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TRANSCRIPT
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Content
SECTION 1 - About Eaglestone
SECTION 2 - Eaglestone Advisory
SECTION 3 - Eaglestone Asset Management
SECTION 4 - Eaglestone Securities
SECTION 5 - Why Sub-Saharan Africa
SECTION 6 - The Team
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SECTION 1
About Eaglestone
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Eaglestone at a Glance
Build-up on the international track record and business networking developed by the Management Team
Build-up on the presence and positioning of the Sponsors
Local presence in Angola, Mozambique, South Africa, UK, US Portugal, The Netherlands and Luxembourg with execution capabilities throughout SSA
Access to key financial centres
Advisory M&A, Corporate Finance, Project Finance, Structured Finance and Corporate Strategy
Private Equity
Six funds under implementation:
1. A renewable energy fund with worldwide coverage
2. Five funds targeting investments in SSA: • Eaglestone Africa Real Estate
Private Equity Fund
• Eaglestone Africa General Industry and Consumer Services Private Equity Fund
• Eaglestone Africa Infrastructure Private Equity Fund
• Eaglestone Africa Agribusiness Private Equity Fund
• Eaglestone Africa Natural Resources Private Equity Fund
Brokerage Aimed at the future opening of the Luanda Stock Exchange
The Company Platform based on Business Areas
Eaglestone was founded in December 2011 with the aim to be a committed partner for the development of businesses located primarily in Sub-Saharan Africa (“SSA”) and to support the development of renewable energy projects on a global basis
Eaglestone has a strong ethos of corporate social responsibility with the aim of bringing businesses and society up to the same standards for the benefit of all parts involved
Eaglestone’s mission is to establish a financial services platform, an international private equity business and the setting-up a brokerage activity
Eaglestone is committed to working both with and within countries in local markets
Team Expertise
Strong Project Finance expertise and track record
Proven Mergers & Acquisitions experience
Financial modelling and valuation expertise
Worldwide infrastructure expertise as adviser, debt arranger and equity investor
Team experience in over 20 countries across the 5 continents
Proven deal closing capability
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Eaglestone Strategy
SHARED VALUES
Corporate Responsibility: bringing business and societies in Africa back together
Integrity: create a climate for respect to individual and encourage self-respect
Trust: incorporate trust through regulatory approval1 and high quality services
MISSION – Establish a financial services’ platform and an international private equity business with in-depth expertise in both SSA and the Renewables sector, with a view to providing unparalleled services and insights to our clients
Consistency: ensure consistency on a global basis
Teamwork: promote teamwork among our employees worldwide
Client Service: allow for the tailoring of products and services according to client or local needs
Partnership: committed to building and nurturing solid partnerships based on shared goals, mutual respect and trust
VISION – To be a leading independent adviser and trusted partner for companies operating in the SSA
Creation: generating wealth for our clients, partners and co-workers wherever we operate
Integration: integrating people of various nationalities, perfecting several business units
Market Risk Management: creating a common "risk" language and a set of standard metrics
1. Eaglestone Advisory Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
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Lisbon
London
Cape Town*
Luanda
Amsterdam
Eaglestone Global Footprint
Maputo
Luxembourg
* Kensani Eaglestone Capital Advisory.
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Eaglestone Senior Management
Pedro Neto – CEO & Founding Partner Executive Vice-Chairman of Espírito Santo Investment Bank (“ESIB”) until June 2011 and responsible since 2000 of the project finance activity of Grupo Banco Espírito Santo Over 20 years experience in the banking sector and responsible for projects with a global investment in excess of €50 billion spread over the 5 continents Chief Investment Officer in Escom (Espírito Santo Group company with a wide range activity in sub-Saharan Africa with a focus in Angola), Chairman of ES Concessões (GBES
company responsible for financial investments in concession projects) and member of the supervisory board of Ascendi Was also an Executive board member of BES Oriente and non-executive board member in BES Investimento Brasil and BES Angola
Nigel Purse – Deputy CEO & Founding Partner Before joining EAGLESTONE, Nigel was an Executive Board Member and Global Head of the Project Finance Division of ESIB. He supported Pedro in the co-ordination of the
project finance business and was responsible for Equator Principles at the BES Group. Nigel has over 20 years of experience in executing project finance lending and advisory mandates with a global investment in excess of €30 billion in 5 continents and 15 different countries on a wide range of sectors
Nigel was also a Board Member of ES Bankers (Dubai) and sat on the investment committee of two infrastructure funds (the Fondo PPP Italia and the Espírito Santo European Infrastructure Fund) and was a director of Tagus Infrastructure Assets, a UK PPP fund
Nuno Gil – Founding Partner Before joining EAGLESTONE, Nuno was a Managing Director in the Project Finance Team of ESIB in Lisbon Between 2006 – 2011, he was responsible for the bank’s project finance advisory activities after spending 4 years in London Nuno has over 12 years experience in project finance having worked as adviser and arranger in several international mandates in Mozambique, Angola, Portugal, Greece,
Ireland, Bulgaria, Hungary, Senegal and Cap Verde across various sectors such as roads, railways, ports, logistic platforms, airports, accommodation and energy Nuno has comprehensive experience in the development of infrastructure projects
Manuel Reis – Founding Partner Before joining EAGLESTONE, Manuel was the head of the Investment Banking Office of Banco Espírito Santo Angola, since 2005, having joined the Project Finance team of ESIB in
Lisbon in 2004. He was nominated for the Executive Committee of the future BESI Angola in 2010. He was also an adviser to the ministry of finance in Portugal Manuel has over 10 years experience with GBES, 5 of which involved in the development of the group activities in Angola. In Angola, he was involved in projects in a diversity of
sectors, with focus on the mining sector, as financial adviser to Escom Mining projects, power sector and transport sector Manuel was also involved in the structuring in several Government Bond Issuances from the Republic of Angola, in a nominal amount of over USD 3.0 billion
Pedro Pereira Coutinho – Managing Partner Before joining Eaglestone Pedro was, since 2003, with Espírito Santo Group in Espírito Santo Tourism as General Manager of the Tourism Golf division and with ESCOM Group
since 2007. Within ESCOM Group he has lived for the last 5 years in Angola and South Africa, leading the Business Development of the ESCOM Group in South Africa and Mozambique through the incorporation of Networx, a company focused in Oil & Gas, Mining and Renewable Energy opportunities
