British International Investment
28 January 2019

CDC appoints Stephen Priestley as new Managing Director, Funds and Capital Partnerships

CDC, the UK’s development financial institution, has today announced the appointment of Stephen Priestley as its new Managing Director, Funds and Capital Partnerships. Stephen starts his new role on 28 January and will report directly to Chief Executive Nick O’Donohoe.

Stephen will play a leading role in CDC’s efforts to mobilise investment from other sources of finance to meet the growing need for capital amongst businesses in developing countries.

Stephen will lead CDC’s Intermediated Equity team which sources, manages and develops fund investments in Africa and South Asia. He is also responsible for the newly formed Capital Partnerships team which directs CDC’s efforts in mobilisation, risk sharing partnerships and credit intermediation, co-investment opportunities and in helping to develop capital partnerships with both financial and strategic investors.

CDC is one of the largest private equity investors in Africa and South Asia, with over US$4.7 billion invested through 166 funds, supporting more than 1250 companies. CDC has recently committed capital to an impact investment fund in Myanmar, an SME fund in Nigeria and an Indian fund supporting businesses in poorer and underserved communities.

CDC’s approach to mobilising capital means it has pledged to encourage other investors by sharing its expertise, knowledge and data. It will also take advantage of its proximity to the City of London and its knowledge of local pools of capital in Africa and South Asia to build more relationships with investors, such as pension funds and philanthropists. Last year CDC’s investments mobilised over US$600 million of additional finance against a backdrop of otherwise falling investment levels in Africa.

Stephen joins CDC having left Standard Chartered bank early in 2018 where he was the Regional Head of Global Banking for Africa, Middle East, and Pakistan. He was a member of the leadership team for the Corporate and Institutional Banking business for the combined region, setting strategy and managing the day-to-day business for offices in 15 African and nine Middle East, North Africa, and Pakistan (MENAP) countries. Prior to that, he held multiple roles with Standard Chartered based in Johannesburg, including Head of Origination and Coverage for Africa and Head of M&A, Africa. Stephen has previously held senior roles at JP Morgan.

He has a BSc degree from London School of Economics, an MA in International Affairs from SAIS, John Hopkins University and an MBA from the Wharton School. Stephen will sit on CDC’s Executive Committee. He replaces Murray Grant who retired at the end of 2018.

Welcoming the appointment, CDC’s Chief Executive, Nick O’Donohoe said:

As CDC plays an increasingly important role in supporting the private sector in developing countries, I’m delighted that Stephen has decided to join us. CDC has committed to doubling our investment in Africa and South Asia, and Stephen will play an important part in helping us deliver that promise. His experience and commitment to those regions in which we invest mean that CDC will be able to offer new and innovative forms of investment to the businesses that we support, bringing jobs and economic development to millions of people.”

Stephen Priestley added:

“I am hugely excited about joining CDC in this new role. As a development finance institution, CDC is a well-capitalised thought leader that is both innovative and practical in how it seeks to accomplish its mission.  This role will allow me to work with an already accomplished team to explore new ways of engaging with the private sector to promote real social change and development in our markets.”


Rhyddid Carter [email protected] +44 (0)7824 552326

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