LOCATION: TORONTO or WASHINGTON, DC
Convergence is the global network for blended finance. Blended finance is the use of catalytic public or philanthropic capital to increase private sector investment in the regions and sectors that need it most in the developing world. We are the source for everything related to blended finance, including deals, data, reports, trainings, webinars, and much more. At Convergence, we believe that blended finance can disrupt traditional development finance as we know it, by attracting significant private-sector financing to developing countries.
Convergence is headquartered in Toronto, but we operate globally and have a presence in Singapore, Kigali, La Paz, and Washington, DC. Over the last five years, we have built a robust network of 180 public, private, and philanthropic investors as well as sponsors of transactions and funds. To accelerate advances in the field, Convergence also provides grants through its Design Funding program, which funds the design of new blended finance solutions.
We are small but mighty. Join us if you want to be part of our energetic team with this unique role at the intersection of development and finance. We are passionate about and united around the goal of directing money to where it’s needed most – into developing countries and towards achieving the United Nations Sustainable Development Goals (SDGs). We have built a culture defined by our diversity, inclusivity, and ability to get things done. In this relatively new and growing organization, you can be sure that you’ll have a voice and leave your mark. Finally, we take our team members’ growth and well-being seriously, so we offer opportunities for professional development and team building as well as flexible schedules and generous time-off policies.
POSITION DESCRIPTION
Convergence is currently seeking a Senior Associate to join the Design Funding & Market Acceleration (DFMA) team. The DFMA program at Convergence has supported concepts that went on to mobilize well over $1 billion in subsequent capital. This is a flagship program for the firm with significant growth potential. The program addresses a key market need and gap in the development process of blended finance solutions addressing barriers to achieving the SDGs. Further, it provides a suite of acceleration services to support the potential market roll-out and rapid scale-up of solutions.
The Senior Associate will collaborate with staff across Convergence and external partners, as well as play an instrumental role in all aspects of executing Convergence’s various thematic grant-making programs ranging from climate finance to gender-lens investing, and portfolio management. While the Senior Associate will focus on DFMA and similar innovative initiatives, this position will shape an integral part of Convergence and will find ample opportunity to collaborate across all of Convergence’s key activities.
RESPONSIBILITIES
Program Oversight:
- Manage aspects of the DFMA program’s operations engaging and collaborating with team members from across Convergence and external partners
- Engage in pipeline development to cultivate new blended finance proposals and reach prospective applicants aligned with the facility’s objectives and ambitions, including management of feedback loops with prospective applicants and collaboration with the Convergence communications team
- Review and provide feedback on submitted Concept Notes, such as responding to questions related to scalability and ability to achieve positive impact, as well as prioritize final applications per funding cycle
- Collaborate across teams to kick off internal application review processes, including review of evaluation criteria (such as solution’s gender-responsiveness, level of innovation, and ability to mobilize private capital), recommendations to senior management on proposals for shortlisting and potential further screening and due diligence
- Conduct formal due diligence on shortlisted proposals including screening interviews, financial analysis, and research
- Manage the preparation of formal memos and presentations for Investment Committee meetings and present recommended proposals to Investment Committee for review and approval
- Support in structuring grant agreements including the negotiating of terms and conditions and the development of the grantee’s performance milestones and technical assistance interventions
- Record key metrics and results of the program for reports to funders and construct an impact narrative to highlight the facility’s achievements and the portfolio’s progress toward target impact objectives
- Contribute to communications related to the Convergence grantee portfolio including content updates and providing representation at events or webinars both internally and externally
- Oversee the development of funding award announcements and grantee profiles, including press releases and blog posts, in collaboration with the Communications team
Portfolio Management & Grantee Engagement:
- Oversee the deployment of grants and acceleration support service across portfolios
- Direct regular meetings with the portfolio of grantees to monitor progress against milestones and provide guidance and advice to ensure grantees’ success
- Oversee relationship management, in collaboration with Convergence’s Engagement & Training team, including keeping grantees abreast of member events, and supporting access to Convergence’s membership platform
- Onboard new grantees as Convergence members, including follow-on support (operational and administrative) to ensure maximum engagement and use of the platform and network
- Manage and deepen existing relationships with the grantee portfolio, and identify opportunities to have field-level impact through joint initiatives with the training team and other offerings from Convergence’s suite of competencies
- Identify and contribute to high-value external conferences and events to generate new leads and be the first point of contact for relationships in the region, passing specific relationships to others on the team as appropriate
- Develop and co-lead Convergence workshops and other business development speaking opportunities designed to educate and build capacity around blended finance amongst world-class funders and investors
Stakeholder Engagement:
- Support engagement with both prospective donors and current partner donors, strategic advisors, and Investment Committee members, including the development of key deliverables and materials such as pitch decks
- Contribute to the development of concept notes and proposals for prospective donors
- Enhance business development and partnership building by researching the landscape and possible funding sources and opportunities
- Act as a thought leader and offer strategic guidance on proposal writing and creation of content for the broader ecosystem, especially on topics related to climate finance and/or gender-lens investing
- Represent the DFMA team and portfolio at blended finance, climate finance, and/or gender-lens investing industry events and conferences
QUALIFICATIONS & EXPERIENCE
We are looking for candidates with 4+ years of experience in investment/corporate banking, impact investing, or grant-making. The ideal candidate will have:
- Bachelor’s degree in business, economics, international development, or a related field
- Previous experience in investment/corporate banking, impact investing or grant-making, that demonstrates an understanding of advanced finance concepts and a track record of conducting due diligence
- Demonstrated strengths in analytics (quantitative and qualitative); communications (the ability to present information in an insightful and structured manner, especially written); and detail-oriented project management
- Self-starter with excellent interpersonal skills
- Able to work in a small entrepreneurial team environment as a collaborative partner
- Demonstrated interest in development finance and developing countries
- Climate finance and/or gender-lens investing experience are a plus
- Foreign language skills are a plus
The Senior Associate will be based in Toronto or Washington, DC, and will be required to engage with global organizations, therefore, will have early morning or late evening/night telephone meetings. These working hours will be accommodated through flexible working arrangements.
APPLICATION INSTRUCTIONS
We will be reviewing applications on a rolling basis, interested and qualified applicants are encouraged to apply early and in advance of the application deadline on October 10, 2023. Please note that you must submit a cover letter that discusses your interest in development, blended finance, and Convergence. Please note that due to the high volume of applications, we will only contact those selected for interviews.
Convergence believes in an inclusive environment. We celebrate the different viewpoints and experiences our diverse team members bring to our organization. Convergence encourages all individuals motivated by our mission and mandate to apply.