In Networx Pedro is the CEO and led the incorporation of Networx Renewables, a Project Development company with an asset pipeline of Wind and Solar Projects of 2,000 MW He also has experience in the development of several Real Estate, Mining and Hydro projects in Mozambique
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Eaglestone Senior Management
Vasco Pinto Ferreira – Managing Director Vasco Pinto Ferreira has twenty years experience in Investment Banking, currently being directly responsible for business origination in Iberia and Brazil and for overseeing and
supporting cross border deal origination within Eaglestone Group Prior to join Eaglestone, Vasco was an Executive Board Member of Banif Investment Bank (“Banif IB”), lately acting as Global Head of Investment Banking, supervising bank’s
Corporate Finance, Capital Markets and Sales & Trading operations in Iberia, Brazil and US. Before joining Banif IB, Vasco Ferreira worked fifteen years at Espírito Santo Investment Bank, as Managing Director and Head of Clients’ Deal Origination in Portugal, and he also managed and executed several M&As and Privatization deals
Alan Apter – Finance Director Alan joined Eaglestone in July 2013 with 27 years of investment banking experience. He has worked for Morgan Stanley, Merrill Lynch and Renaissance Capital, among other
firms He has worked exclusively with developing markets since 1992, primarily in Russia and Central and Eastern Europe, but also in China, India and Latin America His experience includes both capital markets and corporate finance work, including the first NYSE listed IPO from post-Soviet Russia Alan has advised numerous private equity funds and multinational companies on investments in Russia and other Central and Eastern European countries
Coenraad Krige – Managing Director Coenraad joined Kensani in 2010. Coenraad has led and worked on numerous local and international infrastructure transactions over the last ten years including renewable
energy projects, roads, airports, power projects, PPP’s, railways, ports and communication infrastructure assets Prior to joining Kensani Coenraad spent 8 years with Macquarie as a member of the Macquarie Capital Advisors and Funds teams Before that he spent the previous 6 years within the Macquarie Capital Advisors infrastructure team where he was responsible for Macquarie First South Corporate Finance’s
infrastructure advisory business in South Africa
Paul McCutcheon – Head of Fund Raising Before joining Eaglestone in May 2013, Paul spent 13 years covering the Middle East in fund raising and investor relations within investment and asset management companies
including Morgan Stanley, Fleming Family and Partners and Dunelm Capital with a focus on the real estate (incl. infrastructure), financial, energy and private equity sectors Paul has led due diligence negotiations and deal structuring for investment and private equity deals as well as constructed go-to-market strategies for fund raising He maintains a substantial global contact base which includes corporates, investment consultants, pension and endowment funds, family offices, UHNW’s, SWFs and institutions
globally with strong coverage in the EMEA region
Faustino Correia – Managing Partner Faustino has over 10 years of experience in legal, corporate finance and investment banking services. He joined Eaglestone from Score Investments, an investment group based
in Luanda, where he was an Executive Board Member. Prior to this, Faustino was a senior negotiator member of the ISDAs & Derivatives teams at Bank of America Merrill Lynch and JPMorgan, and analyzed, executed and monitored ISDA´s, Repo´s and structured finance transactions with global stretch
Faustino covered a wide range of corporate companies in Commerce, Technology, Media & Telecommunications, Retails and Investment Banking firms Faustino holds a Master in Banking & Finance from Kings College (2002), a Degree in Law from Essex University (2001) and a Diploma in Political Economy from the LSE (2010)
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EAGLESTONE operates in three main business areas:
Advisory – EAGLESTONE ADVISORY
Private Equity – EAGLESTONE ASSET MANAGEMENT
Capital Markets – EAGLESTONE SECURITIES
What do We Do
Luanda London Lisbon Cape Town Johannesburg
Maputo
Eaglestone Infraventus Holdings SA
Agro-Industry Fund
Infrastructure Fund
Industry Serv. Fund
Real Estate Fund
Mining fund
Africa Funds Renewable Fund
Brokerage – under development (depends on opening of Luanda
Stock Exchange)
Research & Business Intelligence Macroeconomic, industry & equity
Pipeline for funds
M&A opportunities
Information & reports
Information & reports
Contact network
Note: The three business areas operate according to standard Chinese walls and regulatory compliance procedures.
Deal advice
Access to clients
Divestiture opportunities
Sector knowledge
Access to investor base
Exit/ IPO coverage
Sector knowledge
Financial expertise
Capital Markets
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EAGLESTONE offers a unique value proposition with in-depth expertise and independent advice delivered by local execution teams and enhanced by the team’s professional experience and networking
Eaglestone Expertise
Worldwide infrastructure expertise
Global renewable energy and power experience
Project management experience and expertise
Financial modelling and valuation expertise
Investment Analysis & Structuring
Detailed knowledge of local financial markets
Debt structuring experience
Direct equity investment and fund raising experience
Proven deal closing capability
Corporate Joint Venture experience
Strong Project Finance expertise and track record
Proven Mergers & Acquisitions experience
Team have advised and/or arranged debt over EUR 75 billion
Team experience on over 20 countries spread around the 5 continents
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Project Finance
PPP
Corporate Finance
Infrastructure sectors including toll roads, rail, ports and other industrial projects
Experienced empowerment player now focused on delivering a unique, comprehensive and value based approach
South African renewable energy and power experience
4 wind energy projects
The Company Business Areas Sectors of Activity Current Activity
Established in 1997 as an investment holding company for the economic upliftment and empowerment of women in South Africa
48 years of collective experience in investment banking and knowledge & expertise to implement viable transactions
2 solar PV energy projects
1 solar CSP project
6 PPP projects
6 toll road transactions
4 gas & thermal projects
Infrastructure player with highly experienced professionals and a proven track record in South African transactions combined with experience in the local energy renewable sector
Partnerships: Kensani Eaglestone Capital Advisory
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Infraventus is a private-owned group whose team has deep knowledge of renewable sector, with experience of over 20 years
The team led one of the first independent European portfolios of renewable energy assets known as Enersis – the largest in Portugal and one of the largest in France - comprising the delivery of more than 1,100MW of renewable energy projects as an owner and more than 500MW of additional projects for third parties as a commercial and technical consultant through creating co-investment groups with individual investors
After 2008 upon the disposal of this portfolio, the team has been dedicated to developing renewable energy projects through creating co-investment groups with individual investors
Background Who is Infraventus?
