
Ms. Isabelle Bebear serves as Deputy Managing Director at Bpifrance Investissement.
Ms. Bebear is in charge of the regional funds of funds and joined Bpifrance
Investissement in 2001. She also works at CDC entreprises Elan PME. Ms. Bebear was
in charge of the economic development in a local authority. Prior to that, she was in
charge of the international human resources in a pharmaceutical laboratory. Ms.
Bebear is a Director of IRDI Midi-Pyrénées and PROPARCO SA. She graduated from ISG
(Business School), France.

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PRESENTATION SPEAKERS
Erick RAJAONARY – Chief Executive Officer – GUANOMAD
Erick Rajaonary, accountant and business re-engineering specialist, has been one of
the pillars of the Malagasy Green Revolution through his Enterprise GUANOMAD. The
dream started in 2005 and now, Guanomad has blossomed into one of the most
recognized companies in Madagascar. “Batman is winner” announced Erick on the
African Stage at the Africa Awards for Entrepreneurship in 2013 and since then, the
adventurer in Erick has encouraged him to attract new investments to further develop
GUANOMAD.
It all started in 2005, when discussing about the ecological aspect of the use of Guano
as a fertilizer. Guanomad believes that Agriculture is a key factor to the development
of Madagascar and hence through various initiatives such as Promotion of Food
Security, Rural Development and the Protection of the Environment; contributes to a
better Madagascar. Guanomad is also a major CSR Player in the island and is known to
favor growth at the bottom of the pyramid.
Abhilash MUDALIAR – Research Manager – The GLOBAL IMPACT INVESTING
NETWORK
Abhilash Mudaliar serves as Research Manager. He is responsible for shaping and
implementing the GIIN’s research strategy and program.
Abhilash joins the GIIN with over seven years experience in social enterprise, impact
investing and international development research, including time as a microfinance
consultant at Unitus, an impact investor at Elevar Equity, and a social entrepreneur
within Hippocampus Group. Abhilash also worked on a large-scale randomized
controlled study of education policy experiments in southern India. He began his
career as a management consultant at Bain & Company. Abhilash has earned Honors
degrees in Arts and Commerce (specializing in Political Science and Finance,
respectively) from the University of Melbourne and, more recently, an MPA/ID from
the Harvard Kennedy School, where he received the Raymond Vernon Award.

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PANEL SPEAKERS
PANEL 1.1
Hervé Dieudonné AYISSI – Investment Officer – CENAINVEST
Master of Business Administration from Southern Polytechnic State University,
Marietta, Georgia (USA), Master Degree in Economics, concentration in Finance and
Banking from University of Yaoundé II. Gained and experience in developing business
plan in several sectors.
Vivina BERLA – Senior Managing Partner Europe – SARONA ASSET MANAGEMENT
After a first career spent in industry, Vivina has been working for 20 years in the
institutional investment world, of which 9 in private equity as an LP and GP. She spent
10 years with Merrill Lynch Investment Managers where she left her role as Managing
Director, Alternative Investments in 1994 to join Gartmore Investment Management
as Head of Europe, Middle East and Africa. Vivina graduated from the London School
of Economics (LSE) and obtained an MBA from the Tuck School of Business at
Dartmouth in the US. She is a member of the LSE's Court of Governors and Finance
Committee. She chairs the Investment Committee.
Laureen KOUASSI-OLSSON – Investment Director – AMETHIS FINANCE
Laureen Kouassi Olsson joined Amethis in April, 2013.
She was previously Investment Officer in the Financial Institutions Group of Proparco
where she has been working exclusively on Sub Saharan African transactions. She has
a 7 year-experience in Private Equity, Corporate finance and M&A advisory. Over the
last years, she has been actively involved in the appraisal and structuring of quasi
equity and equity instruments. She has worked in complex private equity and debt
transactions in East and West Africa alongside consortiums of strategic investors, PE
Funds and DFIs. She successfully closed eight equity and quasi equity transactions.
Prior to joining Proparco, she spent several years as a Mergers and Acquisitions (M&A)
Analyst in an Investment Bank where she was actively involved in buy-side, sell-side
and M&A mandates for PE funds and strategic investors.
Laureen is an Ivoirian citizen and holds a management degree from EM Lyon business
school.
Paul VAN AALST – Managing Partner – SOVEC
Paul van Aalst is the Managing Director of SOVEC, a fund that invests in Small and
Medium sized companies (SMEs) in Africa. SOVEC offers tailor-made, long-term
commitment and capital, both in equity and debt. Mr. van Aalst’s career has always
been in SME-development, financing and innovation. He became engaged in impact
investing in 1982, when he co-founded and chaired a credit union for companies in the
sustainable technology sector, in the Netherlands. Mr. van Aalst has been active in
emerging markets since 1992, he is driven by creating and implementing innovative
business models and investment opportunities to address sustainability themes and

