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CONFIDENTIAL
POSITION DESCRIPTION
FOR THE POSITION OF
DIRECTOR, STRATEGIC INVESTMENT FUND
JUNE 2020
Much of this material contained herein is gained in confidence and as such should be regarded as confidential. Accordingly, it is understood that dissemination of this material should be limited to those individuals in your organization who are directly connected with this specific search or whom a reasonable person would agree have a need to know.
all liveshave equal value
2CONFIDENTIAL POSITION DESCRIPTIONBILL & MELINDA GATES FOUNDATION | DIRECTOR, STRATEGIC INVESTMENT FUNDPREPARED BY DIVERSIFIED SEARCH GROUP
CONFIDENTIAL POSITION DESCRIPTION
POSITION Director, Strategic Investment FundORGANIZATION Bill&MelindaGatesFoundationREPORTS TO CarolynAinslie,ChiefFinancialOfficerLOCATION Seattle,WAWEBSITE gatesfoundation.org
ORGANIZATIONAL OVERVIEW
Guidedbythebeliefthateverylifehasequalvalue,theBill&MelindaGatesFoundationworkstohelpallpeopleleadhealthy,productivelives.Indevelopingcountries,itfocusesonimprovingpeople’shealthandgivingthemthechancetoliftthemselvesoutofhungerandextremepoverty.IntheUnitedStates,itseekstoensurethatallpeople—especiallythosewiththefewestresources—haveaccesstotheopportunitiestheyneedtosucceedinschoolandlife.BasedinSeattle,Washington,thefoundationisledbyCEOMarkSuzmanandCo-chairWilliamH.GatesSr.,underthedirectionofBillandMelindaGatesandWarrenBuffett.
Withatrustvalueofcloseto$47billionandtotalgrantpaymentsofover$50billionsinceitsinception,including$6billionin2019,theGatesFoundationistheworld’slargestprivatefoundation.TheFoundationoperatesthroughsixkeydivisions:Gender Equality, GlobalDevelopment,GlobalHealth,GlobalGrowth&Opportunity,Global Policy&AdvocacyandtheUnitedStatesPrograms(focusingonUSeducationandpovertyreduction).
A SUMMARY OF THE STRATEGIC INVESTMENT FUND
In2009,theBill&MelindaGatesFoundationestablishedastrategicinvestmentfundwiththemandatetouseequity,debtandguaranteeinvestmenttoolstofurtherthephilanthropicgoalsoftheorganization.Thefundhasbecomealeader in the “impact investing” industry, successfully completing more than 80 investments across a variety ofsectorsandassetclasses.Investmentsaremadeinsupportofthecharitableimpactthesesoftheseprogramstrategyteams,whichemploytechnicalexpertsfromaroundtheworld.
Theypartnerwithentrepreneurs,companies,andotherorganizationstocreateincentivesthatharnessthepowerofprivateenterprisetocreatechangeforthosewhoneeditmost.Inconnectionwiththeseinvestments,companiesagreetousetheinvestmentproceedsinsupportofspecificfoundationprogrammaticstrategies.
Investmentsfromthefundarestructuredas“program-relatedinvestments,”whichisadefinedtermintheUSInternalRevenueCodethatgovernscharitableinvestmentsmadebyaprivatefoundation.
3CONFIDENTIAL POSITION DESCRIPTIONBILL & MELINDA GATES FOUNDATION | DIRECTOR, STRATEGIC INVESTMENT FUNDPREPARED BY DIVERSIFIED SEARCH GROUP
TYPES OF INVESTMENT
Direct Equity InvestmentsWhentheirstrategyaligns
withacompany’s,theyprovideequitytosupportthe
company’sgrowth.
Loans and CreditEnhancementsSIFprovideslow-interestloanstocompaniesandnonprofits—offeringthecapitalnecessarytoscalepromisingproductsandservicesthatliftpeopleoutofpoverty.
Fund InvestmentsTobuildaportfolioof
investments in sectors that servethosewhoneedit
most,thefoundationalsomakesinvestmentsthrough
intermediarieslikeinvestmentfunds.Theyactaslimited
partnersinthesefundswheretheirstrategiesalign.
Volume GuaranteesSIFencouragesincreasedproductionandreducedpricesfortheirtargetpopulationsbyprovidingsupplierswithvolumeguarantees.Thefoundation’sguaranteeofavolumeofsalesoveraspecifiedperiodallowssupplierstofocusoninvestinginproductionandreducingthecostofcriticalproducts,suchasvaccines,drugs,andcontraceptives,makingthemmoreavailableandaffordabletopeoplewiththegreatestneed.