Eaglestone is launching a renewable energy investment business through Eaglestone Infraventus Holdings, S.A. (EIH)
EIH is a renewable energy investment company established by the Eaglestone and Infraventus groups to bring together the respective expertise in renewable energy by leveraging on the technical and financial skills of both companies EIH aims to capitalise on the on-going set of opportunities within the renewable energy market, with a particular emphasis on investments originated by or within the specific focus of existing Infraventus and Eaglestone operations
Partnerships: Eaglestone Infraventus Holdings
Investment Profile
EIH has been designed to be a flexible investment vehicle with fund structural characteristics
Investment Objective: EIH´s objective is to achieve risk adjusted returns with the renewable energy, energy efficiency and related sectors. EIH will seek a balance between income generation from operational projects and capital gains orientated transactions
Geographic Focus : EIH has a global mandate, but its primary focus at the outset will be on opportunities in Europe, Australia and South Africa
Transaction Types: EIH will invest, primarily but not exclusively through equity investments, in development as well as operating assets and related companies and securities
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SECTION 2
Eaglestone Advisory
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Value added advisory targeting complex projects focusing on Structured & Corporate Finance and backed by the international experience developed by the Management Team
Eaglestone’s advisory business provides high-quality, independent advice and execution capabilities in connection with Structured and Corporate Finance, Mergers and Acquisitions, Strategic Advisory, Financial Restructuring, Public Private Partnerships and Government related services
ADVISORY SERVICES
STRUCTURED FINANCE Advises companies and governments on structuring and raising financing on a non or limited recourse basis through project finance/ other structured finance structures
Scope of Services
Advisory – Services
Advisory Business
CORPORATE FINANCE Advises companies on aspects of Corporate Finance through capital allocation, raising and structuring finance
MERGERS & ACQUISITIONS Advises companies and investors on acquisitions, divestments, mergers and shareholders’ arrangements
STRATEGIC ADVISORY Advises companies on developing business plans and on corporate restructuring requiring specialized analytical or structuring expertise
FINANCIAL RESTRUCTURING Advises parties on turnaround, distressed and bankruptcy situations
PUBLIC PRIVATE PARTNERSHIPS Advises private or public sector clients in implementing projects through PPPs
GOVERNMENT SERVICES Advises Government agencies on policy, strategic and financial decisions
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Advisory – Ongoing & Closed Assignments
South Africa* Angola
Salt Mining & Exploration
Project Financial
Advisory & Debt Raising
2012
Portugal
Fish Capture & Processing Company Financial
Advisory & Debt Raising
2012
Letsatsi 75 MW Solar PV
Project Finance Advisory & Debt
Raising
2012
Food Retail Company
Assistance with ANIP, Financial Advisory & Debt
Raising 2012
Beer Joint Venture
Company Financial
Advisory & Debt Raising
2012
Magazine Publisher
M&A Advisory
2013
Media Company M&A Advisory
2012
IT Joint Venture
between Angolan & Portuguese
Groups
2012
Lengau 75 W Solar PV
Project Finance Advisory
2012
Jasper 75 MW Solar PV
Project Finance Advisory & Debt
Raising
2012
Klawer 25 MW Wind Farm
Project Finance Advisory
2012
Ubuntu 100 MW Wind Farm
Project Finance Advisory & Debt
Raising
2012
ACED De Aar 75 MW Solar PV
Project Finance Advisory & Debt
Raising
2012
Witberg 78MW Wind Farm
Project Finance Advisory & Debt
Raising
2012
Lesedi 75 MW Solar PV
Project Finance Advisory & Debt
Raising
2012
Mozambique
Gigawatt 100 MW Gas Fired Power Plant*
Financial Advisory & Debt
Raising 2012/13
* Through Kensani Eaglestone.
Aquaculture Project
Financial Advisory
2012
Luxury Goods Company
M&A Advisory
2012
Lodging Company
M&A and Debt Restructuring
Advisory
2012
Public Relations Company
M&A Advisory
2012
Entertainment Company
M&A Advisory
2012
Shopping Center
Company Financial
Advisory & Debt Raising
2012
Advertising Company
M&A Advisory
2012/13
Commercial Bank Start-up
Financial Advisory
2012/13
Real Estate Development in
Maputo CBD Financial Advisory
2013
Security Firms M&A Advisory
2013
Health Unit in Nacala
Financial Advisory
2013
Quick Service Restaurants
Chain Financial
Advisory & Debt Raising
2013
Oil & Gas Offshore Block M&A Advisory
2013
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Advisory – Awards
The renowned Project Finance International magazine has awarded the Lesedi & Letsatsi transactions with the 2012 African Renewables Deal of the Year Award. Kensani Eaglestone Capital Advisory (EAGLESTONE’s subsidiary in South Africa) acted as financial adviser on the two 75-megawatt (MW) solar photovoltaic (PV) projects in South Africa which were closed in November 2012
The Lesedi and Letsatsi projects will jointly cost approximately ZAR 5.15 billion, or USD 594 million, making this one of the largest project finance transactions ever completed in South Africa and one of the largest renewable energy projects in Africa
African Renewables Deal of the Year
Lesedi (75 MW) & Letsatsi (75 MW)
Solar PV (South Africa)
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SECTION 3
Eaglestone Asset Management
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Eaglestone has an asset management capability which is designed to raise and manage money from institutional and private investors
As fund adviser Eaglestone Advisory Limited identifies investments and advises on the management of the funds’ interests. Eaglestone’s funds will be registered in Luxembourg. The Eaglestone African Real Estate Fund already has approval from la Commission de Surveillance du Secteur Financier (CSSF) and Renewable Energy Fund and the General Industry Fund have been submitted to the CSSF and are waiting for final approval
PRIVATE EQUITY
Renewable Energy Fund
Asset Management – Services
Asset Management
Investment Scope: investment in renewable energy projects (wind/solar) taking advantage of both economic incentives and legal framework in various countries
Size: EUR 150 million
Target Return : 12%
Strategic Partnership: Infraventus, a reputable renewable energy player with immediate access to projects pipeline and with technical skills to evaluate and screen projects
Project Pipeline: Portugal, Poland, Australia, Spain, Germany and South Africa
Africa Funds
Investment Scope: 5 funds targeting 5 different sectors with projects located in sub-Saharan Africa
Fund Manager: Eaglestone Asset Management
• Size: USD 200 million
• Target IRR: 20%
• Size: USD 100 million
• Target IRR: 20%
• Size: USD [250-500] million
• Target IRR: 12%
• Size: USD 100 million
• Target IRR: 20%
• Size: USD [250-500] million
• Target IRR: 20%
Real Estate Fund
General Industry and Consumer Services Fund
Infrastructure Fund
Agribusiness Fund
Natural Resources Fund
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Africa is poised to become a key-market for European, Latin America and Asian companies, given its growth potential, natural resources’ wealth and increasing trade & investment links with the world
Asset Management – Africa Investment Strategy
Experience Elements of the team investing in Africa for more than 15 years
Local Presence Full-time based teams in key markets
Network Strong network with economic, business & political players in Local markets, Europe, LatAm & Middle East
Support Investment agreements with international and local industry partners
Pipeline Proprietary pipeline with immediate opportunities and multiple sourcing routes
DRIVERS Focus on: • Cross-border investment opportunities between
Europe, Latin America, Middle East and sub-Saharan Africa
• Emerging middle-class needs; and • sub-Saharan-Africa fast urbanization
STRATEGY: - Explore the potential of Sub-Saharan Africa’s growing consuming middle-class and natural resources’ industries, while leveraging the interests of international players investing in the potential of African economies and of local businesses in need of know-how, capital and strong international partners
- Promoting & Supporting the build-up of leading African industrial & consumer companies and reference real estate developments, with a special focus on the untapped African portuguese-speaking countries and surrounding countries
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The economies in the investment region have grown and should continue to grow at a higher pace when compared to the world average
Asset Management – Our Target Investment Markets
Portuguese speaking
Africa (Up to 70%)
English speaking
Africa (up to 50%)
FORECAST 2016 GDP GROWTH (%)
Source: IMF – WEO May.13.