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needs. He considers an entrepreneurial approach crucial to achieve this. Mr. van Aalst
has worked in venture capital and banking and has been a director of a company
investing in clean energy enterprises in emerging markets, including Africa. Mr. van
Aalst holds a Master’s degree in Business Management from the Amsterdam Free
University.
Martin POULSEN – Managing Partner – THE MORINGA PARTNERSHIP
From 2009-2011 Martin served as Chief Private Equity Officer at the African
Development Bank. Previously, between 2003 and 2009, he led the European
Investment Bank (EIB) private equity investment activities in sub-Saharan Africa and in
the European renewable energy field.
From 1997-2002, he was a member of the team that established Kennet Capital, one
of Europe’s leading early-stage technology venture capital firms. Immediately before
this, he worked for the Commonwealth Development Corporation as a project
manager in Côte d’Ivoire (rubber factory design and construction) and Swaziland
(project management of sugar refinery construction). His early career was in change
management consultancy for Computer Sciences Corporation (CSC). Martin previously
served as a member of the Emerging Markets Private Equity Association (EMPEA)
Africa Council.
He has a Master’s degree in Manufacturing Engineering and a first class Bachelor’s
degree in General Engineering from Cambridge University. He is a fluent speaker of
English, French, Dutch and German.
Patricia M. DINNEEN – Chair Person Impact Investing Council – The EMERGING
MARKETS PRIVATE EQUITY ASSOCIATION
Patricia M. Dinneen has focused on Emerging Markets for most of her 36-year career.
She joined EMPEA in February 2014 as a Senior Advisor and was appointed Chair of the
EMPEA Impact Investing Council in 2013, to help professionalize and scale the impact
investing industry.
Previously she served as Managing Director at Siguler Guff & Company, a global
private equity investment firm with over $10 billion in assets under management.
During her 9+ years at Siguler Guff, Dr. Dinneen built and managed the BRIC private
equity business, focusing on Brazil, Russia, India, China and select frontier markets. She
has also held positions at Cambridge Associates, British Telecommunications, Hughes
Communications, RAND Corporation and the U. S. White House. Dr. Dinneen holds
degrees from the University of Pennsylvania (B.A.), London School of Economics
(M.Sc.) and MIT (Ph.D.). She is involved in multiple philanthropic and impact investing
activities.

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PANEL 1.2
Pierre CARPENTIER – Investment Director – INVESTISSEURS & PARTENAIRES
Pierre Carpentier is Investment Director at Investisseurs & Partenaires (I&P). Before
joining I&P, Mr. Carpentier worked during 10 years on projects of development in
Africa, in particular in the financing and the economy of the development.
Investisseurs & Partenaires (I&P) has intervened for more than 10 years in the
financing the small ones and medium-sized companies in French-speaking sub-Saharan
Africa. I&P manages several funds of investments with financial and social vocation.
I&P intervenes in venture capital and capital-development with an effective presence
at the sides of the African Entrepreneurs.
Olivier DE GUERRE – Chairman & Chief Executive Officer – PHITRUST PARTENAIRES
Olivier de Guerre began his career in 1981 with the Indosuez Group. He became the
co-founder and partner of Finance Indosuez Technique and the Cristal Group, both
specialising in asset management. He then went on to become managing director of
Credit Suisse Asset Management. He is the chariman-CEO of the Sicav Proxy Active
Investors, the first of its kind in France to be dedicated to the initiative, and joint
manager of FCP Euro Active Investors. He is also the chairman of PhiTrust Partenaires
and PhiTrust Impact Investors. He is a board member of PhiTrust Endowment Fund. He
studied at ESSEC and the University of Nanterre.
Christophe POLINE – Head of Sustainable Development – SCHNEIDER ELECTRIC
Sustainable Investments Director for Schneider Electric Since 2009 . He has set up and
is now managing an impact investment fund with a dual target. On one hand in France
investing in social businesses fighting energy poverty in France and currently
expanding to europe. On the other hand, in Sub-Saharan Africa investing in businesses
working to provide access to safe and green electricity in rural and suburban areas.
This position enables him to take advantage of his previous experiences as
International Financial Controler, in charge of the Balance Sheet structure of the
European and Asian subisidiaries of Schneider Electric. He also participated to the
redesigning of the Management Control IS of Schneider Electric, implementing new
concepts replacing the annual budget process in order to enable more flexibility and
reactivity for management decisions.
Barthout VAN SLINGELANDT – Managing Partner – XSML CAPITAL
Barthout van Slingelandt is Managing Partner of XSML. Barthout has over 18 years of
experience in corporate restructuring, general management and investing, in emerging
markets, Europe and the US.
Barthout is a Director and investor in several SMEs in the Technology Sector. He was a
member of Citigroup EMEA”s Consumer Banking management team where he was
responsible for a US$ 90 million P&L and 800 FTEs and for restructuring an SME loan
portfolio in Poland.
Previously, at Alvarez & Marsal (Corporate Turnarounds), he was a restructuring

