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CDC appoints ex-Actis partner head of direct investment

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CDC Group, the UK development finance institution that targets private equity investments in South Asia and sub-Saharan Africa, has appointed Mark Pay to head up its direct investments division. Pay is rejoining the group, having departed in 2004 as part of the spinout of Actis.

CDC is expected to significantly increase its direct investments in the coming years. This follows a review of the group's business, which last year led to the announcement that it would resume direct investments, having spent the previous seven years operating solely as a fund-of-funds. The group said that direct investments and debt will each represent up to 20% of its portfolio by 2015.

The review also prompted CDC to alter its geographical focus to target South Asia and sub-Saharan Africa exclusively, which account for 70% of the world's poor.

Commenting on the appointment of Pay, CDC CEO Diana Noble said: "I'm delighted that Mark Pay will be leading the direct investment division, bringing with him huge experience of investing in low-income countries, to achieve development outcomes. The new division will complement CDC's fund investments and deepen the reach of our capital so it's targeted where it can have the maximum possible development impact."

CDC has also appointed Bradley Smith to the role of credit analyst to strengthen its debt team.

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