4CONFIDENTIAL POSITION DESCRIPTIONBILL & MELINDA GATES FOUNDATION | DIRECTOR, STRATEGIC INVESTMENT FUNDPREPARED BY DIVERSIFIED SEARCH GROUP
REPRESENTATIVE PAST INVESTMENTS FROM THE FUND INCLUDE:
d $11 million Series A preferred equity investment in bKash, Ltd., the largest mobile payments platform inBangladeshservingmorethan35millioncustomers.Todate,almost fourmillionaccountsareregisteredtoactiveuserslivingunder$2/day;athirdofwhomarewomenlivingunder$2/day.
d $52millionSeriesBpreferredequityinvestmentinCureVacGmbH,aleadingmRNAbiotechnologycompanydevelopingvaccinesagainstcancerandinfectiousdisease.
d $10million Series E preferred equity investment in Halodoc, a leading Indonesian online-to-offline healthdeliveryplatformleveragingmobiletechnologytoimproveprimaryhealthcareoutcomes.
d $10millionseniorsecured loantoCivicBuilders,anon-profitcharterschool facilitiesdeveloper, tosupportexpansionofitsoperationsfromNewYork/NewJerseytoRhodeIsland.
d $120millionvolumeguaranteetoBayerAGandMerck&Co.Inc.,whichensuredamarketforthecompanies’implantablecontraceptiveproductsinexchangeforacommitmentbythedrugmanufacturerstoincreasetheirproductionandlowertheirpricesinthedevelopingworld.
d $5millioninvestmentinthepublicly-tradedequityofAnacorPharmaceuticals,Inc.,abiotechnologycompanywithanovelboron-chemistrydrugdevelopmentplatformthatwasacquiredbyPfizerInc.inJune2016.
5CONFIDENTIAL POSITION DESCRIPTIONBILL & MELINDA GATES FOUNDATION | DIRECTOR, STRATEGIC INVESTMENT FUNDPREPARED BY DIVERSIFIED SEARCH GROUP
d Lead partnership collaboratively with the leadership and program officers from the six divisions—GenderEquality, Global Development, Global Health, Global Growth & Opportunity, Global Policy & Advocacy, and theUnited States Programs, on identifying and securing the right kinds of investments to complement grant-making. This will also involve determining whether are recipients of investments are better-suited to begrantees.
d Leadateamofleadersinidentifying,evaluatinganddevelopingglobalinvestmentopportunitiesthatalignwiththeFoundation’smission,particularlyinthedevelopingworld.
d LeadtheInvestmentCommitteeinitsevaluationanddiscussionsaroundnewandexistinginvestments.
Financial Investing/Deal Structure
d Directly or through management of the team lead due diligence, deal structuring, and negotiation of terms sheets,purchaseandlendingagreementsandfinancingterms.
d Direct the execution of investment transactions; monitor and transparently assess the impact of those investments.
d Developandmanagerelationshipswithintermediariestogenerateincreaseddealflow.d Manage the preparation of written analyses and evaluations of investment opportunities for use by
senior managementandInvestmentCommitteemembers.d Lead reviews and assessment of risk.
Team Management/Cohesion
d Lead,manage,mentor andhirefortheStrategicInvestmentFundteam.d Participateininternalandexternalstakeholdermeetings.HelpconsulttothevariousGatesprogramsto
help themthinkthroughthebeststrategiesforimpact.d Leadbyexampletowardsimpactwithhighlevelsofhumility,outstandingintelligenceandacollaborativestyle
focusedonahighlydiverseandresults-driventeam.
ROLE SUMMARY
ReportingtotheChiefFinancialOfficer,theDirectorofStrategicInvestmentFund(SIF)leadsthefoundation’s$2billion+ investmentprogram,managestheteamof15andchairsthefund’sInvestmentCommittee.
RESPONSIBILITIES:
Strategic Leadership
6CONFIDENTIAL POSITION DESCRIPTIONBILL & MELINDA GATES FOUNDATION | DIRECTOR, STRATEGIC INVESTMENT FUNDPREPARED BY DIVERSIFIED SEARCH GROUP
d Strong Mission-Orientation: Priorexperiencewithinamission-relatedand/orimpactfundsectorcoupledwithapassionforsolvingglobalhealthissuesandchallenges,andideally,knowledgeand/ordirectexperienceinworkingonsolvinglowandmiddleincomepopulationissuessuchasinfectiousdisease(HIV,COVID-19,Malaria,Tuberculosis),economicinequity,andenvironmental.
d Investor Credibility With Direct Emerging Markets Experience: Anexperiencedinvestorwithademonstratedinvestmenttrackrecordofprogressivelyseniorleadershiproleswithinaprivateequity,ventureorimpactfundorsomeotherinvestmentvehiclesuchasacorporatefund,foundation,venturephilanthropy,privatelyheldfamilyofficeoranotherlargeglobalorganizationthatiscommittedtofundingresearchanddevelopment.Emergingmarketsinvestmentexperienceisamust.Thispersonwillhavehadbroadexposuretoanumberofinvestmentstructures,includingdebt,equity,structuredfinanceandgrantsandhaveservedonaninvestmentcommittee.Thepersonwillhaveorigination/sourcingprocess,duediligence,investmenttransactionsandthemanagementof investments experience and have a demonstrated facility with fundamentals of investing, includingmakinginvestmentsinpartnershipwithprivateand/orpubliccapital,corporations,venturephilanthropyandfoundations.