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officer of a US manufacturing company, instrumental in the carve-out and sale of
operations of a European alternative telecom carrier and the set up A&Ms Benelux
offices.
He held previous positions as engagement manager with Arthur D Little (strategy
consulting) and as legal counsel with Rabobank International. Barthout speaks Dutch,
English, French, German and Spanish, and holds a Masters in Law from Leiden
University and an MBA from Columbia Business School.
Maria Teresa ZAPPIA – Chief Investment Officer – THE BLUEORCHARD
Before joining BlueOrchard, Maria Teresa worked for the European Bank for
Reconstruction and Development (EBRD) for over eight years, first in Uzbekistan and
then in London, graduating from Associate to Principal to Senior Banker. Most
recently, she was in the Group for Small Business which is EBRD’s microfinance team.
Prior to this, Maria Teresa was a project economist with the Asian Development Bank
in Manila, a fellow of the Overseas Development Institute in Swaziland and a trainee at
the OECD Development Centre in Paris. She holds a Master of Philosophy in
Development Studies from the University of Sussex (UK), and a Degree in Economics
(BA & MA equivalent) from the University of Florence (Italy).
Franck GIAOUI – Managing Partner – HERA FINANCE
After a first operational experience, Franck S. GIAOUI worked eleven years with two
major strategic consulting firms in Paris, London, Milan and Boston. He was manager
at BAIN & COMPANY, Vice-President at MERCER MANAGEMENT CONSULTING and
Business Development Manager at KINGFISHER PLC. He specialised in cross-border
mergers and acquisitions, marketing and distribution strategies and the automotive
and technological industries.
He founded HERA FINANCE, an independent corporate advisory “boutique”, at the end
of 1996. Since then, he has been originating and managing financial engineering deals
including mergers & acquisitions, disposals & divestitures, LBO-MBO, private
placements, transition management and board membership. Franck S. GIAOUI advises
clients in different industries in Europe, Africa and the USA. He specialises in
transactions between family owned companies and major corporations or private
equity funds.
He is also a co-founder of the private equity fund APOLLO INVEST and a visiting
professor in corporate finance at ESSEC MBA, the school from which he graduated.

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PANEL 2
Ann-Katrin DOLIUM – Head of Company Relation MENA & AFRICA – VIGEO
Of Swedish origin, Ann-Katrin Dolium, is specialised on CSR / SRI for companies and
investors operating in emerging and frontier markets. She joined VIGEO, a leading
European CSR rating and consulting company, eight years ago and is currently Head of
Company Relations MENA-Africa Region. She has also been in charge of Institutional
Relations including relations with NGO’s, Global Unions and with French and
international Institutions. She is the co-author of “CSR practices of French companies
in Africa” published by the CIAN and member of the investment committee of an
investment fund specialised in Impact investment in African SMEs.
Prior to France, she was based in Geneva where she worked for an international
organisation in charge of Development and Capacity building projects, mainly in Africa,
financed by Nordic GFIs. Through these experienses she has had the opportunity to
work on projects in over 15 countries on the continent and in various sectors such a
Mining, Agriculture, infra structure and finance. Ann-Katrin holds a BA in political
science and African studies from Uppsala and a Master in CSR management.
Philippe MONTIGNY – Chief Executive Officer – ETHIC INTELLIGENCE
Philippe Montigny is CEO of ETHIC Intelligence and Chairman of the ETHIC Intelligence
Certification Committee. With over 15 years’ experience working on anti-corruption
compliance issues; Philippe has developed solid expertise in the area from both a
regulatory and business perspective.
After several years of working within the French Ministry of Industry in the 1980s,
Philippe first became acquainted with anti-corruption compliance as a member of the
Office of the Secretary-General of the OECD where he was involved in the ministerial
negotiations that led to the OECD Anti-corruption Convention. He became particularly
interested in the practical implications of anti-corruption legislation on companies’
day-to-day operations and the concrete steps companies could take to comply with
such regulation.
Brett STEVENSON – Manager Capacity Building Program– THE GLOBAL IMPACT
INVESTING NETWORK
Brett Stevenson serves as Manager for the Capacity Building Program. In this role, she
will focus on launching and managing the GIIN’s new capacity building effort for fund
managers active in sub-Saharan Africa and South Asia.
Prior to joining the GIIN, Brett was the director and creator of Engineers without
Borders’ (EWB) Water Program, a technical assistance program aiming to increase
Malawi's institutional capacity to repair and manage water infrastructure. She lived in
Malawi for over 3 years, working closely with various levels of government and a
variety of partners including UNICEF, WaterAid, and the African Development Bank.
She then went on to serve as the Policy Director for EWB. Earlier in her career, Brett
became a certified professional engineer and worked as a systems analyst and
economic evaluator in the oil and gas industry. She has a Masters of Public

