I advise clients on equity impact investment transactions, often in frontier and emerging markets. This includes returns-based investing into early-stage growth companies, venture capital and grants – with an ESG, impact or other purpose-specific mandate. I aim to bring an engaged, pragmatic and commercial approach to the legal advice I provide.
Prior to Bates Wells, I spent 7 years in the Direct Equity legal team at British International Investment (BII) (the UK’s Development Finance Institution) which makes private equity, debt, VC and funds investments into Africa and South/Southeast Asia to achieve positive social and climate impacts. Sectors spanned forestry, agribusiness, renewable energy, microfinance & financial institutions, education, healthcare, real estate, infrastructure and consumer businesses.
During my tenure at BII, I also went on secondment to the Private Equity team of a magic circle law firm. Prior to this, I supported the legal function at a start-up focussed on fund raising for real estate acquisitions in sub-Saharan Africa (specifically Namibia and Angola). I have also provided legal support to an innovative European sustainable tech company focussed on the areas of waste-to-energy, bio-solutions and wastewater cleaning/re-use and a UK-based EV battery recycling/waste re-use company.
My interests lie in using the law as a tool for international development and impact, the effect of private equity on developing economies and exploring how innovative structures/products (e.g. blended finance and catalyst funds), contractual provisions and legal advice can contribute to impact.
- Direct equity investments & exits Advised a foundation of a global investment bank on its investment (as part of a ~US$9M fundraise round) into a pharmaceutical app company, whose purpose is to facilitate effective distribution of pharmaceutical drugs.
- Advised the grant-making foundation of a global investment bank on its collaboration with a Southeast Asian global investment company and a South-East Asian University in respect of a ~US$1M project to up-skill underprivileged youth in South-East Asia.
- Advised a charitable fund on extending a ~£10m government programme to support and upskill Ukrainians in the UK.
- Closed a total of US$35M (as substantial minority investor) via follow-on equity rounds into a sustainable forestry business operating in Ghana & Sierra Leone.
- Assisted in preparing a successful US$850M international consortium bid in a competitive auction for an Ethiopian telecoms licence.
- Assisted in preparing a US$380M public takeover bid of a listed Zambian power company.
- Assisted in $35M equity and follow-on round in South African affordable housing platform.
- Completed a post-IPO exit via block trade sale of an LSE-listed microfinance institution, which provides socially responsible loans to low‐income entrepreneurs, mainly women.
- Completed an exit from a listed Ugandan bank, selling to a European DFI.
- Completed an exit from a provider of low cost, high-quality education in Kenya, selling to an incoming US investor.
- Co-Investments (Direct equity/funds) Closed US$10M equity (funds co-investment) via an SPV LP and US$2.5M equity (venture capital funds co-investment) into an Egyptian supermarket chain and an Egyptian mobile-money platform respectively.
- Direct debt investments Assisted in US$35M and US$15M senior secured debt investments into a global energy company’s pan-African mini-grids, and off-grid solar home system projects in Democratic Republic of Congo respectively.
- Assisted in US$720M senior debt facility to provide renewable power and battery energy storage systems in South Africa.
- Equity & debt capital markets Closed a US$30M Angolan Eurobond listing on the Irish Stock Exchange GEM. This was the first ever international exchange-listed Angola corporate bond, listing just two days before Angola’s first international sovereign bond.
- Completed a reverse merger of a Bermuda company into a NASDAQ-listed US corporation and prepared for subsequent REIT conversion.
- Delisted a Segregated Accounts Company from the Bermuda Stock Exchange and prepared for IPOs on the Frankfurt Stock Exchange and London Stock Exchange AIM.
- Closed US$15M mini-bond private placement to qualified investors and issued US$5M convertible loan notes.
- Other highlights Assisted in setting up a social enterprise subsidiary committed to improving health and access to medical innovations in low and middle-income countries, where products are otherwise unaffordable or unavailable.
- Assisted in setting up a Dutch foundation which provides impact evaluation tools to harmonise the impact measurements of financial institutions, and measure against the UN Sustainable Development Goals.
- Presented at a conference to Legal Counsel of European DFIs on the application of the 3rd pillar of the United Nations Guiding Principles on Business and Human Rights (Remedy) to European Development Finance Institutions.
- Portfolio management of various equity investee companies’ legal and governance matters, including: a 3D-printed housing company with operations across Kenya, Madagascar and Malawi; a Pakistan windfarm; and a Zambian vertically-integrated agribusiness.
- Led on BII’s competition law and merger control function for the duration of my tenure, working with deal teams and competition counsel to analyse data, complete competition filings and respond to information requests from local African regulators and the COMESA Competition Commission.