tngf investment presentation v.2.1. 2018thebotswanadiamondconference.com/downloads/tngf.pdf · fund...

INVESTMENT STRATEGY2018

INVESTING IN TECHNOLOGY COMPANIES WITH A SOCIAL PURPOSE

Impact100 million livesM ISSION :

CONTENTS

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Fund Overview

Why Invest in Social Impact VC Fund?

Investment Process

Case Studies and Portfolio Companies

Post Investment Process

Contact Us

Appendix

FUND OVERVIEW WHY INVEST INVESTMENT PROCESS CASE STUDIES POST INVESTMENT CONTACT US APPENDIXFUND OVERVIEW WHY INVEST INVESTMENT PROCESS CASE STUDIES POST INVESTMENT CONTACT US APPENDIX

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KEY CONSIDERATIONS

OUR MODEL

OUR DIFFERENTIATION

DEA

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OUR STRUCTURE

Aligned w it h UN SDG

FUND OVERVIEW WHY INVEST INVESTMENT PROCESS CASE STUDIES POST INVESTMENT CONTACT US APPENDIX

Early Stage Student Technology

Early Stage Technology

OUR TRACK RECORD

250+ investments Exit multiples of 2x to 42.3xIndustry experience and knowledge

Our principals advise leading investors, family offices and governments on technological change. The team is integrated into key venture and startup hubs including Silicon Valley and London.

15%+ annual returns via seed stage startups (67%), student led startups (33%).

Investment focus technology with a broad social impact, including health- and med-tech, fin-tech, ed-tech, clean-tech.

Targeted investment into key deal flow from 500 Startups, Stanford, Berkeley and other top accelerators.

Scalable model for superior risk adjusted returns with scope for large social impact using our corporate VC relationships.

Co-investment opportunities in later rounds of successful next generation companies.


Strictly Private & Confidential

KEY FUND TERMS

Target Fund Size US $200 million in capital commitments

Investment Period 4 years from final closing

Fund Term 10 years with option to extend by two one year periods through LP vote

Management Fee & Carried Interest

Management Fee: 2% (pre- and post-investment period) Carried Interest: 20%

Flexibility for Investors Our legal structure allows focused investment into sub-set of our deal-flow

Target Return 15-20% (net of fees)

Concentration Concentration limit 10% (no portfolio company may comprise >10% of fund without LP approval)

Co-Investment Follow-on & pro-rata beyond fund concentration may be offered to LPs via SPVs



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PORTFOLIO COMPANIES OF INDIVIDUAL IC MEMBERS

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MORE THAN 250 VENTURE CAPITAL INVESTMENTS ACROSS TNGF INVESTMENT COMMITTEE

LOTTERY.COM SHIPPO INTCAS FILLFACTORY

COPIA NESS BAKER TECHNOLOGIES DRI

VARIOPTIC BACKLOTCARS BIGFINITE HAVENLY

MONKIMUN CLEARACCESS IP MISTERBNB ALBERT

multiple 42.3X multiple 20.1X multiple 15X multiple 12X

multiple 10X multiple 10X multiple 8.2X multiple 6X

multiple 5X multiple 4.3X multiple 4.2X multiple 3.8X

multiple 3.1X multiple 3X multiple 2.6X multiple 2X

NEXT GENERATION INVESTMENT COMMITTEE

- 17 years experience as an Emerging Market and Asian equity portfolio manager

- Formerly Head of Emerging Market and Asian Equity at Aviva Investors and Long Short Emerging Market Portfolio Manager at Lansdowne Partners

- Formerly Senior Portfolio Manager Allianz Global Investors and Senior Analyst EMEA at Wells Capital Management

- Latin America Portfolio Manager F&C

- 3 years experience with seed stage startups

- MA(Hons), Cambridge University, Economics

COO and Risk & Financial Managem ent

Mark Ar t her t on

- CEO, Alchemy Ventures, mentoring thousands of university students and lecturing at leading universities including Berkeley, Stanford, Imperial, LSE amongst others

- Ex-Head of Strategic Initiatives, Imperial College, London

- Formerly Strategist, Moore Capital

- Consultant, Man Group, Environmental Capital Opportunities

- 14 years experience with seed stage startups

- MSc, BSc, London School of Economics & Political Science; MA, King?s College London