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Administration with focus on Non-Profit Management and Policy from Robert F.
Wagner School of Public Service at NYU and a BS in Chemical Engineering from the
University of Calgary.
Social entrepreneurship advisor to the CEO - PROPARCO
Jean-Michel Debrat started his career in education and holds an agrégation (high-level
teaching diploma) in Geography. He entered ENA (National Administration School) in
1982 and joined the Ministry of Finance in 1984, where he was assigned to the
Inspectorate General for Finance and to the Treasury Directorate as financial advisor
for Africa. He was also technical advisor to Mr. Jacques Pelletier, Minister for
Cooperation from 1990 to 1992.
Jean-Michel Debrat entered AFD’s Senior Management in 1996, where he was Deputy
Chief Executive Officer from 2002 to 2010. He was subsequently Regional Director for
Southern Africa from 2010 to 2014. Throughout this period, he conducted teaching
activities at the University of Paris I – Sorbonne and at CERDI (University of Auvergne)
Pierre-Yves DENEZ – Of Counsel M&A and Private Equity – ORRICK RAMBAUD
MARTEL
Pierre-Yves Denez, resident in Orrick's Paris office, is a member of the Banking &
Finance and Private Equity Groups.
He has extensive experience in financial laws and regulations, financial market
regulations and asset management. His practice involves advising and assisting French
and international clients, with a particular focus on Sub-Saharan Africa, in relation to
(i) the setting-up of funds and funds of funds for general partners in France and
abroad, in private equity and real estate sectors, (ii) assisting funds in their investment
and divestments transactions, (iii) assisting general partners in the negotiation of
investment management agreements, advisory agreements and outsourcing
agreements, (iv) liaising with regulatory authorities and ((v) assisting general partners
and/or limited partners for any litigations.
Before joining Orrick, Mr. Denez was an associate with Freshfields Bruckhaus Deringer.
Karine SEGUIN – Head of Business Development Europe – TRIDENT FUND SERVICES
Karine Seguin has worked in the investment bank and the fund industry for the past 20
years. She has been responsible for the marketing and sales of alternative investment
products for Calyon in Hong Kong and London and later on as Sales Director for
Alternative Investments at Société Générale Asset Management in London. She joined
Trident Trust in 2011 as Head of Business Development for the fund services activity of
the Group, Trident Fund Services (TFS). In her position, she has helped a number of
alternative funds setting up their administrative, accounting and shareholder services
in one of the 10 jurisdictions covered by TFS

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Alexandre ALFONSI – Managing Partner – AXONIA PARTNERS
Alexandre is a Founding Partner of Axonia Partners, a private equity and corporate
finance advisory firm. Within Axonia Partners, Alexandre specialices in advising private
equity teams and organisations on their fundraising, secondary transactions and
special situations worldwide (including Emerging Markets in particular), and has over
17 years of relevant experience acquired in various professional settings
internationally.
OTHER SPEAKERS
Pascal AGBOYIBOR – Global Head Africa Practice – ORRICK
Pascal Agboyibor, a partner in Orrick’s Paris office, is a member of the Energy and
Infrastructure group.
Pascal Agboyibor heads Orrick’s Africa practice, a multicultural team which includes
corporate, finance and dispute resolution lawyers based in Orrick’s offices worldwide
and specialized in advising on complex projects in a number of sectors including oil &
gas, power, mining, agriculture and infrastructure.
Pascal Agboyibor’s expertise covers significant project financings and M&A
transactions for international and local financial institutions, commercial banks, and
investors, as well as constructors, power producers and industrial suppliers, in French
and English speaking African countries.
Pascal Agboyibor has an in-depth understanding of the local business markets and
sociopolitical contexts, and is called on by local African authorities and multilaterals to
advise on the development of policy and regulation, particularly with respect to
OHADA law and financial markets.
Pascal Agboyibor started his career in 1993 with Jeantet Associés, before joining
Watson, Farley & Williams in 2000, whose teams integrated with the law firm Orrick,
Herrington & Sutcliffe LLP in 2002. Pascal Agboyibor became a partner with Orrick in
2003
Jean-Jacques ESSOMBE– Partner Finance Group – ORRICK RAMBAUD MARTEL
Jean-Jacques Essombè, partner in Orrick’s Paris office, is a member of the Finance
Group.
Mr. Essombè counsels French and international banks and other financial institutions,
as well as non financial clients, on matters involving lending, financing and
refinancing, restructuring, banking and financial market regulation and investment
fund work. He also focuses on advising financial institutions and funds in connection
with their financing, refinancing and other activities in Central and Western Africa.
He advises on fund structuring and formation, the creation, reorganization and merger
of banking and financial institutions, and compliance matters, including proceedings
before the French Prudential Supervisory Authority or the French Financial Market
Authority. He has recently advised the World Bank and OHADA (Organization for the