d Operations and People Management Experience: She/he/theywillofferademonstratedtrackrecordinspiring,motivatingandempoweringatalentedgroupofprofessionals.Incrediblytalentedanddynamic,theStrategicInvestment Fund team demonstrates a high level of collaboration and collegiality and prizes transparency,innovation,andinclusion.Thesuccessfulcandidatewillhaveevidencedevelopingtalent.
d Relevant Domain Industry Expertise: Industryexperienceandawell-developeddealsourcingnetworkwithinboththeoperatingandinvestingcommunitiesofoneoracombinationofsectorswheretheGatesFoundationmakesinvestmentssuchas:LifeSciences(Drugs/Vaccines/Devices/Diagnostics),DigitalHealthand/orFinance,Agriculture,Healthcare,MicrofinanceandEducation.
d Gravitas, Presence, and Emotional Intelligence: Must have demonstrated leadership with a history ofstrategic,operationalandrelationshipbuildingsuccesswithinacomplex,matrixedorganizationthatoperatesinpartnershipwithnumerouskeyconstituents,stakeholdersandpartners.Thispersonmusthavetherequisiteinfluentialandinterpersonalleadershipskills,includingpersonalcharismaandemotionalintelligenceinordertoserveasaninternalandexternalambassadorfortheGatesFoundationinordertoattract,develop,motivateandretainadiversegroupofprofessionals.
KEY SELECTION CRITERIA
7CONFIDENTIAL POSITION DESCRIPTIONBILL & MELINDA GATES FOUNDATION | DIRECTOR, STRATEGIC INVESTMENT FUNDPREPARED BY DIVERSIFIED SEARCH GROUP
d Anabidingcommitmenttodiversity,equity,andinclusioninallforms.d Specificdealexperienceinsub-SaharanAfrica,India,andEastAsiaisabigplus.d Non-profitexperienceisalsoastrongplus.d Aptitudeandexperienceinnavigatingstart-upandVCworld.d DeveloperofnetworksandresourcesinthetechnicalspacesinwhichtheFoundationworks.d Excellentcommunicationskills.d Numerateandkeenanalyticalsensed Willingnesstoworkinacomplexstructuretoachievemissiongoals.d Anabilitytodevelopaframeworktoanticipateandaccountforallkindsofrisk.d Intellectualcuriosityandacriticalthinker.d Calmunderpressured Strong sense of integrityd Abilityandtrackrecordtosaynoandwhy.d Abilityandtrackrecordtosayyesandtakerisksandwhy.d Willingnesstobepartofabroaderfinanceteam.d ConfidenceandgravitastoworkatalllevelswithintheFoundation.
ADDITIONAL QUALIFICATIONS
8CONFIDENTIAL POSITION DESCRIPTIONBILL & MELINDA GATES FOUNDATION | DIRECTOR, STRATEGIC INVESTMENT FUNDPREPARED BY DIVERSIFIED SEARCH GROUP
ANDREW C. WHEELERLEADMANAGINGDIRECTOR,EDUCATION,NONPROFIT,ARTS&CULTUREPRACTICES+1(212)[email protected]
MOLLY ROBBMANAGINGDIRECTOR+1(860)[email protected]
SANDRA GOLDMANVICEPRESIDENTANDMANAGINGASSOCIATE+1(267)[email protected]
SEARCH TEAM
MICHAEL SARNOFFMANAGINGDIRECTORANDPRACTICELEADER,FINANCIALSERVICES+1(646)[email protected]
NICOLE KAMALESONMANAGINGDIRECTOR,GLOBALPRACTICE+1(312)[email protected]
ERIN KNEELEYRESEARCHASSOCIATE+1(215)[email protected]
LANE WATSONEXECUTIVEASSISTANT+1(310)[email protected]
9CONFIDENTIAL POSITION DESCRIPTIONBILL & MELINDA GATES FOUNDATION | DIRECTOR, STRATEGIC INVESTMENT FUNDPREPARED BY DIVERSIFIED SEARCH GROUP
The Bill & Melinda Gates Foundation is dedicated to the belief that all lives have equal value. We’re committed to creating a workplace where employees thrive both personally and professionally. We also believe our employees should reflect the rich diversity of the global populations we aim to serve—in race, gender, age, cultures and beliefs—and we support this diversity through all of our employment practices. All applicants and employees who are drawn to serve the mission of the Bill & Melinda Gates Foundation will enjoy equality of opportunity and fair treatment without regard to: Race; Color; Age; Religion; Pregnancy; Sex; Sexual Orientation; Disability; Gender Identity; Gender Expression; National Origin; Genetic Information; Veteran Status; Marital Status; Prior Protected Activity.
Applicants for this role will only be considered if they possess current US Work Authorization, and do not require employer-sponsored VISA support to begin or remain in this role.