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Sub-Saharan African Infrastructure Fund
Note: EPA no longer updates this information, but it may be useful as a reference or resource.
[Federal Register: December 22, 2000 (Volume 65, Number 247)]
[Notices]
[Page 80964-80965]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr22de00-127]
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OVERSEAS PRIVATE INVESTMENT CORPORATION
Sub-Saharan African Infrastructure Fund
AGENCY: Overseas Private Investment Corporation.
ACTION: Call for proposals.
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SUMMARY: This Call for Proposals invites qualified prospective fund
managers to submit proposals for consideration by the Overseas Private
Investment Corporation (``OPIC'') for management of a sub-Saharan
African infrastructure fund (the ``Fund''). The Fund will be a private
equity fund with aggregate capital of up to $350 million that will
invest in privately sponsored infrastructure projects in the countries
of sub-Saharan Africa. A portion of the Fund's total capital must be
unguaranteed private equity, and the remainder will be senior secured
indebtedness guaranteed by OPIC. The primary purpose of any such fund
will be to achieve long-term capital appreciation through investments
in infrastructure projects in sub-Saharan Africa. This fund will
succeed a previously approved fund of the same size with the same
primary purpose. Prospective managers may obtain an OPIC Investment
Funds Program Description and an evaluation Questionnaire from OPIC's
web site (http://www.opic.gov) or by contacting OPIC. OPIC may
periodically post additional information on its web site in the form of
Supplements to the Call for Proposals. The identity of all persons
submitting proposals will be posted on OPIC's web site.
DATES: Submit proposals to OPIC no later than 5 p.m. Eastern Standard
Time on December 29, 2000.
ADDRESSES: Proposals must be received at OPIC's offices at 1100 New
York Avenue, N.W., Washington, D.C. 20527.
FOR FURTHER INFORMATION CONTACT: Jeffrey T. Griffin, Vice-President,
Investment Funds Department, OPIC, by telephone at (202) 336-8620.
SUPPLEMENTARY INFORMATION: The Overseas Private Investment Corporation
(``OPIC'') is a self-sustaining U.S. government agency that assists
U.S. private investment in over 140 emerging market economies and
developing countries through four principal activities: project
finance, political risk insurance, private equity investment funds and
outreach activities. OPIC assisted projects are required to uphold
important American values relating to human rights, workers' rights,
the environment, and the impact on the U.S. economy as well as other
matters.
OPIC is announcing that it is inviting proposals with respect to a
private equity fund with aggregate capital of up to $350 million that
will invest in privately sponsored infrastructure projects in the
countries of sub-Saharan Africa. A portion of the fund's total capital
must be unguaranteed private equity, and the remainder will be senior
secured indebtedness guaranteed by OPIC. The primary purpose of any
such fund will be to achieve long-term capital appreciation through
investments in infrastructure projects in sub-Saharan Africa. Such
investments will provide capital for project development, business
expansion, restructurings and privatizations.
This fund will succeed a previously approved fund of the same size
with the same primary purpose.
OPIC would expect ``infrastructure'' to include, among other
things:
Environmental services such as urban and rural water
supply and distribution, sanitation, solid waste disposal and waste
treatment projects;
Bulk water supply such as water reservoirs and transfer
schemes utilizing methods such as dams and pipelines;
Transportation systems such as toll roads, harbors, light
and heavy rail systems and equipment, and airports and related services
including airlines;
Energy related projects such as power generation at
independent power plants, transmission and distribution, and oil and
gas processing and transportation; and
Telecommunications such as international cable links,
satellite communications, wireless communications, fixed line
expansions and other related supplier and operator activities.
The fund will also seek to provide support to woman entrepreneurs
and to innovative investments that expand opportunities for women and
maximize employment opportunities for poor individuals.
[[Page 80965]]
The fund will be privately owned and privately managed. OPIC is
seeking proposals from qualified prospective fund managers. The
proposed fund manager must demonstrate experience and success on at
least the following four criteria: Capital raising capability; private
equity management; a broad infrastructure investment record; and sub-
Saharan Africa experience.
Proposals should identify the sources of capital that the proposer
would expect to approach on behalf of the fund (either directly or
through an independent securities placement agent). OPIC's preference
is for a majority of the fund's equity to be provided by U.S.
investors.
Proposals should describe the legal, financial and management
structure that the proposed fund manager recommends for the fund. This
should include the level of economic return and the other benefits that
the various investors would look for, as well as the proposed
compensation for the fund's management. The fund should be structured
to ensure that it fully covers the cost of the program, including the
OPIC-guaranteed debt, as well as projected fees and profit
participations.
OPIC's evaluation of proposals will be based primarily on the
following criteria:
The ability of the fund sponsors to raise the required
private capital in a reasonable period of time.
The credibility and thoughtfulness of the fund's strategic
concept and business plan.
The experience and depth of the proposed management, both
in the U.S. and in the countries where investments are to be made. OPIC
seeks fund managers with a track record in direct equity investments
and relevant regional experience. OPIC will weigh heavily the team's
experience in infrastructure investment and project finance. The fund
manager is expected to add value to the portfolio investments by
providing management expertise and enhancing the business of portfolio
investments, and to have a strategy for the eventual liquidation of
investments.
The amount and terms of the OPIC-guaranteed debt required
by the fund.
The responsiveness of the fund to current foreign policy
objectives of the United States.
An OPIC Investment Funds Program Description, and a Questionnaire,
may be obtained on OPIC's web site (http://www.opic.gov). The
Questionnaire is designed to identify information that will be helpful
to OPIC in evaluating proposals.
OPIC may periodically post additional information on its internet
web site in the form of Supplements to the Call for Proposals. Any
information so designated on OPIC's web site may supplement or modify,
and will be considered a part of, the information set forth in this
Call for Proposals. The identity of all persons submitting proposals
will be promptly posted on OPIC's web site, so that they are known to
each other.
Proposals must be submitted both in writing and on diskette. Five
copies of each proposal, together with a copy on diskette in Microsoft
Word or Excel 97 format, as appropriate, must be received by OPIC by
5:00 p.m., Eastern Standard Time, on Friday, December 29, 2000.
Proposals submitted after this time will not be accepted. OPIC may make
a determination based solely on the written proposals. OPIC will begin
review of proposals as they are received. Proposals submitted may be
supplemented at any time up to the deadline for submission of
proposals. Information contained in proposals or questions from
submitters will not be given proprietary treatment. OPIC may suggest
its own formulation from among the proposals it receives or based on
its own analysis, which formulation may include a suggestion that
certain proposals be combined. Such a suggestion from OPIC would not
reinitiate this Call for Proposals process. OPIC also reserves the
right not to select any of the proposals or alternatives and to re-
initiate this Call for Proposals. The issuance of this Call for
Proposals does not obligate OPIC to provide support to any proposal nor
any fund.
Jeffrey T. Griffin,
Vice President/Investment Funds, Overseas Private Investment
Corporation.
[FR Doc. 00-32729 Filed 12-21-00; 8:45 am]
BILLING CODE 3210-01-U