Head of Investments

As a Head of Investment - MAZIV, you will be empowered to deliver the following:

New investments — origination to completion

• Maintain a prioritised pipeline mapped to the approved group strategy and originate opportunities ahead of formal marketing processes.
• Build the primary valuation model in-house for every transaction. Advisor models are cross-checks, never the source of truth.
• Structure consideration, earn-outs, option mechanics, minority protections and the governance package.
• Scope and manage financial, tax, legal, technical, regulatory and ESG due diligence to a single timetable, resolving every material finding as priced, papered, or accepted and disclosed.
• Lead commercial negotiation alongside the CFO and appointed advisors and hold the approved walk-away price.
• Own the commercial content of any sale agreement, shareholders agreement and memorandum of incorporation, and hand over a dated value creation plan within 30 days of completion.

Ownership of the Investment Committee process

• Own the gate architecture, delegated authority matrix and paper standard, and present both to the Board annually for reconfirmation.
• Enforce the standard paper contents. A paper that does not meet the standard is not tabled.
• Publish the annual Committee calendar and circulate papers for no fewer than five business days before each meeting.
• Maintain the minute, the conditions of approval, and the register of approvals granted, deferred and declined.
• Maintain a current board, shareholder and regulatory consent map for every live transaction, with the critical path identified.
• Track conditions of approval through to closure and report unclosed conditions as a standing agenda item.

The annual valuation process

• Issue a single valuation policy and a frozen input set annually, before entity models are built.
• Review every entity model for source-of-truth integrity, unit convention, period integrity and arithmetic reconciliation of the WACC build.
• Maintain the issues log and management query tracker, and close priority items before sign-off.
• Build the sum-of-the-parts, reconcile to group net debt and minority interests, and produce the board pack.
• Explain each entity's year-on-year movement in enterprise value as driver-led, methodology-led or risk re-pricing.
• Present methodology to Audit and Risk, outcomes to the Investment Committee, and support the external auditor and both shareholders.

Annual budget process and capital allocation

• Own the capital allocation embedded in the annual budget and business plan: the quantum, the split between entities, and the split between growth, success-based, maintenance, regulatory and corporate capex.
• Oversee the capital elements of the group budget process end to end. Issue the allocation framework and hurdle criteria, challenge subsidiary submissions against cohort evidence, and consolidate into the capital plan tabled for approval.
• Secure alignment with every approving stakeholder ahead of formal submission, including subsidiary managing directors and financial directors, Exco, the Board Investment Committee, the Board, and the CIVH and Vodacom investment teams, so that the capital plan arrives at each forum with its rationale already understood and its objections already worked through.
• Sequence and manage the reserved-matter consent process for the annual budget and business plan, recognising that approval requires the written consent of both shareholders and that any subsequent deviation re-triggers it.
• Maintain the capital plan through the year: reforecast, reallocate on evidence, and route any proposed deviation from the approved plan through the correct approval process.

Capital expenditure governance

• Define and enforce a common business case standard across all entities so that competing programmes can be ranked against each other for capital.
• Chair the monthly capex forum and report commitment, spend and forecast against approved plan by entity and by capex category.
• Track every build cohort against the unit cost and penetration ramp underwritten at approval and maintain the cohort curve library that benchmarks future business cases.
• Recommend reallocation of capital between entities and programmes on cohort evidence, routing any deviation from the approved plan through the reserved matter process.

Control environment over capital allocation

• Own the design, documentation and operating effectiveness of the control environment governing capital allocation, covering investment approval, capex authorisation, commitment and spend controls, and the delegation of authority beneath them.
• Maintain the delegated authority matrix, including the reserved-matter thresholds and the aggregation rule that prevents related commitments being split below a threshold.
• Ensure no capital is committed outside an approved mandate, and that every approval carries conditions, an owner and an expiry date.
• Maintain the audit trail from approved business case through commitment, spend and capitalisation, so that every rand of capital can be traced to the decision that authorised it.
• Support Internal Audit and the external auditor on capital allocation controls, and own remediation of findings in this area.
• Report control breaches, out-of-mandate commitments and unbudgeted spend to the Board Investment Committee and the Audit and Risk Committee without filtering.

Measuring performance against historic investments and plans

• Maintain a vintage register recording every investment and material capex cohort with its approved case in locked, unamendable form.
• Report quarterly on actual against underwritten revenue, EBITDA, capex, subscribers and penetration, with the resulting revised return.
• Attribute variance to operational delivery, market and demand, timing and phasing, price paid, macro, or methodology change.
• Present a full annual look-back to the Investment Committee, including the transactions and programmes that have disappointed.
• Convert systematic bias identified in the look-back into mandatory adjustments to future assumptions.

Portfolio management and external interface

• Present an annual portfolio review with a hold, invest, fix or exit recommendation for each entity, supported by a strategic coverage map.
• Lead internal reorganisations, minority buy-outs, B-BBEE structuring and the corporate elements of commercial restructurings.
• Own exit preparation, vendor materials and valuation defence where monetisation is contemplated.
• Manage the advisor panel — appointment, scoping, fees and performance review — retaining primary models and analysis in-house.
• Maintain working relationships with the CIVH and Vodacom investment teams so that reserved-matter consents are anticipated rather than requested cold.

Requirements

What makes YOU our ideal candidate

• CASA or CFA or an equivalent postgraduate qualification in finance, investment management or economics A minimum of 8 years' managerial / operational experience in Management in the ICT industry.
• Preferred: postgraduate qualification in corporate finance or a quantitative discipline, and formal training obtained in a corporate finance, investment banking or infrastructure investment environment.
• 5 to 15 years in infrastructure or telecommunications M&A, corporate finance or infrastructure private equity, with lead responsibility on completed transactions rather than support roles. Demonstrable authorship of decision-grade papers for a board-level investment committee. Excellent verbal and written communication skills

We can be a match if you are

• Bold to create - We push boundaries and fail forward – because our customers need us to change the world – to make their lives better.
• Do the right thing - Doing what's right for our customers, our colleagues and our business drives everything we do.
• Build trusted relationships - This means that every one of us has to work hard to trust and be