GEOGRAPHICAL SCOPE OF INVESTMENT
French speaking
Africa (up to 30%)
Angola & Mozambique are presently 2 of the world’s fastest growing economies Both countries enjoy a natural resources wealth that has fostered foreign
direct investment and the emergence of a consuming middle-class They are undergoing a strong infrastructure renewing effort Cape Verde is a small economy with high growth rates and a potential hub for
expansion to the Central Africa region S. Tomé & Principe holds also a strategic geographical position and its poised
to become a relevant oil producer The Portuguese-speaking countries are also close political and business
partners to Equatorial Guinea The Portuguese-speaking Africa has strong commercial and cultural ties with
Portugal and Brazil. Angola is the largest Portuguese export market outside the EU while South Africa is Mozambique’s leading trade & investment partner. Angola and Mozambique are key-markets in China’s investment & trade
interests in sub-Saharan Africa Eaglestone has offices in Luanda and in Maputo
The membership of Angola and Mozambique within SADC brings a significant potential for cross-border investments, joint-venture and acquisitions between these countries and the remaining members (all English-speaking with the exception of DRC) Angola is gradually becoming a key trade and investing partner to and with
South Africa. Mozambique has been for several years member of the Commonwealth Eaglestone’s network encompasses 2 offices in South Africa, a geography
within which several of the Firm´s team members possess working experience
Given the regions’ economic indicators, Eaglestone believes that there is significant scope for opportunistic investment opportunities within the African French-speaking countries, namely those bordering the other target markets. The team members and Eaglestone’s business partners possess a strong
network that is experienced in doing business and investing in the French-speaking countries
0,0%1,0%2,0%3,0%4,0%5,0%6,0%
World Advanced economies Sub-Saharan Africa
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Detailed investment process and due diligence
Detailed management business plan with clear goals and milestones
Clear plan to secure equity returns through financial markets and other sources
Clear exit plan with preferred exit route defined
Active support to management through close monitoring and use of sponsors and team’s networking
Exploring the untapped Private Equity markets of African Portuguese-Speaking countries (early mover advantage)
Exclusive local teams with strong relationships network & credentials
Potential for activating European/Latin America/Middle East businesses flow and support the investment of its companies in Africa
Local businesses with potential to expand to other regional / international markets thus becoming Pan African companies
Immediately available pipeline opportunities
Sectors with proven economic growth potential and key-success factors within the selected target investment countries: consumer goods, infrastructures, natural resources, Agribusiness, Telecoms, building materials, financial services
Sectors to be involved in privatization processes, or subjected to liberalization efforts
Companies with an operating history and cash-generating potential
Investment projects (greenfield ventures) involving an experienced operating partner or where significant asset acquisition is anticipated
Products or services with strong foreseeable national & regional demand
Potential for becoming a strategic player in the sector
Strong / proven management teams
Potential to activate the Sponsors and team’s networks to foster synergies and scale
Asset Management – Investment Rationale
MARKETS BUSINESS SECTORS
BUSINESS FUNDAMENTALS
TRANSACTION STRUCTURING
VALUE CREATION PROPOSAL
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Eaglestone Africa [name] Fund
(SCA) (SICAV-SIF)
The General Partner will appoint Eaglestone Advisory Ltd (an FCA regulated company) as Investment Advisor who will in turn appoint Eaglestone SA as Sub-Advisor to provide investment advisory and arranging services
Investors hold stakes directly in the Fund and cornerstone investors will hold seats on the Advisory Board Owing to the differences in the investment process among the SSA countries, it may be advisable to perform some investments through holding vehicles
ASSETS
EAGLESTONE AFRICA [name] FUND GP
(Luxembourg)
EAGLESTONE SA (Angola) & EAGLESTONE Advisory
Mozambique
EAGLESTONE ADVISORY LTD
Locally based team in Angola & Mozambique
The General Partner is fully and exclusively responsible for the performance of the overall investment policy and objectives (and respective implementation), management and administration of the Fund. The General Partner will manage the assets of the Fund in compliance with its constituting documents
General Partner
Members include cornerstone investors’ representatives. Its functions include (i) providing advice if requested by the General Partner, (ii) to act as a general forum for communications between Investors and the GP and (iii) to monitor the compliance by the GP with the investment and divestment strategy and policies
Advisory Board
Advisory Agreement
Sub-Advisory Agreement
GENERAL PARTNER
Holding Companies
To be set up by the General Partner, the Investment Committee will make investment / divestment decisions according to the Investment Policy agreed with Investors, and will provide also regular reporting to the board of the GP
Investment Committee
Investment Committee
Advisory Board
Local Companies
INVESTORS
Asset Management – Funds’ Structure Highlights
PRO-FORMA CORPORATE STRUCTURE
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SECTION 4
Eaglestone Securities
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Securities – Services
CAPITAL MARKET ACTIVITY
Capital Market Activity Set-up: Eaglestone has made an application for a brokerage license in Angola, taking advantage of the early stage of capital markets activity in the country and is currently preparing the brokerage application for Maputo
Adequate Momentum: globalization is leading to a progressive integration of sub-Saharan countries into the global economy. This strong momentum in Africa and a trend towards regional integration are the catalysts for the development of the regional capital markets. Global appetite for SSA Markets is increasing
SSA Markets Attractiveness: as domestic financial markets get more sophisticated and barriers to capital flows become less severe the risk appetite for this emerging region increases. In recent years several sub-Saharan countries entered the sovereign bond market at very competitive levels and the markets are progressively attractive to corporate bonds and equity
Equity Appetite: on the equity side the appetite for emerging African countries is rising. Typically emerging markets tend to outperform and have higher volatility that mature markets - despite the low liquidity of the local markets
Strategy: Eaglestone’s strategy for African capital markets is supported by the company’s commitment to Africa as an entity focused on the promotion of growth for this region by facilitating and enhancing foreign investment
Scope of Services Capital Markets Business
Brokerage Activity
Under development (depends on opening of Luanda Stock Exchange)
Setting up a cross border platform to allow access local SSA Markets
Innovate in the domestic market
Research Macro, sector and equity research
Primary Markets
Create a domestic market for Corporate Bonds, Government Bonds and Equity products
Provide access to local issuers (debt & equity)
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SECTION 5
Why Sub-Saharan Africa
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Sub-Saharan Africa – Highlights
Sub-Saharan Africa Main Highlights
Demographics Total population of 800 million, with a young age structure
Growth Potential
GDP: sustainable GDP growth in the last years: 2.6% of World GDP in 2015 (vs. 1.9% in 2000)
Resilience to global crisis: SSA economies showed resilience and outperformed developed economies during the global financial crisis
Solid macroeconomic improvement: SSA economies, in general, improved significantly in terms of macroeconomic stability
Increasing international credibility: agreements with institutions like the IMF are leading to the implementation of important domestic reforms, which have led to a substantial reduction of external debt from international creditors
Strong natural resource potential: SSA countries have, in general, potential natural resources unexploited
Needs
Access to these frontier markets: weak business environment, barriers to entrance and lack of liquid and efficient capital markets
Human resources: lack of human resources to face the challenges of SSA’s economies
Infrastructure: SSA has a strong deficit of infrastructure like housing, power, transports, health and education facilities
FDI: low (but increasing) FDI inflow levels (0.5% of total FDI inflows in 2000 vs. 2.8% in 2011)
Positioning against BRICs: BRICs have the liquidity, the adaptability and a movers advantage towards SSA business opportunities
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Sub-Saharan Africa Very Attractive Economic Performance
Inflation (%)
Gvt Gross Debt (%GDP)
5.5% GDP CAGR since 2000 *
External debt, total (%GDP)
Direct Investment, Net (M$)
8 of the 25 fastest growing economies are in SSA *
8,3%
5,8% 5,5% 4,9%
4,1% 3,7% 3,5%
1,8%
Deve
lopi
ngAs
ia
CIS
SSA
MEN
A
Cent
ral &
East
ern
Eur.
