[Federal Register Volume 65, Number 247 (Friday, December 22, 2000)]
[Notices]
[Pages 80964-80965]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-32729]


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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