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Call for proposal

16 November 2021

Mid-term Performance Review for FSD Africa Investments

Closing date

29.11.2021 5:00 pm

The Foreign, Commonwealth and Development Office (FCDO) and FSD Africa’s Development Committee wish to contract a consultancy firm to review FSD Africa Investments’ (FSDAi) performance since its inception in 2017 and its operational set-up. The consultancy firm will be expected to assess the effectiveness of FSDAi’s approach to deploying its capital, and the extent to which this is helping it realise both financial and development impact returns. The review will also assess the extent to which changes in FSD Africa’s strategic objectives are informing FSDAi’s investment approach and how this can be enhanced. The review will also consider FSDAi’s operational set-up, to ensure that as the fund grows it remains optimally configured.

The consultancy firm will undertake the review in line with the following objectives:

  1. Assess the current institutional, governance and management structure of FSDAi. Key areas of review will include policies and protocols for the investment process, investment risks and mitigation strategies, alignment with FSD Africa’s strategy, and capacity to deliver on commitments.
  2. Assess the strategic positioning and value-add of FSDAi in growing Africa’s financial markets and delivering socio-economic benefits as espoused in FSD Africa’s strategy
  3. Assess the performance of FSDAi against agreed objectives and advise whether the fund is on track to achieve these objectives.
  4. Provide practical recommendations to further strengthen FSDAi’s capital deployment approach.

The contract duration is 14 weeks and will commence on 17th December 2021. Interested bidders should submit confirmation of participation, or not, by 5 pm (EAT) on 29th of November 2021.

For more information and details on how to apply, please click here.

Questions or comments in respect of the terms of reference should be directed by email to: and, on or before 5 pm (EAT) on 21 November 2021. Responses will be circulated to all bidders on or before 23rd of November 2021.