Wor
ld
LatA
m &
Carib
bean EU
0%
5%
10%
15%
20%
Eq. G
uine
aTu
rkm
enist
anQ
atar
Azer
baija
nM
yanm
arAn
gola
Chin
aAf
ghan
istan
Nig
eria
Sier
ra L
eone
Kaza
khst
anTi
mor
-Les
teBh
utan
Ethi
opia
Cam
bodi
aTa
jikist
anAr
men
iaRw
anda
Chad
Moz
ambi
que
Indi
aU
gand
aLa
o P.
D.R.
Bela
rus
Viet
nam
SSA Countries
16,6
6,9
2000 2013E
-9,7 p.p.
70,9
34,2
2000 2013E
62,6
25,1
2000 2013E
13,6
37,6
Avg. 2001-03 2013E
* GDP constant prices – CAGR2000/11 (%) Source: IMF – WEO Apr.13.
GDP CAGR2000/11 (%)
-37,5 p.p. +176%
-36,7 p.p.
Sub-Saharan Africa – Economic Performance
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The improvements of the living standards should allow the entrance of about 220 million new consumers in the market by 2015
Sub-Saharan Africa – Improved Conditions
ENTRANCE OF NEW CONSUMERS AND
DEVELOPMENT OF NEW CONSUMING PREFERENCES
REDUCTION OF POVERTY
INCREASE ON CONSUMER SPENDING POWER
220 million NEW CONSUMERS BY 2015
GROWTH DRIVERS
Fastest-growing population in the world
Reducing political risks and armed conflicts
Improved governance (at both public institutions and private companies)
Macroeconomic stability and microeconomic reforms
Abundance of natural resources
Low leverage (Sub-Saharan Africa domestic credit to GDP ratio is around 30%, vs. 140% in the developed economies)
Young population
Increase on urbanisation
The rise of the middle-class African consumer
TRENDS Trends
400
600
800
1.000
1.200
1.400
20%
22%
24%
26%
28%
30%
1980 1985 1990 1995 2000 2005 2010
Poverty gap at $1.25 a day (PPP) (%) GDP per capita (current US$)
Source: Xala-I-Martin & Pinkovsky Feb 2010 and McKinsey Global Institute.
SECTORIAL OPPORTUNITIES
Consumer staples (e.g. food processing & retail)
Telecoms (still low penetration rates when compared with Rest of World)
Banking & Financial Services (relatively low loan to deposit rations and penetration of financial services)
Infrastructure
Real Estate (housing, office, residential)
Agribusiness
Building Materials
Simple Industries focused on the replacement of imports
29
The next decade will consolidate an extraordinary growth potential:
Infrastructure
As economic conditions improve, many expect an upgrade in infrastructure to be a key focus of the Governments of sub-Saharan countries. Infrastructure spending in Africa currently amounts to USD 72 billion per annum
2.620
1.380
540
500
200
1.640
860
430
280
70
0 1000 2000 3000
Total
Consumer
Resources
Agriculture
Infrastructure
2008 2020
4 groups of industries with USD 2.6 trillion of annual combined revenues in 2020 Growth Drivers
Agriculture
The UN estimates that global food supply may need to increase by 70% by 2050. Almost 60% of additional available cropland is situated in sub-Saharan Africa, which is already becoming an increasingly important contributor to global food supply
Resources
Today sub-Saharan Africa is not only a major supplier of natural resources but also the region with the greatest potential for new discoveries. Natural resources will continue to be a key source of export revenue for sub-Saharan Africa as global demand, albeit decelerating when the economic contraction began, continues to grow
Consumer
Some sectors (consumer goods, telecom, banking, etc.) present the largest opportunity and are already growing 2-3 times faster than those in OECD countries. Consumer spending in Africa is expected to increase to USD 1.4 trillion by 2020, a 62% rise over 2008 figures Source: McKinsey & Company (Feb 2010).
Sub-Saharan Africa – Prospects
CAGR 2008-20
9%
2%
2%
4%
4%
30
SECTION 6
The Team
31
Current team comprises 32 professionals spread through Cape Town, London, Lisbon, Luanda, and Maputo
The Team by Geography
Luanda
Pedro Neto CEO &
Founding Partner
Manuel Reis Founding Partner
Luís Folhadela Managing Director
António Pinto Assistant Director
Fábio Campos Assistant Director
Faustino Correia Managing Partner
Nuno Torcato Director
Carina Amaro Analyst
Lisbon
Cape Town Maputo
London
Nuno Gil Founding Partner
Luís Rebelo Director
Manuel Santos Assistant Director
Caroline Ferreira Business Intelligence
Manager
Tiago Dionísio Assistant Director
Vera Nogueira Assistant Manager
Pedro Coutinho Managing Partner
Diogo Lucas Assistant Director
Coenraad Krige Managing Director
K. Govender Executive
Blaine Foster Executive
Andrew Feasey Executive
Jessica Bazley Executive
Jaimie Jeftha Executive
Nigel Purse Deputy CEO &
Founding Partner
Francisco Ramirez General Counsel
Asset Mgt
Alan Apter Finance Director
Asset Mgt
Paul McCutcheon Head of Fund Raising
Asset Mgt
Vasco Ferreira Managing Director
Tânia Diniz Analyst
Vanessa Carrilho Assistant Director
Samuel Franco Director
Francisco Carriço Project Manager
Nuno Horta e Costa Director
32
Current team comprises 32 professionals assigned to Eaglestone’s 3 business units
The Team by Business Unit
Pedro Neto CEO &
Founding Partner
Manuel Reis Founding Partner
Faustino Correia Managing Partner
Nuno Gil Founding Partner
Pedro Coutinho Managing Partner
Nigel Purse Deputy CEO &
Founding Partner
António Pinto Assistant Director
Nuno Torcato Director
Carina Amaro Analyst
Luís Rebelo Director
Vera Nogueira Assistant Manager
Diogo Lucas Assistant Director
Vasco Ferreira Managing Director
Coenraad Krige Managing Director
Krayvasan Govender Executive
Blaine Foster Executive
Andrew Feasey Executive
Jessica Bazley Executive
Jaimie Jeftha Executive
Luís Folhadela Managing Director
Fábio Campos Assistant Director
Francisco Ramirez General Counsel
Asset Management
Alan Apter Finance Director
Asset Management
Paul McCutcheon Head of Fund Raising Asset Management
Caroline Ferreira Business Intelligence
Manager
Samuel Franco Director
Tânia Diniz Analyst
Vanessa Carrilho Assistant Director
Francisco Carriço Project Manager
Tiago Dionísio Assistant Director
Manuel Santos Assistant Director
Nuno Horta e Costa Director
33
Executive Vice-Chairman of Espírito SantoInvestment Bank (“ESIB”) until June 2011
From 2000 was responsible for and coordinatorof the project finance activity of Grupo BancoEspírito Santo (“GBES”)
Over 20 years experience in the banking sectorand responsible for projects with a globalinvestment in excess of €50 billion spread overthe 5 continents
Chief Investment Officer in Escom (EspíritoSanto Group company with a wide rangeactivity in sub-Saharan Africa with a focus inAngola), Chairman of ES Concessões (GBEScompany responsible for financial investmentsin concession projects) and member of thesupervisory board of Ascendi
Was also an Executive board member of BESOriente and non-executive board member inBES Investimento Brasil and BES Angola
The Team
Before joining EAGLESTONE, Nigel was anExecutive Board Member and Global Head ofthe Project Finance Division of ESIB. Hesupported Pedro in the co-ordination of theproject finance business and was responsiblefor Equator Principles at the BES Group
