The UK government-owned development financial institution CDC Group Plc has appointed Stephen Priestley as its managing director to manage investments in Africa and South Asia.
CDC said in a statement that Priestley, a former senior executive at Standard Chartered Bank, will help the institution's efforts to mobilise investment from other sources of finance to meet the growing need for capital amongst businesses in developing countries.
"CDC has committed to doubling our investment in Africa and South Asia, and Stephen will play an important part in helping us deliver that promise," said CDC chief executive Nick O’Donohoe.
Priestley, an alumnus of the London School of Economics, left Standard Chartered in 2018. He was the regional head of global banking for Africa, Middle East and Pakistan at the British bank.
Prior to that, he held multiple roles with Standard Chartered in Johannesburg, including head of M&A for the region. He previously held senior positions at JP Morgan.
"As a development finance institution, CDC is a well-capitalised thought leader that is both innovative and practical in how it seeks to accomplish its mission," said Priestley on his new role.
Priestley will sit on CDC’s Executive Committee and directly report to O’Donohoe. He replaces Murray Grant who retired at the end of 2018.
CDC typically takes a flexible approach to investments, and provides capital for equity, debt, mezzanine funding and guarantees, to meet the needs of businesses.
CDC is one of the largest private equity investors in Africa and South Asia, with over $4.7 billion invested through 166 funds, supporting more than 1,250 companies. CDC recently committed capital to an impact investment fund in Myanmar, an SME fund in Nigeria and an Indian fund supporting businesses in poorer and underserved communities. It has been investing in India since 1987.