Managing Par t ner & Por t fol io Manager

Muzaf far Khan

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250+ invest m ent s across TNGF com m it t ee


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INVESTMENT COMMITTEE CONT'D

- Partner at the Global Venture Capital Seed Fund, 500 Startups; member of the investment committee

- Runs 500 Startups? US based accelerator programs

- 500 Seed Program emphasizes internet marketing and customer acquisition, design and user experience, and lean startup practices and metrics

- 500 Series A Program delivers growth marketing and investment for post-seed and pre-Series A companies

- 10.5 year veteran of Yahoo! Inc

- BA, University of British Columbia, History & Asian Studies

Invest m ent Analysis & Due Dil igence

Marvin Liao

- 22 year veteran in Corporate Venture Capital (CVC)

- Ran the CVC operation for Dow in Europe

- Invested over $100M in 35 direct deals and, as an LP, in 15 VC funds

- Held senior business management roles across various geographies, including Head of New Businesses for EMEA.

- Currently consults for corporates, governments, start-ups and funds on CVC, investments and fundraising.

- Supports the UK government - to stimulate the flow of inward VC investment.

- President of the Global Government Venturing Leadership Society.

Corporat e VC Relat ionships & Invest m ent Analysis

Paul Mor r is

Strong industry track record


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TOP TIER SERVICE PROVIDERS

Audit Legal Fund FormationTax

US Tech AdvisoryFund Administration Regulatory Valuation


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FIRST TIME FUNDS ARE BACK IN FAVOUR NUMBER OF DEALS BY INVESTMENT STAGE AS AT MAY 2018

FIRST TIME FUNDS GENERATE SUPERIOR RETURNS, PARTICULARLY THOSE FOCUSING ON EARLY STAGE INVESTMENTS

Source: Preqin as of May 2018 Source: Pitchbook, as of August 2017


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VENTURE CAPITAL FUNDS SEIZE THE OPPORTUNITY TO INVEST IN NICHE SECTORS


Seed/Angel

Unspecified Round

First-time PE raising as proportion of total

PARTICULARLY WHEN THE INVESTMENT FOCUS IS EARLY STAGE SUPPORTED BY STRONG PERFORMANCE

FIRST-TIME FUND MANAGER INVESTMENT IN EARLY STAGE COMPANIES

Smaller early stage deals tend to come at favourable valuations

Median returns for first-time funds show strong out per form ance from 2010 vintages onward

Source: Preqin


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Median Net IRRs of Venture Capital Funds by Vintage Year

As per the chart above, TNGF focuses on deals under $25M, directly entering at the most favourable valuat ion multiples.

Source: Preqin

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PE/VC Impact Investing, Fund Index Summary ? Horizon Pooled Return

Impact investing sector is expected to

grow to $1 Tr i l l ion GIID, JP Morgan

?Venture Capital funds [focused on impact] generated an internal rate of return of 9.5 per cent over the period studied, comfortably outstripping the broader venture capital sector. Meanwhile, funds with a social mission generated investment exits with an average internal rate of return of 33.5 per cent?

All Street, Forbes

?Over the next two decades there are 460 billionaires around the world who will hand over $2.1tn to their heirs??

Financial Times

??Millennials? values are distinctively focused on making the world a better place, using financial capital for social return??

Burkhard Varnholt, Deputy Global CIO, Credit Suisse

SOCIAL IMPACT IS A GROWING AREA THAT IS GENERATING STRONG RETURNS

FUND OVERVIEW WHY INVEST INVESTMENT PROCESS CASE STUDIES POST INVESTMENT CONTACT US APPENDIX FUND OVERVIEW WHY INVEST INVESTMENT PROCESS CASE STUDIES POST INVESTMENT CONTACT US APPENDIX

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(5.87X)

Source: Preqin

?The bank has raised $125 million in commitments for

its first global impact fund. It will invest in private-equity

funds that demonstrate they positively affect the

environment or society while delivering strong

financial returns?, Business Insider, May 2017

?the Ford Foundation recently earmarked $1bn for

?mission? or ?impact? investing, or investments

that are supposed to promote social change and old-fashioned profits?, FT,

December 2017

?UBS committed to direct at least $5 billion of client

assets into new SDG-related impact investments over the

next five years?, BusinessWire, March 2017

?We believe in companies whose social impact

enhances their financial returns?, John Amore,

Managing Director UBS Wealth Management


?RESULTING IN INSTITUTIONS DIRECTING MORE RESOURCES INTO THE SPACE

ESTABLISHED LARGE-SCALE INSTITUTIONAL INVESTORS ARE ALLOCATING INCREASING RESOURCES TO IMPACT INVESTING

Three-quarters of millennials prioritize social

goals when they invest

Up from a third of baby boomers

?Approximately 60% of investors reported that they actively track the financial performance of their investments with respect to the Sustainable Development Goals (SDGs) or plan to do so soon."