Nigel has over 20 years of experience inexecuting project finance lending and advisorymandates with a global investment in excess of€30 billion in 5 continents and 15 differentcountries on a wide range of sectors such asenergy, roads, railways, airports andaccommodation
Nigel was also a Board Member of ES Bankers(Dubai), a private bank
Nigel sat on the investment committee of twoinfrastructure funds (the Fondo PPP Italia andthe Espírito Santo European InfrastructureFund) and was a director of TagusInfrastructure Assets, a UK PPP fund
Pedro Neto CEO & Founding Partner
Nigel Purse Deputy CEO & Founding Partner
Before joining EAGLESTONE, Manuel was thehead of the Investment Banking Office ofBanco Espírito Santo Angola, since 2005, havingjoined the Project Finance team of ESIB inLisbon in 2004. He was nominated for theExecutive Committee of the future BESI Angolain 2010
Manuel has over 10 years experience withGBES, 5 of which involved in the developmentof the group activities in Angola. He was also anadviser to the ministry of finance in Portugal
In Angola, he was involved in projects in adiversity of sectors, with focus on the miningsector, as financial adviser to Escom Miningprojects (Luó and Chimbongo Projects), powersector (Luapasso Hydroelectric Power System)and transport sector (Ministry of Transports)
Manuel was also involved in the structuring inseveral Government Bond Issuances from theRepublic of Angola, in a nominal amount ofover USD 3.0 billion
Manuel Reis Founding Partner (Luanda)
34
The Team
Pedro Pereira Coutinho Managing Partner (Maputo)
Before joining Eaglestone Pedro was, since2003, with Espírito Santo Group in EspíritoSanto Tourism as General Manager of theTourism Golf division and with ESCOM Groupsince 2007
Within ESCOM Group he has lived for the last 5years in Angola and South Africa, leading theBusiness Development of the ESCOM Group inSouth Africa and Mozambique through theincorporation of Networx, a company focusedin Oil & Gas, Mining and Renewable Energyopportunities
In Networx Pedro is the CEO and led theincorporation of Networx Renewables, aProject Development company with an assetpipeline of Wind and Solar Projects of 2,000MW
He also has experience in the development ofseveral Real Estate, Mining and Hydro projectsin Mozambique
Before joining EAGLESTONE, Nuno was aManaging Director in the Project Finance Teamof ESIB in Lisbon
Between 2006 – 2011, he was responsible forthe bank’s project finance advisory activitiesafter spending 4 years in London
Nuno has over 12 years experience in projectfinance having worked as adviser and arrangerin several international mandates inMozambique, Angola, Portugal, Greece,Ireland, Bulgaria, Hungary, Senegal and CapVerde across various sectors such as roads,railways, ports, logistic platforms, airports,accommodation and energy
Nuno has comprehensive experience in thedevelopment of infrastructure projects
Nuno Gil Founding Partner (Lisbon)
Faustino has over 10 years of experience inlegal, corporate finance and investmentbanking services. He joined Eaglestone fromScore Investments, an investment group basedin Luanda, where he was an Executive BoardMember
Prior to this, Faustino was a senior negotiatormember of the ISDAs & Derivatives teams atBank of America Merrill Lynch and JPMorgan,and analyzed, executed and monitored ISDA´s,Repo´s and structured finance transactionswith global stretch
Faustino covered a wide range of corporatecompanies in Commerce, Technology, Media &Telecommunications, Retails and InvestmentBanking firms
Faustino holds a Master in Banking & Financefrom Kings College London (2002), a Degree inLaw from Essex University (2001) and holdsGraduate Studies Diploma in Political Economyfrom the London School of Economics (2010)
Faustino Correia Managing Partner (Luanda)
35
The Team
Vasco Pinto Ferreira has twenty yearsexperience in Investment Banking, currentlybeing directly responsible for businessorigination in Iberia and Brazil and foroverseeing and supporting cross border dealorigination within Eaglestone Group
Prior to join Eaglestone, Vasco was anExecutive Board Member of Banif InvestmentBank (“Banif IB”), lately acting as Global Headof Investment Banking, supervising bank’sCorporate Finance, Capital Markets and Sales &Trading operations in Iberia, Brazil and US
Before joining Banif IB, Vasco Ferreira workedfifteen years at Espírito Santo Investment Bank,as Managing Director and Head of Clients’ DealOrigination in Portugal, and he also managedand executed several M&As and Privatizationadvisory assignments in Europe and Brazil
Vasco Pinto Ferreira Managing Director (Lisbon)
Before joining EAGLESTONE, Luís worked asSenior Adviser to the Board of Directors at MiiCapital in the launch of a financial advisorystart-up company
During 2010, Luís worked as Director ofCorporate & Project Finance at ESCOM, inAngola, where he was responsible for thedevelopment and monitoring of existingbusinesses
From 2008 to 2009, he worked as ChiefInvestment Officer at TCN/IBRD (real estatedeveloper)
Previously, Luís was Senior Director at BancoFinantia, where he performed several M&Aand valuation assignments in several industries,and prior to that, he was Associate Director atBanco Efisa where he was involved inCorporate Finance, Project Finance and FixedIncome assignments
Luís Rebelo Director (Lisbon)
Coenraad Krige Managing Director (Cape Town)
Coenraad joined Kensani in 2010 Coenraad has led and worked on numerous
local and international infrastructuretransactions over the last ten years includingrenewable energy projects, roads, airports,power projects, PPP’s, railways, ports andcommunication infrastructure assets
Prior to joining Kensani Coenraad spent 8 yearswith Macquarie as a member of the MacquarieCapital Advisors and Funds teams
Before that he spent the previous 6 yearswithin the Macquarie Capital Advisorsinfrastructure team where he was responsiblefor Macquarie First South Corporate Finance’sinfrastructure advisory business in South Africa
36
The Team
Before joining EAGLESTONE, Nuno workedsince 2009 as Deputy Director in the Corporate& Structured Finance department at Banif –Investment Bank in Spain and in the UK andgraduated from the International ExecutiveMBA at IE Business School in 2012
From 2008 to 2009, he worked as Director inthe Investment department at DTZ. Beforejoining DTZ Nuno worked as Deputy Director inthe Corporate and Leveraged Financedepartment at Banco Finantia in Spain.Previously Nuno worked as Manager ofCorporate Finance department of KPMG inPortugal
Over 13 year experience in valuations, M&Aand Structured and Leveraged Finance projectsacross various sectors such as energy, retail,infrastructure, real estate, tourism andfinancial sectors in a wide range of countriesincluding Turkey, Angola, Mozambique, Brazil,Spain, Portugal and UK
Nuno Torcato Director (Luanda)
Before joining EAGLESTONE in 2012, Antónioworked as Associate Director in the ProjectFinance Team of Banco Espírito Santo Angola inLuanda for 1,5 years