21
Harmonization in Africa of Business Law) on a variety of matters related to OHADA law
in Africa.
Before joining Orrick in 2014, Jean-Jacques was a partner at Heenan Paris since 2011,
in charge of the Banking & Finance department. He began his career at Gide in 1992. In
1999, he moved in-house to serve as Deputy General Counsel and Head of the
Financial and International Law Department at the Banking and Financial Division of
the leading French financial institution Caisse des Dépôts et Consignations, then of
CDC IXIS (now Natixis). He was a partner at Linklaters, from 2001 to 2009, and at
Brandford Griffith, from 2009 to 2011. He also served two secondments with the
African Development Bank.
Jean-Luc VOVOR – Managing Partner – KUSUNTU PARTNER
Jean-Luc Koffi Vovor is the founder of the Kusuntu Project, a partnership of business
leaders and executives which ambitions to promote act and support the emergence
and the development of African Economic Champion thanks to the accretion of private
capital worldwide.
He chairs Kusuntu-le-Club, a Think Tank next to that project. Under his leadership, the
group has initiated several initiatives, part of which, Kusuntu Partners, an information
and advisory service and match making platform on Africa Private Equity.
Jean-Luc is a Managing Partner at Kusuntu Partners, a Paris-based advisory firm
specialising in assisting private institutions to access the vast investment opportunity
set in Africa. He is graduated in Economics Sciences and Corporate Strategy from the
University of Paris Dauphine

22

23
FIRMS REPRESENTED
Amethis Finance is a “one stop shop” which provides
all long-term financial instruments (long-term debt,
equity investment and arrangement capacity), with
high objectives in terms of development, social and
environmental criteria as well as governance.
It adds on this differentiated strategy a long term
perspective thanks to its objective of creating an
unlimited life structure, which is hardly available in the
market today, besides the Development Finance
community.
Partnerships shape Amethis’ uniqueness. Amethis is at
the center of a Pan-African community of long-term
investors and business partners from Africa, Europe,
MENA area, the US and Emerging countries, offering a
strong project sourcing capacity.
Axonia Partners is an independent firm, whose
partners benefit from 50 years of investment banking
experience, have closed more than 50 Mergers &
Acquisitions transactions, made more than 100
principal investments and raised over €5 billion in
fundraising transactions. Axonia Partners leverages its
corporate finance and private equity advisory skills to
help Limited Partners gain liquidity and rebalance their
private equity portfolios. The company is one of the
French boutiques that specializes in African
investments.
BlueOrchard Finance, S.A. is a leading asset manager in
Impact Investing, with specific expertise in debt
financing for microfinance institutions worldwide.
Headquartered in Geneva, Switzerland, BlueOrchard
has local offices in Cambodia, Georgia, Peru and Kenya,
with a presence as well in Luxembourg and Zurich.
Since its inception in 2001, BlueOrchard has made in
excess of USD 2 billion in loans to microfinance
institutions globally, and is committed to advancing
socially responsible financial inclusion worldwide and
offering attractive investment products to investors in
this dynamic and rewarding field.

24
Bpifrance provides local assistance and accompanies
businesses throughout their lifecycle, focusing
primarily on micro-businesses and SMEs that are
vectors of growth and competitiveness. It
accomplishes this by capitalising on the synergy
between its two areas of expertise, financing and
investment. Bpifrance offers a full range of tools
essential in helping businesses successfully carry out
their projects.
Bpifrance also provides assistance to larger firms that
prone growth and competitiveness, by financing
development, industrial mergers or technology
acquisition that will ultimately contribute to enhancing
the overall productivity of the French economy.
Cauris Management is the first regional private equity
fund manager established in Francophone West Africa.
It has been operational since 1996 and invests in SMEs
with substantial growth potential. The company has
offices in Lomé and Abidjan which provide its team
with a strong proximity to the regional private sector.
Cauris’ investors are regional or international
reputable financial institutions. Cauris primarily
focuses on SMEs in expansion phase but it can also
back well structured startups or restructuring plays.
Central Africa Investment (CENAINVEST S.A.) is a
Private Equity Management Company operating in
Central Africa. Our mission is to promote
entrepreneurship in order to contribute to a
sustainable economic development in a respectful
social environment to the benefit of Cameroon and
Central Africa.
CENAINVEST was founded in 1998 in order to stimulate
the development of the private sector by providing
long-term finance. We pioneered in the market and
are currently among the major players in the private
equity industry in Central Africa.
ETHIC Intelligence is the world’s leading certification
agency in the field of anti-corruption. ETHIC
Intelligence anti-corruption compliance certificates
attest to the quality and effectiveness of companies'
anti-corruption policies and processes, offering an
opportunity to strengthen anti-corruption efforts and
communicate on them credibly.

