Federal Register: December 22, 2000 (Volume 65, Number 247)
DOCID: FR Doc 00-32729
OVERSEAS PRIVATE INVESTMENT CORPORATION
Overseas Private Investment Corporation
DOCUMENT ACTION: Call for proposals.
Sub-Saharan African Infrastructure Fund
DATES: Submit proposals to OPIC no later than 5 p.m. Eastern Standard Time on December 29, 2000.
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 subSaharan 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 subSaharan 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 longterm capital appreciation through investments in infrastructure projects in subSaharan 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.
See Trade Representative, Office of United States; Sub-Saharan African Infrastructure Fund; prospective fund managers; call for proposals,
The Overseas Private Investment Corporation (``OPIC'') is a selfsustaining 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 subSaharan 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 longterm capital appreciation through investments in infrastructure projects in subSaharan 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:
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.
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 OPICguaranteed debt, as well as projected fees and profit
OPIC's evaluation of proposals will be based primarily on the following criteria:
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. 0032729 Filed 122100; 8:45 am] BILLING CODE 321001U
FOR FURTHER INFORMATION CONTACT
Jeffrey T. Griffin, Vice-President, Investment Funds Department, OPIC, by telephone at (202) 3368620.