From 2006 to 2010, António worked withMillennium Investment Banking within theProject Finance Department where he wasresponsible for modelling and advising, liaisingand assessing projects such as photovoltaicfarms, wind farms and infrastructure aroundEurope, Brazil, Angola and USA
Previously he worked in Dublin (Ireland), in aHealthcare insurance company named VHI(Voluntary Healthcare Insurance), during 3years, has a financial reconciler and group salesadviser
Before that, he started his professionalexperience in 2002 has an accountant inDeloitte & Touche Portugal
António Ferreira Pinto Assistant Director (Luanda)
Before joining Eaglestone, Diogo was managerat Ernst & Young where he worked for over 7years in corporate and project finance basedboth in Lisbon and in London
Over this period of time, Diogo specialized incorporate transactions, infrastructure financeand private equity, and has been involved inseveral sectors including energy, transport, realestate and financial services
Diogo has worked in transactions in variouscountries in Europe, Africa and South America,and has experience in diverse and challengingtransaction environments
Diogo Lucas Assistant Director (Maputo)
37
The Team
Krayvasan Govender Executive (Cape Town)
Krayvasan joined Kensani in 2010 and hasworked on numerous local and internationalinfrastructure transactions over the last fewyears including roads, airports, power projects,PPP’s and water infrastructure assets
Prior to joining Kensani Capital Krayvasan spent4 and a half years with Macquarie as a memberof the Macquarie Capital Advisory teams inboth Singapore, where he focused on the SEAsian infrastructure market, and South Africa
Krayvasan also worked at Nedbank Capital in2006 as part of the Nedbank Capital Lab
Vanessa Carrilho Assistant Director (Maputo)
Vanessa is an Assistant Director in Eaglestonein Mozambique. She has over 6 yearsexperience in the financial sector
In Mozambique Vanessa has also worked atInvestment Banking in Standard Bank and hasassisted in financial structuring and fundingsome of the most important projects in thecountry and in the retail division of MillenniumBIM
Vanessa also lived for four year in Angolawhere she worked at the corporate bankingdivision of Banco Millennium Angola and wasrisk analyst at Banco Caixa Geral Totta deAngola
Andrew Feasey Executive (Cape Town)
Andrew joined Kensani in 2011 Prior to joining Kensani Capital Advisory,
Andrew spent 3 years with Hermes AssetManagement, a boutique equity fund manager,in the capacity of equity analyst performingresearch on companies listed in the IndustrialSector of the JSE
During this time, he gained valuable experiencein building and maintaining financial modelsand applying various valuation methodologies
Andrew also worked at KPMG for 3 years,specialising in financial services
38
The Team
Before joining EAGLESTONE, Vera worked asAssociate in the Corporate Finance Team ofEspírito Santo Investment Bank for 3 years
Vera has performed several M&A, valuationand financial restructuring assignments invarious sectors such as energy, banking andinsurance, construction and building materials
Vera Nogueira Assistant Manager (Lisbon)
Blaine Foster Executive (Cape Town)
Blaine joined Kensani in 2011 Prior to joining Kensani Capital, Blaine spent 3
and a half years with PricewaterhouseCoopersin their Assurance Line of Service, workingprimarily on clients in the Financial Servicesindustry. During this time, he gained valuableexperience in the areas of auditing, accounting,financial management and taxation
He was also responsible for evaluating theBasel II capital adequacy reporting of hisbanking clients
Before joining Eaglestone in 2013, Carinaworked for over 4 years for Banco PrivadoAlantico (BPA) in Angola, as a Senior RiskAnalyst
Her experience includes the evaluation ofMarket Risk positions, as well as controllingCounterparties and Credit Risk exposures.Additionally, she collaborated with the settingup of the Bank’s Risk Office department
Carina Amaro Analyst (Luanda)
39
The Team
Jessica Bazley Executive (Cape Town)
Jessica joined Kensani Eaglestone in 2012 Prior to joining Kensani Eaglestone, Jessica
spent 3 and a half years with Deloitte andTouche based both locally in Johannesburg andoverseas in New York and Bermuda
During this time she was involved with clientsin the general audit and alternativeinvestments divisions where she gainedexperience in the areas of auditing, accounting,financial management and taxation
Jaimie Jeftha Executive (Cape Town)
Jaimie joined Kensani Eaglestone in 2012 Prior to joining Kensani Eaglestone, Jaimie
spent 3 and a half years with KPMG in theCorporate Finance division based inJohannesburg
During this time Jaimie was involved invaluations for clients across various sectors,functioned as the JSE sponsor for five JSE listedentities, and was involved in capital markettransactions which included an initial publicoffering on the Botswana Stock exchange and arestructuring and unbundling of the Namibianoperations of a JSE listed entity onto theNamibian Stock Exchange
Tânia is an analyst at Eaglestone Advisory inMozambique with experience in financialmodelling and sensitivity analysis
Previously, Tânia worked in the audit team ofPWC Mozambique and more recently as aCorporate Finance Analyst at Vale
Tânia Diniz Analyst (Maputo)
40
The Team
Before joining EAGLESTONE, Luís was Head ofthe Business Development Unit of BFA – BancoFomento Angola (2010-2011). He joined BFA in2008, as Director of the Corporate BankingDivision
Between 2005 and 2008, he worked for KPMGAngola, first as Senior Manager, and later asPartner responsible for the Financial AdvisoryServices & the Financial Risk Managementdepartments of the Company
Previous to his experience in Angola, Luís spentits 10-year professional career in theinvestment banking industry, namely workingfor BPI Private Equity as a Project Manager. Hewas also Associate at the Spanish Fund MCHPrivate Equity, and a Corporate Finance Analystat BPI
Luís Folhadela Managing Director (Luanda)
Alan joined Eaglestone in July 2013 with 27years of investment banking experience. Hehas worked for Morgan Stanley, Merrill Lynchand Renaissance Capital, among other firms
He has worked exclusively with developingmarkets since 1992, primarily in Russia andCentral and Eastern Europe, but also in China,India and Latin America
His experience includes both capital marketsand corporate finance work, including the firstNYSE listed IPO from post-Soviet Russia
Alan has advised numerous private equityfunds and multinational companies oninvestments in Russia and other Central andEastern European countries
Alan Apter Finance Director (London)
Before joining Eaglestone in May 2013, Paulspent 13 years covering the Middle East in fundraising and investor relations within ininvestment and asset management companiesincluding Morgan Stanley, Fleming Family andPartners and Dunelm Capital with a focus onthe real estate (incl infrastructure), financial,energy and private equity sectors
