IMF investment chief to head up Nigerian SME fund

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Outgoing International Monetary Fund (IMF) Investment Unit chief Gary Steinberg has joined Nigeria-based investment management firm CBO Investment Management as head of its advisory board and a member of the Investment Committee.

Steinberg has joined CBO with immediate effect after he retiring from the IMF after nearly six years, and will now join the Lagos-headquartered firm, which is set to launch a US$150 million fund to support small and medium enterprises (SMEs) in the region.

Prior to joining the IMF, Steinberg was chief investment officer of Wellcome Trust, the world’s largest endowed medical research charity, and chief executive of British Petroleum’s pension plan.

“I am delighted to be joining CBO IM at this exciting stage of their development. I look forward to helping them, and their clients achieve their investment objectives in one of the most dynamic areas of the global economy,” Steinberg said.

CBO managing partner Bex Nwawudu said the company was pleased to have attracted Steinberg.

“His fund management and investment experience with some of the most recognisable names in the industry will help considerably as we seek to build a leading investment manager for Africa. His institutional knowledge and credentials further reinforce our corporate governance framework, and he is a very welcome addition to our Investment Committee,” said Nwawudu.

“Gary joins our existing team, which has over 50 years of combined experience in private equity and fund management. To date we have committed to eight investments and exited six, delivering positive returns to our investors. I have no doubt that Gary’s expertise will prove invaluable as we seek to raise our US$150 million fund dedicated to investing in the underserviced SME space in West Africa.”

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