Source: GIIN


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TNGF's focus on the 16 UN Sustainanable Development Goals and Impact Investing

Circular Economy Resource efficiency / Material recovery & Reuse

Sustainable Energy Access to Energy, Clean Energy, Energy Efficiency

Food and Agriculture Access to nutrition, food quality, sustainable agriculture

Water and SanitationAccess to water and hygiene, clean water, water efficiency

Health and Social CareAccess to health and social care, enhanced healthcare, drug development

Financial Inclusion Access to financial services

Education and EmploymentAccess to education and skills development. Quality employment and job creation

CLEAN-TECH

HEALTH- & MED-TECH

FIN-TECH

ED-TECH

TNGF TARGETS


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UN GLOBAL GOALS PILLARS SUB-THEMES

INVESTMENT PROCESS

Investment Process I Investment Process II Investment Process III

Driving the Winners

Targeted marketing Distribution

Strategic fundraising and capital structure management

Ongoing mentorship of the CEO and board

Narrowing the Investable Universe

Berkus Model

Scorecard Model

Risk Factor Model

Venture Capital Method

Rigorous four step funnel based on qualitative and quantitative business and market assessment

Portfolio Optimization and Risk

Diversified portfolio of startup investments across themes and sectors

Rigorous analysis of follow-on investments

Co-investment with leading investors, accelerators, institutions and VCs

Standardized term sheets with investor protections

30% follow-on pro-rata investments at Series A



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CAPITAL ALLOCATION DECISION PROCESS

Investment committee evaluation process ? For each company Mark Artherton provides risk analysis to fund, market evaluation and potential exit valuation. Muzaffar Khan evaluates team potential and mentoring requirements.

FILTER LEVELS - HOW WE DECIDE WHICH COMPANIES TO INVEST IN

E.g. CARDINAL VENTURES

CORPORATE VC PARTNERS

INVESTMENTCOMMITTEEEVALUATION

INVESTMENT

AC

CEL

ERAT

OR

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ND

FO

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INTR

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UC

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APPLICANT


Marvin Liao?s Team carries out deep dive

analysis and due diligence

Paul Morris?s team analyse Corporate VC

exit/JV


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SCOUT OPERATING PARTNERS DUE DILIGENCE INVESTMENT COMMITTEE SUCCESSFUL APPLICATION

INVESTMENT PROCESSHEALTH TECH EXAMPLE

TRACK RECORD

CHALLENGE AIM INDUSTRY EXAMPLES SOCIAL IMPACT

Long term prevention of

illnesses

Empower individuals to take more responsibility for personal health and maintain a healthy state of being reducing stresses and strains on health services

Zocdoc (USA) launched 2007, raised $130m at total valuation of $1.8bn in Aug 2015

Medopad (UK) launched 2011, Series A raised $28m, valued at over $1bn

Early detection of illness and improved preventative

measures reduce long term health care costs and

improve long term population health


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BigFinite is a regulated IoT and big data analytics for optimizing pharma & biotech manufacturing processing. Exit multiple 4.2X 4 years

BigFinite health-tech company investment

exit multiples 4.2X in 2016


Muzaffar Khan

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INVESTMENT PROCESS MEDICAL TECH EXAMPLE


Living with severe conditions with as little

disruption as possible

Allow individuals to continue to live their lives and contribute to society whilst reducing demands on health services

Flatiron Health (USA) Series A raised $8m 2013 Roche purchased for $1.9bn in 2018

Guardant Health (USA) launched 2012, raised $360m in 2017 at an estimated value of $4.5bn

Patient care technologies for Alzheimers

Constant monitoring with minimal disruption for

illnesses such as cancer, diabetes, heart disease

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NESS (Israel) is medical device in neuro-stimulation. Exit multiple 10X 4 years

Ness med-tech company investment

exit multiples 10X in 4 years


INVESTMENT PROCESS FINANCIAL TECH EXAMPLE


Cheaper and more globally connected financial system.