Paul has led due diligence negotiations anddeal structuring for investment and privateequity deals as well as constructed go-to-market strategies for fund raising
He maintains a substantial global contact basewhich includes corporates, investmentconsultants, pension and endowment funds,family offices, UHNW’s, SWFs and institutionsglobally with strong coverage in the EMEAregion
Paul McCutcheon Head of Fund Raising (London)
41
The Team
Before joining Eaglestone, Nuno was part ofthe Investment Banking team at GoldmanSachs in the São Paulo and London offices
As part of his Investment Banking career Nunowas involved in Goldman Sachs’ EmergingMarkets effort, more specifically in the LatinAmerica group based in Brazil from 2007 to2010
Later on he moved to the Bank’s Investmentbanking TMT group for EMEA, based in London,spending one year as a industry specialist
Throughout this period with Goldman Sachs,Nuno has had significant deal experience in theform of M&A transactions, Debt Refinancingand Equity Offerings among others, both indeveloped and emerging markets
Nuno Horta e Costa Director (London & Lisbon)
Fábio Campos Assistant Director (Luanda)
Before joining Eaglestone in December 2012,Fábio worked as the Oil and Gas RelationshipManager in the Corporate and InvestmentBanking coverage and origination team atStandard Bank Angola, serving the oil majorsand main service providers
Fábio also has working experience in theInvestment Banking industry as adviser andconsultant in the real Estate, mining,infrastructure and FMCG sectors for Angolancompanies, multinational corporates and theAngolan government
Fábio started his career in London in thetelecommunications industry in businessdevelopment functions and then in banking forLehman Brothers as an Analyst before movingback to Angola
Francisco Carriço Project Manager (Luanda)
Francisco is a Project Manager for theEaglestone Africa Real Estate Fund. With aBackground of 10 years in real estatedevelopment, 6 of which in Africa, Franciscohas been involved in over USD 750 million ofreal estate developments in Portugal andAngola
Francisco started his career in Teixeira Duarte –Real Estate as a project manager, fordevelopments in the North of Portugal andassumed the position of Investment Managerin 2006. Francisco’s experience in Africa startedoff as Executive Manager of EdiGema, apartnership between Edifer - Real Estate andGrupo Gema in Angola. He also worked inCimianto Lupral as New Business Manager
42
The Team
Before joining Eaglestone Francisco was an associate at Arendt & Medernach (Luxembourg), working as a lawyer in the Investment Funds – Private Equity department of the firm
He has also worked at Miranda Law Firm in the Banking & Finance department, having been involved in operations in Portugal, Angola, Mozambique, Equatorial Guinea and Brazil
Prior to that, he worked in the European Investment Bank (Luxembourg) in the Portugal & Spain’s Operations department
Previously, Francisco spent three years at CCA - Ontier as junior associate in the M&A department
Francisco Ramirez Legal Counsel PE (London)
Manuel Macedo Santos Assistant Director (London & Lisbon)
Before joining EAGLESTONE in January 2012, Manuel worked as Associate Director in the Project Finance Team of Espírito Santo Investment Bank in Lisbon for 3 years and took the international MBA at IE Business School in Madrid
Manuel has 4 years of working experience in the Investment Banking industry and 2 years in the Strategy & Operations Consulting industry for one of the Big Four’s
Manuel has worked as adviser and arranger in several international mandates in Angola, Portugal, Spain, Morocco, Mozambique and Senegal across various sectors such as roads, railways, ports, airports, accommodation and energy
43
The Team
Samuel is Director of the Capital Markets Division at Eaglestone Securities in Luanda. Samuel has over 15 years of working experience in the industry of Investment Banking; during his career he held positions at banks like Banco Portugues Investimento (BPI), Banco Finantia, Finibanco and Montepio. Mainly focused in Capital Markets he was involved in several transactions in primary markets and M&A deals. Trough years he developed skills in Markets such as Derivatives, Commodities, Bonds and Equities
Samuel started his career in 1997 at Banco Finantia in the Brokerage division, during his path developed a wide network of contacts among major International banks. During last 2 years he was Head of Capital Markets at an Angolan Investment Bank, creating, introducing and innovating products in the local market
Before joining EAGLESTONE in 2013, Caroline worked as Controller and Information Adviser for the Corporate Banking Team at Banco Espírito Santo (BES) for 4 years
Before that, Caroline created the Business Intelligence Service Information for BES’ Corporate Department (new markets, local business opportunities and support for corporate clients). She was also involved in the creation of a Strategic Information service to support commercial banking and Project Finance opportunities
Prior to that, she worked for several organizations in France including Schenker Rhenus, M6 TV, Lyonnaise des Eaux Dumez, AP-HP, Commissariat á l’Energie Atomique (Centre Nucléaire de Cadarache)
Samuel Morais Franco Director (Luanda)
Caroline Fernandes Ferreira Business Intel. Manager (Lisbon)
Tiago joined EAGLESTONE in 2013. He has over 13 years’ experience in investment banking, namely at Banco Português de Investimento (BPI) and later at Espírito Santo Investment Bank (ESIB)
Before joining EAGLESTONE, Tiago was part of ESIB’s Project Finance team for two years
Prior to that, Tiago was a sell-side analyst covering the main listed Iberian banks for eight years both at ESIB and BPI. Before that, he was a macro research analyst at BPI for three years responsible for covering Portugal, Spain and several Latin America countries, including Brazil and Argentina
Tiago Dionísio Assistant Director (Lisbon)
44
Contacts
Pedro Neto – CEO & Founding Partner Tel +244 222 441 362 Mobile +351 91 615 70 78 Fax +244 222 443 274 [email protected]
Luanda
Nigel Purse – Deputy CEO & Partner Tel +44 20 7038 6205 Mobile +44 7702 796 332 Fax +44 20 7038 6229 [email protected]
London
Manuel Reis – Founding Partner Tel +244 222 441 362 Mobile +244 923 382 924 Fax +244 222 443 274 [email protected]
Luanda
Pedro Coutinho – Managing Partner Mobile: + 258 82 055 17 04 Mobile: +27 82 738 95 25 Mobile: +351 96 7400727 [email protected]
Maputo
Coenraad Krige – Managing Director Tel +27 21 764 0304 Mobile +27 82 440 2554 Fax +27 21 671 9180 [email protected]
Cape Town
Nuno Gil – Founding Partner Tel +351 21 121 44 06 Mobile +351 96 273 85 62 Fax +351 21 212 44 29 [email protected]
Lisbon Cape Town
Vasco Ferreira – Managing Director Tel +351 21 121 44 49 Mobile +351 96 408 88 82 Fax +351 21 212 44 29 [email protected]
Lisbon