Job Specifications
Position Details
| Item | Description |
|---|---|
| Position Title | Senior Associate |
| Responsible To | Head: Private Equity / Lesotho MD |
| Location | Lesotho (willing and able to travel as required) |
| Date | 18 May 2026 |
Key Contacts
• Investment Committee
• Investment Team
• External Stakeholders (Investee Companies, Auditors, External Valuators)
• Clients
Job Description | Key Purpose
The Senior Associate will serve as a member of the Private Markets Infrastructure & Development Equity Investment Team, with responsibility for supporting deal origination, contributing to transaction execution, and assisting with active portfolio management across Mergence’s infrastructure fund vehicles.
The Senior Associate will report directly to the Head of Private Equity and will work closely with the Private Markets team in general, fund advisors/consultants, clients as required, investee companies (boards and executive management), regulatory/legislative authorities where necessary, and existing and other third-party service providers.
The role demands a professional who can operate with a high degree of skill and competency across the full transaction lifecycle — from pipeline development and investment thesis formulation, through financial modelling and due diligence coordination, to Investment Committee presentation support and post-close monitoring and value creation.
The successful candidate will combine developing PE, infrastructure, and related sector expertise with strong commercial and business instincts and understanding, and the ability to engage credibly with concession grantors, co-investors, regulators, and portfolio company management teams under the guidance of senior team members.
Responsibilities
1. Deal Origination and Pipeline Development
• Primarily and proactively identify, evaluate, and cultivate PE and infrastructure equity investment opportunities in Lesotho. From time to time, work on deals across Southern and East Africa, with a particular focus on water, energy (including renewables), transport, and digital infrastructure.
• Build and maintain relationships with concession grantors, development finance institutions, co-investment partners, government agencies, and sector intermediaries to ensure a healthy network for a robust proprietary deal pipeline.
• Prepare preliminary investment screening memoranda and present pipeline opportunities to the Head of Private Equity and investment team for early-stage assessment.
2. Transaction Execution
• Contribute to the execution of infrastructure equity transactions from term sheet negotiation through to financial close, including coordination of legal, financial, technical, and environmental due diligence workstreams.
• Build and own detailed robust financial models — including project-level DCF and/or multiples-based, equity return, and IPEV-compliant valuation models — and perform sensitivity analyses and stress-test assumptions under multiple scenarios.
• Draft Investment Committee papers, IC teasers, and internal approval memoranda to institutional standard, marshalling complex commercial and regulatory analysis into clear, informative, decision-ready narratives.
• Contribute to structuring transactions across multiple jurisdictions, applying knowledge of en commandite partnership structures and cross-border holding structures (e.g. Mauritius LPs), in addition to being informed and knowledgeable about applicable regulations/legislation in these jurisdictions.
3. Portfolio Management and Value Creation
• Serve as board observer on portfolio company boards, actively engaging in governance, strategic input and direction, and performance monitoring.
• Prepare and present quarterly portfolio valuations in accordance with IPEV Guidelines, including fair value assessments, NAV computations, and attribution analysis for investor reporting.
• Support post-investment value creation initiatives, working with portfolio company management teams to optimise operational performance, capital structure, and exit readiness.
• Monitor covenant compliance, concession agreement obligations, and regulatory and legislative developments affecting portfolio assets.
4. Fundraising and Investor Relations Support
• Support the preparation of Private Placement Memoranda (PPMs), investor Q&A documentation, and fund marketing materials for new and successor fund vehicles.
• Participate in investor roadshows and due diligence meetings with institutional LPs, providing subject-matter expertise on deal-level and portfolio-level performance.
• Contribute to fund structuring discussions, including fee mechanics, waterfall design, GP commitment frameworks, and alignment-of-interest provisions consistent with ILPA standards.
5. Team Contribution and Professional Development
• Support the development of junior team members within the PE and infrastructure equity team by sharing knowledge on financial analysis, investment writing, and working practices.
• Foster a culture of rigorous analysis, intellectual honesty, and collaborative execution across the investment team.
• Attend and contribute to industry conferences, policy forums, and sector working groups on behalf of Mergence, supporting the firm’s visibility and thought leadership in African PE and infrastructure investment.
6. Travel
Must be willing to travel regularly when needed.
Essential Experience
- In excess of 5 years’ relevant experience in PE and infrastructure investing, project finance, infrastructure advisory, or development finance. Exposure to sub-Saharan African markets will be an added advantage.
- Proven track record of leading or materially contributing to the execution of PE and infrastructure equity transactions from origination through financial close.
- Advanced financial modelling skills, including proficiency with project-level DCF analysis and multiples-based approaches where warranted, leveraged buyout models, and IPEV-compliant valuation methodologies.
- Strong knowledge of South African fund structuring conventions (en commandite partnerships, Regulation 28, FSR Act requirements) and familiarity with cross-border fund structures.
- Excellent written and verbal communication skills, with the ability to produce institutional-quality investment memoranda/reports and present to Investment Committees and investor audiences (clients, etc.).
- Strong interpersonal, financial, analytical, research, and data management skills, with advanced proficiency in MS Excel, Word, and PowerPoint.
Experience Advantageous
• Direct experience with water, energy, or transport infrastructure concession assets in Southern or East Africa.
• Private equity and/or project finance experience relevant to infrastructure or capital-intensive assets.
• Established relationships with development finance institutions such as IFC, DBSA, AfDB, Proparco, and FMO, as well as institutional investors active in African infrastructure.
• Familiarity with ILPA reporting standards, European-style waterfall structures, and GP/LP governance frameworks.
• Experience serving on the boards of infrastructure operating companies and/or special purpose vehicles (SPVs).
Education
A postgraduate qualification in Finance, Economics, Engineering, Law, or a related discipline.
A CA, MBA, or CFA designation would be advantageous.
Competencies and Attributes
• Commercial Acumen: Ability to identify value in complex private equity and regulated infrastructure assets, and to structure transactions that appropriately balance risk, return, and developmental impact.
• Analytical Rigour: Strong comfort with quantitative complexity, including multi-scenario financial modelling, sensitivity analysis, and data-driven decision-making under conditions of uncertainty.
• Stakeholder Management: Demonstrated ability to engage effectively with a broad range of stakeholders, including government concession grantors, regulators, sophisticated institutional investors, portfolio company management teams, investment advisors/consultants, and third-party service providers.
• Execution Discipline: Proven ability to manage multiple concurrent workstreams, meet demanding deadlines, and successfully drive transactions to completion in challenging operating environments.
• Integrity and Judgement: Unwavering commitment to ethical conduct, fiduciary responsibility, and sound professional judgement.
• Collaborative Leadership: A natural team player and leader who leads by example, supports the development of junior professionals, and contributes positively to a high-performance team culture.
• Professional Drive: Self-motivated and diligent professional with a strong work ethic, keen attention to detail, and commitment to delivering high-quality work under pressure.
How to Apply
Interested suitably qualified candidates should email their application letters accompanied by:
• Curriculum Vitae (including two contactable referees)
• Certified copies of educational certificates
Applications should be sent to:
Closing Date: Monday, 8th June 2026
Only shortlisted candidates will be contacted.