25
The ETHIC Intelligence certification process is carried
out in partnership with DNV and SGS. The ETHIC
Intelligence Certification Committee comprises
internationally-recognized experts in the prevention of
corruption, fraud, and money-laundering.
Guanomad has been in the business of producing
organic fertilizers since 2005. Agriculture is a key
sector inMadagascar and the country relies heavily on
imported fertilizers. The Company’s products are
competitively priced relative to imported organic and
non-organic fertilizers and thus it is well positioned to
capture significant domestic market share. Being a
leading producer in the region, Guanomad also
receives strong support from the government and has
been selected in the past to supply fertilizers in
government and NGO initiatives to improve
agricultural productivity. The Company’s products are
also Ecocert certified, enabling it to export to the EU
and the Americas. The Company is well known in the
local rural communities where it provides advice and
support in organic farming and advocates
environmental and social topics including rural
development, reforestation and education.
HERA FINANCE is an independent advisor in corporate
finance and strategy, led by Franck S. GIAOUI. We
advise our clients in financial engineering including
private placements, mergers & acquisitions, disposals
& divestitures, LBO-MBO, transition management and
board membership.
The Moringa Partnership is the investment advisor to
Moringa SICAR, SCA (the Moringa Fund). The
Partnership has offices in Paris and Geneva and
representative offices in Colombia, Peru, Chile, Brazil,
Cameroon, Gabon and Democratic Republic of Congo.
XSML is an investment fund manager that was founded
in 2008 with a focus on frontier markets, particularly
those in Central Africa. While building and managing
funds, XSML, eXtra Small Medium Large, aims to grow
small businesses into medium and large enterprises.
We seek to partner with investors who share our
passion for investing with impact and to help SME
companies with growth capital and know-how. Our
understanding of private equity coupled with an
appreciation of risks and rewards through our local

26
presence, puts us in a position to generate attractive
risk adjusted returns for our investors and
entrepreneurs alike.
PhiTrust Partenaires is a social investment fund that
provides technical and financial support to small to
medium sized for-profit companies that create a
positive social and environmental impact in addition to
seeking financial sustainability and profitability.
PhiTrust Partenaires invests globally in a range of
industries, with a special focus on funding social
enterprises in Europe and West Africa; geographical
areas where our team has a wealth of experience.
Sarona is a Pan Emergent Impact Investment Asset
Manager. The company targets market financial
returns in Frontier Markets. Using progressive
management strategies, Sarona investments support
communities and the environment wherever the firm
goes. Sarona defines itself as a bridge - between
private capital markets and investment opportunities
in emerging and frontier markets.
Sarona most recent fund, the Sarona Frontier Markets
Fund, is a private equity fund-of-funds, investing in
small to mid-market companies with strong growth
potential. And to ensure stability, the fund is well
diversified across a wide array of countries and
industries.
A global specialist in energy management with
operations in more than 100 countries, Schneider
Electric offers integrated solutions across multiple
market segments and has leading positions in Utilities
& Infrastructures, Industries & Machine
Manufacturers, Non-residential Buildings, Data Centres
& Networks and the Residential sector. Focused on
making energy safe, reliable, efficient, productive and
green, the Group’s 150,000-plus employees achieved
sales of 24 billion euros in 2013, through an active
commitment to helping individuals and organisations
make the most of their energy.
SOVEC Management BV is the management company
for Social Venture Capital Fund I an investment fund
set up by Dutch entrepreneurs to invest in small and
medium sized companies (SME's) in Africa. SOVEC's
main objective is to stimulate sustainable economic
growth in Africa.

27
SOVEC management strongly believes that sustainable
economic growth in Africa can best be realized by
private sector development: i.e. investing in SME's.
SOVEC supports local entrepreneurs by investing
capital and adding value where possible. The company
always invests its funds capital in a joint effort with it
Local Investment Partners (LIP's). SOVEC adds value by
connecting it network of entrepreneurs to the local
SME's
Founded in 2002 and led by Nicole Notat, Vigeo is the
leading European agency in evaluating corporate
responsibility through six domains: environment,
human rights, human resources, community
involvement, business behavior, and corporate
governance.
Vigeo offers two types of services through two
business brands:
• Vigeo rating offers a broad range of products and
services on more than 2 500 issuers, companies,
regions and state, to investors and asset managers
who seek a sustainable and responsible performance
from their investments;
• Vigeo enterprise works directly with organizations of
all sizes from both public and private sectors, conducts
global CSR audits and benchmarks, supports teams and
integrates CSR/SRI criteria into business functions and
strategic operations.
XSML is an investment fund manager that was founded
in 2008 with a focus on frontier markets, particularly
those in Central Africa. While building and managing
funds, XSML, eXtra Small Medium Large, aims to grow
small businesses into medium and large enterprises.
We seek to partner with investors who share our
passion for investing with impact and to help SME
companies with growth capital and know-how. Our
understanding of private equity coupled with an
appreciation of risks and rewards through our local
presence, puts us in a position to generate attractive
risk adjusted returns for our investors and
entrepreneurs alike.

