Request for Quotation (RFQ) – Development of Impact Matrix and Monitoring system (IMM) for fund of funds.

Download the full Request for Quotation for the Development of Impact Matrix and Monitoring System (IMM) for fund of funds for more details.

To Apply:

All responses to this Request for Quotations are due by September 18th 2023 at midnight GMT. Please email your response to Mary Afenyie-Abekah, IIGh Program Coordinator info@impactinvestinggh.org and label the email – RFQ Development of Impact Matrix and Monitoring system (IMM).

Overview

IIGh is leading the establishment of a private-sector led ~ the cedi equivalent of US$ 75 million blended finance vehicle – Ci GABA (Progress)– to unlock local pension funding which is now an over $5.8 billion industry in Ghana. Ci Gaba is a fund of funds and will invest in emerging fund managers in Ghana and across the West African Sub-region investing in companies across sectors with high growth and impact potential; agriculture, agro-processing, light manufacturing, financial inclusion, health and education to progress the achievement of the SDGs. It seeks to invest in 10 to 15 Funds and achieve the following goals:

Unlocking local patient capital for venture funds will significantly increase the supply of capital to SMEs as the pensions industry continues to grow. A de-risked, open-ended, local currency fund structure that mimics the kind of funding pensions in Ghana are used to is the most effective way to do this.
Providing the long-term patient capital needed in sectors like agriculture, agro-processing, light manufacturing, financial inclusion, health and education, especially in tech-enabled ventures (> 70%).
Supporting the growth of 10-15 venture funds, especially those that can deploy small ticket-size investments is an effective way of meeting the existing demand.
Providing technical assistance to fund managers and impact ventures in impact strategy, impact measurement, business process improvement and growth strategy development will support impact and a strong financial return.

Ci Gaba will include a technical assistance (TA) facility for funds and their investee businesses. This will be a sustainable TA structure with aspects of the TA being repayable by the funds and their portfolio companies, the mechanisms for repayment are still being developed. A partly repayable structure will provide shared incentives for TA deployment for both funds and businesses in utilizing technical assistance support. Technical assistance will support areas such as the development and execution of an impact strategy and impact measurement for funds and investee businesses, business process improvement, growth strategy development etc. With support from the Global Steering Group for Impact Investing (GSG), the World Economic Forum (WEF) and Collaborative for Frontier Finance (CFF) we have completed the design and feasibility of the fund of funds and theory of change as well as a private placement memorandum and legal review. Savannah Impact Advisory (SIA), a highly skilled fund management team has been selected as the Fund Manager and is completing the operational setup with Impact Investing Ghana (IIGh) and we hope to secure anchor funders with a target launch before the end of 2023.

Scope of Work

We are seeking a consultant to develop an Impact Matrix and measurement system and reporting templates for Investee Funds and Fund Managers of the Ci-Gaba Fund. This work will include a review of the already developed theory of change, context reviews, stakeholder engagement to verify these and the development of indicators. It will also include training of Fund Managers and portfolio companies on impact measurement and management which will be carried out as a 2 day residential training for IIGh and the Fund Management team.

Deliverables

Review theory of change, conduct reviews with potential Fund Manager and team to set SDG Strategy 1- 2 days
Embed Impact goals into Fund of Fund IPS and update pitch deck, PPM and other governance and reporting documents accordingly together with the Fund Manager and team. 3-4 days
Conduct stakeholder engagement internally with Fund Management team and with other key stakeholders 5-7 days
Develop impact indicators together with the Fund Management team and reporting template in a way that is integrated in the investment cycle end to end. 5-7 days
Establish an Impact due-diligence process to select investments and strong monitoring process. 3-4 days
Conduct Training (2 day residential) with the Fund Management team on the IMM and ensure the team is aligned and equipped to integrate into their work from pipeline building to exit. 4-5 days prep plus 2 day training.