Onboarding private sector cash into global legal financial system.

Improved connectivity and integration of business in poorer countries. Leading to greater access to more affordable banking services for the world?s poor.

Funding Circle (UK), launched in 2010 set to IPO in 2018 at valuation of around £2bn

WorldRemit (UK), launched 2010, valued at approx. $668m in 2017

Allow greater opportunity for businesses to succeed by reducing loan costs to

SMEs. Greater availability of

affordable credit for the poorest in society.

Lower the costs of micro credits.

Reduction of corruption and theft in war-torn and developing areas.

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Albert helps change the way our generation makes financial decisions. Purchased in in 2016. Exit multiple 2X.

Albert fin-tech company investment

exit multiples 2X in 2016


TRACK RECORD


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Provide access to education for all children - virtual

classrooms.Raise general level of education globally.

Video and utilise augmented reality and virtual reality in

the classroom.

INVESTMENT PROCESS EDUCATION TECH EXAMPLE

INTCAS is a global technology platform connecting students to work collaboratively with the global education industry to explore, design and build their careers using a single system. Invested in 2016.MONKIMUN is a language learning for kids and toddlers NAV $0.9M. Exit multiple 3.1X in 2014

INTCAS purchased

at a £4M valuation, now valued at

£60M

TRACK RECORD


Standardise education around the globe.

Improve interest and engagement of pupils.

Better access and quality of education for all children, reducing long-term povertythrough increasing opportunity

Vipkid (China) launched in 2013, raised $200m in 2017 with a valuation over $1bn

VR Ed-tech company Nearpod (USA) launched 2012, raised $21m in 2017


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INVESTMENT PROCESS CLEAN TECH EXAMPLE

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Decrease and/or stop pollution.

Greater access to cheaper and cleaner

energy.Reduce food waste.

Reduce negative effects on climate, providing a better quality of life and reducing health issues

Sonnen, (Germany) founded in 2008, raised E60m in 2018

Stem Inc (US) launched in 2009 raised $80m in 2018

De-polluting city air ? tech-trees

Waste to energy solutions

Next Generation storage batteries

Improved Solar Panels

Recycle excess food

COPIA connects businesses with excess food to those who need it. purchased in 2016 at a valuation of $1M, now valued at $10M.

Copia

purchased at a $1M valuation, now valued

at $10M

TRACK RECORD


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KPIS FOR STARTUP INVESTMENTS5 Key Performance Indicators (KPIs) to be used as yardstick measures for each startup investment:

Growt h in revenue year -on-year ,

including nom inal values

Relat ive speed in m arket share

grow t h

Im provem ent s in t he of fer ing,

whet her service or product

Increase in geographical

dist r ibut ion range

Growt h and deepening of t he

com panies hum an t alent pool

Quarterly plans versus actual performance Investment Committee to go through the quarterly plans and

KPI performance on a half-yearly basis



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INVESTOR REPORTING EVERY YEAR THE NEXT GENERATION FUND WILL PROVIDE THE TWO VALUATIONS TO INVESTORS.

The whole portfolio will be available in an online report and will detail how each investment is performing against its KPIs and 3 year forecasts. To be updated annually.

Provided by independent auditor, KPMG, based on market benchmarks & sector analysis

EXTERNAL VALUATION

Provided by TNGF, overseen by Duff & Phelps who sit on the Valuation Committee

INTERNAL VALUATION



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MANAGING UNDERPERFORMING STARTUPS


BRING IN ADDITIONAL SUPPORT FROM NETWORK

Muzaffar here leverages his passion for mentorship which he has developed over the past 14 years coaching students from leading universities, bankers, CEO?s and board members around the world. Startups can change their Operating Partner based on the advice they require and their maturity; Muzaffar will make the decisions when changing the Operating Partner based on the company?s needs.


FAILING STARTUP INVESTMENT

FAILING STARTUP INVESTMENT

Increase mentorship from Muzaffar Khan and Marvin

Liao

Consider other opportunities for the

business

Industry sale through Paul Morris?s CVC connections

CONTINUE TO BACK AND SUPPORT FUTURE KEY LEADERS AND MAINTAIN GOOD WILL


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COMMITMENT TO SOCIAL IMPACT

It is our view that outperformance will be generated by the next generation of leaders if they are supported by the right framework and incentive structure.