28
PARTNERS
INDUSTRY PARTNERS
AFIC represents French private equity, and in this
capacity, affirms its irreplaceable role in the national
economy. We represent essential drivers of growth
and employment, and we fully assume our
responsibilities vis-à-vis our environment. We are
major players in the economy of companies and we
provide them with support and guidance on a long-
term basis, throughout economic cycles and
irrespective of the economic situation.
The African Private Equity and Venture Capital
Association (AVCA) is the pan-African industry body
which promotes and enables private investment in
Africa.
AVCA plays an important role as a champion and
effective change agent for the industry, educating,
equipping and connecting members and stakeholders
with independent industry research, best practice
training programmes and exceptional networking
opportunities.
With a global and growing member base, AVCA
members span private equity and venture capital
firms, institutional investors, foundations and
endowments, pension funds, international
development finance institutions, professional service
firms, academia, and other associations.
This diverse membership is united by a common
purpose: to be part of the Africa growth story.
EMPEA is the global industry association for private
capital in emerging markets. We are an independent
non-profit organization. As EMPEA celebrates our 10th
anniversary in 2014, we have over 300 member firms,
comprising institutional investors, fund managers and
industry advisors, who together manage more than
US$1 trillion of assets and have offices in more than
100 countries across the globe. Our members share
EMPEA’s belief that private capital is a highly suited
investment strategy in emerging markets, delivering
attractive long-term investment returns and promoting
the sustainable growth of companies and economies.

29
We support our members through global authoritative
intelligence, conferences, networking, education and
advocacy.
The Global Impact Investing Network is a 501(c)3
nonprofit organization dedicated to increasing the
scale and effectiveness of impact investing. Impact
investments are investments made into companies,
organizations, and funds with the intention to generate
measurable social and environmental impact alongside
a financial return. They can be made in both emerging
and developed markets, and target a range of returns
from below market to market rate, depending upon
the circumstances. The GIIN addresses systemic
barriers to effective impact investing by building
critical infrastructure and developing activities,
education, and research that attract more investment
capital to poverty alleviation and environmental
solutions.
La Maison de l'Afrique contributes to the development
of the Sub Saharan African States, notably its 10
member countries in promoting their economies.
La Maison de l'Afrique brings its competences to
government stakeholders, African and European
Organizations as well as government owned or private
sector owned companies.
La Maison de L'Afrique organizes economic and
commercial events in France and in Africa.
Africa SMB - Small and Medium -Sized Business - was
created in September 2012 in Paris to interconnect the
SME owners and managers EMEA installed or
interested in African markets groups. SMB Africa offers
African business a permanent framework for
exchanges to negotiate business contracts and forge
business alliances , industrial or financial , with their
mainland counterparts (intra -African trade ) ,
emerging countries or the West

30

31
MEDIA PARTNERS
Groupe Jeune Afrique is the premier publishing and media group in
Africa. Editor of a large variety of news magazine in French and in
English, Groupe Jeune Afrique, through it flagship magazine Jeune Afrique (French) and The Africa
Report (English) covers regularly the political, economic and socio-cultural news in Africa.
The Africa Report is the English written flagship magazine of
Groupe Jeune Afrique
Financial Afrik is a multi supports media covering
business and finance news in relation to Africa.
Besides a regular on line newletter and a continuous information internet portal, Financial Afrik is the
editor of monthly magazine that is distributed across a network a retailers as well as to its electronic
version subscribers. Financial Afrik also offers via its partner 3MC, a wide range of corporate
communication packs.
A Platform for the Global Private Equity Industry, AltAssets
is designed to provide the latest news, opinion and
research that serve the needs of professionals working in
all parts of the industry, from the institutional investor to
the venture-backed entrepreneur. Over 10 years we’ve become the world’s most widely used source
of information on private equity with more than 10,000 private equity professionals from 159
countries visiting the site every working day. Individuals from the majority of leading investment
institutions, private equity firms and professional services firms which are active in private equity use
AltAssets on a regular basis.
Economie Gabon + is the first free business media group of Gabon.
Created in 2010, theEconomie Gabon + is available on internet, as a
paper version as well as as a PDF downloadable version. Economie
Gabon plus covers African business news and more specificality the Gabon economy and business
life.
Private Equity Africa proposes
indépendant news exclusively dedicated
to venture capital and private equity industry in Africa as well as an internet platform of exchange, a
monthly newsletter, a quarterly news magazine and a series of events. Private Equity Africa
Magazine has created in 2011, the Annual African Private Equity Awards.
Les Afriques is the first Francophone Africa Weekly Financial and
Economic Magazine. Les Afriques was created in 2007 with the
support of a large number of private investors with the ambition
to provide the continent with a high calibre Business Magazine. Les Afriques also provides its readers
and people with interest in African Business, a regularly updated internet portal as well as a
newsletter.