We believe that companies should extend their bottom line to include metrics that focus on broader social impact and we are more likely to invest in corporations that are structured as B-Corps or have a clearly defined social mission.

The key metrics for evaluating the social impact of the fund will also be audited by BDO or KPMG with the parameters structured by our law firm, Morrison Foerster based on current best practice in the social impact fund arena.

THE "DOUBLE BOTTOM LINE"


FUND OVERVIEW WHY INVEST INVESTMENT PROCESS CASE STUDIES POST INVESTMENT CONTACT US APPENDIXFUND OVERVIEW WHY INVEST INVESTMENT PROCESS CASE STUDIES POST INVESTMENT CONTACT US APPENDIX

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MESSAGE FROM THE MANAGING PARTNER

THE NEXT GENERATION FUND PHILOSOPHY

We understand the global picture. We want to facilitate the intermediation of

global capital to solve global problems in the most efficient and effective way.

M uzaffar Khan

Muzaffar Khan

Managing Partner

+44 7771 783 416

[email protected]

WWW.LINKEDIN.COM/IN/MUZAFFARKHAN/

CONTACT US


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APPENDIX


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We t ake an act ive approach t o por t fol io const ruct ion and diversif icat ion


Targeted Marketing Sales Distribution Strategic Fundraising Custom Mentorship

POST-INVESTMENT SUPPORT

Berkus Model Scorecard Model Risk Factor Model Venture Capital Method

VALUATION FUNNEL

Scout Network Operating Partner Network Venture Capital Partner Investment Committee

DEAL SOURCING FILTER

RIGOROUS 4-STEP FUNNEL BASED ON QUALITATIVE AND QUANTITATIVE BUSINESS AND MARKET ASSESSMENT

FINAL SELECTION DECIDED BY OVER THREE DECADES OF IN-DEPTH TEAM EXPERIENCE


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PORTFOLIO CONSTRUCTION

This method further evaluates the company?s strength by using 7 metrics (plus other individual strengths if there are some) and balancing each of these metrics out to see which parts of the company are the strongest and whether that is enough for an investment.

Strength of founder & management team

Size of opportunity / target market

Strength of the product and intellectual

property

Competitive environment

Marketing / sales / partnerships

Need for additional rounds of funding /

investment

Other

The final method used consists of twelve factors and deep dives into the potential value drivers of a startup.

Management

Stage of business

Technology risk

Manufacturing risk

Sales & marketing risk

Funding / capital raising risk

Competition risk

Regulatory risk

Litigation risk

International risk

Reputation risk

Potential lucrative exit


EVALUATION MODELS

The Berkus Method assigns a number, a financial valuation, to each of five major elements of risk faced by all young companies ? after crediting the entrepreneur some basic value for the quality and potential of the idea itself. This method is used by Next Generation Fund to determine whether a startup is even worth putting through the due diligence process.

Sound business idea (is there intrinsic value

in the solution?)

Stage of technical risk (path to minimum

viable product)

Execution risk (technical and managerial

talent)

Market risk

Production risk

Complete a return expectation analysis based on current exits in the relevant technology vertical and the timeframe it took to achieve them.

Risk Fact or Model Vent ure Capit al Met hodScorecard Valuat ion Met hodBerkus Model


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MENTORING CONTENTS

Introductions to key marketing resources

through our network of experienced

operating partners.

Aid marketing strategy

Negotiate on behalf of startups with

marketing providers to get the most

reasonable engagement terms

Assist startups to efficiently market their

products with limited budgets

(create demand)

Introductions to distributors of their

products (eg Walmart, Amazon etc.)

(ensure access to market).

Introductions to key distribution channels

to accelerate product / service offering to

customers (grow market share).

Strategic fundraising, capital structure

management

Assist with finding access to cheap

capital.

Provide advice on medium to long-term

balance sheet enhancing actions.

Through our network of co-investors and

partners we offer our portfolio companies

early strategic capital .

Our partner expertise in the field of equity

/ debt raises and capital structure

management allows founders to stay

relatively undiluted throughout the

lifecycle of capital raises.

Provide ongoing strategic business

advice.

Advise CEO on how to optimally

communicate with and manage the

Board / major investors.

Mentor key personnel, reduce conflict

with senior management.

Advise on key strategic partnerships,

suppliers and banking relationships.

Capit al Managem ent Ongoing Ment orshipDist r ibut ionTarget ed Market ing


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LEGAL DISCLAIMER - IMPORTANT NOTICE

This investor presentation (?Presentation?) is confidential and is intended solely for persons who may become prospective investors in a proposed fund, The Next Generation Fund I LP (the ?Fund?), to be advised by Next Gen Capital LLP (?Next Gen Capital?). Any reproduction of this information, in whole or in part, is prohibited. For UK investors: The Presentation is being communicated by Next Gen Capital as appointed representative of MJ Hudson Advisers Limited, which is authorised and regulated by the UK Financial Conduct Authority, only to:persons who are ?investment professionals? as defined in Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, as amended (the ?2001 Order?); persons who fall within any of the categories described in Article 22 of the 2001 Order (?high net worth companies, unincorporated associations etc.?); and any other person to whom it may otherwise lawfully be distributed in accordance with the 2001 Order or the Conduct of Business Sourcebook of the FCA Handbook.This Presentation does not constitute, or form part of, any offer to subscribe to the Fund, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. Recipients of this document who may consider a subscription to the Fund are reminded that any such subscription must be made only on the basis of the information contained in the formal offering documentation relating to the Fund, which may be different from the information contained in this document.The Presentation is not intended for distribution to, or use by, any person or entity in any country or jurisdiction where such distribution or use would be contrary to law or regulation. The Presentation contains a summary of certain terms of a proposed offering of interests in the Fund as currently contemplated and does not purport to be a complete description of all material terms of an offering that may be finally consummated. The Presentation and any information contained herein is for informational purposes only and is not intended to be, and shall not be regarded or construed as constituting, a recommendation for an investment, financial or other advice of any kind. No investment in the Fund will be accepted solely on the basis of this Presentation. All the requisite terms of the Fund will be contained in the legal agreements relating thereto.

Next Gen Capital LLP (FRN 794206) is an Appointed Representative of MJ Hudson Advisors Limited (FRN 692447) which is authorised and regulated by the Financial Conduct Authority


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LEGAL DISCLAIMER - IMPORTANT NOTICE (CONT?D)

Potential investors will, upon request, be given the opportunity to review the actual documentation that will govern the rights and obligations of investors in the Fund and should only make decisions based upon such actual documentation. Potential investors should note that an investment in the Fund is illiquid and its value is volatile and can suffer from adverse or unexpected market moves. Accordingly, the proposed transactions described in this document are subject to change and would not be appropriate for all investors and involve important legal, operational and tax consequences and investment risks (including, in some cases, volatility, currency and credit risk, illiquidity and/or loss of principal), each of which should be independently assessed by investors with their legal, accounting, business, investment, tax and other advisors before making a decision to invest in the Fund. Potential investors should be aware that they may be required to bear the risks of an investment in the Fund for an indefinite period of time. The Presentation contains information that: (a) is general in nature and accordingly has been prepared without consideration of the investment objectives, financial situation or particular needs of any particular investor; (b) is "forward-looking" and not purely historical in nature; and (c) includes estimates and projections and involves significant elements of subjective judgment and analysis. The assumptions underlying the information presented in these materials may be modified from time to time to reflect changed circumstances. Actual events, conditions or results are unlikely to be consistent with, and may differ materially from, those assumed. Next Gen Capital does not have any obligation to update or keep current the information contained herein. Next Gen Capital disclaims, to the fullest extent permitted by English law, any and all liability relating to this information, including, without limitation, any express or implied representation or warranty for statements contained in and omissions from any information set forth in these materials.Next Gen Capital LLP (FRN 794206) is an Appointed Representative of MJ Hudson Advisors Limited (FRN 692447) which is authorised and regulated by the Financial Conduct Authority.

Next Gen Capital LLP (FRN 794206) is an Appointed Representative of MJ Hudson Advisors Limited (FRN 692447) which is authorised and regulated by the Financial Conduct Authority


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tngf investment presentation v.2.1. 2018thebotswanadiamondconference.com/downloads/tngf.pdf · fund...

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