32
Forbes Afrique is the Francophone Africa franchise of Forbes
Magazine International. The magazine has been launched in 2011
and covers business related news across Francophone Africa.
From it roots, Forbes Africa Magazine regularly edit variousbusiness league table. From its inception,
the magazine has coupled it editorial activities with the organization of an Annual Business Forum,
that gathers Africa business and political leading figures

33
GLOSSARY OF KEY TERMS RELATED TO IMPACT INVESTING
Social investment
Social investment is the provision and use of capital with the aim of generating social as well as
financial returns. Social investment carries an expectation of repayment of some or all of the finance.
It can cover loans, equity, bonds, and is sometimes used alongside other instruments, such as
guarantees or underwriting. As with any other investments, where the investee business performs
well, returns generated may be principally reinvested in the business, as well as offered to investors.
Investors in social outcomes weigh up the balance between the social and financial returns which
they expect from an investment, according to their own priorities. They will often accept lower
financial returns in order to generate greater social impact. (Source: City of London, 2012)
Impact Investing
Impact investments are investments made into companies, organizations, and funds with the
intention to generate social and environmental impact alongside a financial return. Impact
investments can be made in both emerging and developed markets, and target a range of returns
from below market to market rate, depending upon the circumstances. The practice of impact
investing is further defined by the following four core characteristics: i) Intentionality; ii) Investment
with return expectations; iii) Range of return expectations and asset classes; and; iv)Impact
measurement. (Source: GIIN website)
Venture Philanthropy
Venture Philanthropy is an approach to build stronger investee organizations with a societal purpose
by providing them with both financial and nonfinancial support in order to increase their societal
impact. The venture philanthropy approach includes the use of the entire spectrum of financing
instruments (grants, equity, debt, etc.) and pays particular attention to the ultimate objective of
achieving societal impact. The approach includes both social investment and high engagement grant
making. (Source: EVPA website).
Corporate Social Responsibility (CSR)
CSR is defined as the integration of business operations and values, where the interests of all
stakeholders—including investors, customers, employees, the community, and the environment—
are reflected in the company’s policies and actions. Special attention is given to corporate practices
as they relate to environmental, social, and governance (ESG) performance. (Source: Adapted from
Freireich and Fulton, 2009)
Socially Responsible Investing (SRI)
SRI is an investment approach that generally employs negative screening to avoid investing in
harmful companies which are creating negative spillovers in society through their activities (e.g.
Tobacco companies, weapon manufacturers). Today large amounts are invested under an SRI
approach which has implications for shareholder activism/advocacy to be able to encourage
corporate social responsibility practices. (Source: INSEAD adapted from Palandjian, 2010)
Program Related Investments (PRIs)
Investments, which often take the form of loans, loan guarantees, or equity investments that are
derived from a foundation’s assets but count toward its charitable distribution requirement.
Generally, these investments yield below-market-rate returns for the foundation. (Source: INSEAD
based on Lawrence and Mukai, 2011)

34
Mission-Driven Investing (MRI)
MRI is a term used to describe mission-related investments that are market-rate investments of
endowment funds that align with the social or environmental mission of a foundation. MRI can
include the use of social investing tools and sometimes including shareholder advocacy and positive
and negative screening. (Source: Rangan et al., 2011)
Social Entrepreneurship
Social Entrepreneurship is the pursuit of sustainable solutions to neglected problems in society
involving positive value spillovers. Social entrepreneurship is a process, a logic of action, that can
take place in different organizational contexts: a charity, a commercial organization, a government
organization, a community organization, or through a new venture. It is characterized by a set of
principles that are typically present: focus on value creation not capture, focus on innovation not the
status quo, focus on sustainable solution not sustainable organization, and focus on empowerment
of participants in the value chain not control of industry forces. (Source: INSEAD, based on Santos,
2012)
Social Enterprise
Any private activity conducted in the public interest, organized with an entrepreneurial strategy but
whose main purpose is not the maximization of profit but the attainment of certain economic and
social goals, and which has a capacity of bringing innovative solutions to the problems of social
exclusion and unemployment. (Source: OECD, 2000)
Social Business
A Social Business is a non-loss, non-dividend company designed to address a societal problem
through a market-based business model. It is distinct from a non-profit because the business should
seek to generate a modest profit which will be used to expand the company’s reach, improve the
product or service or in other ways subsidize the social mission. (Source: INSEAD adapted from
Yunus, 2009).
Social Purpose Organization (SPO)
An SPO, whether nonprofit, for-profit, or hybrid, seeks to create positive social impact for human
society, animals, or the natural environment in the form of social value that is not limited to
economic wealth for owners or consumption benefits for customers. (Source: Clark et al., 2012).

35

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