NATIONAL EMPOWERMENT FUND (NEF) VACANCIES

NATIONAL EMPOWERMENT FUND (NEF)

INVESTMENT ASSOCIATE X2

Listing reference: nef_000209

Listing status: Online

Apply by: 12 November 2026

Position summary

Industry: Financial Services

Job category: Other: Banking, Finance, Insurance, Stockbroking

Location: Sandton

Contract: Fixed Term Contract

Remuneration: Market Related

EE position: Yes

Introduction

To conduct structured preliminary technical, commercial, financial, compliance and risk screening of funding applications, strengthen investment readiness, and prepare well packaged opportunities for progression to the Funds and Regions. In addition, apply deal-making judgment to determine whether financial structuring is feasible and aligned with NEF risk appetite.

Job description

1. Eligibility and Mandate Assessment

• Assess applications against NEF mandate, product criteria and sector priorities
• Identify misaligned or non-fundable applications at an early stage
• Confirm strategic fit and developmental impact alignment
• Assess total NEF exposure and eligibility thresholds

2. Technical Assessment 

Evaluate the operational feasibility of proposed projects, including:

• CAPEX reasonability and alignment with project scope.
• Project implementation timelines and key execution milestones.
• Infrastructure readiness, including land, utilities, and logistics access.
• Supplier arrangements and input availability.
• Production capacity, scalability, and operational efficiency.
• Management and technical capability to execute the project.
• Compliance with sector regulatory requirements and permits.
• Technology suitability and operational processes (where applicable).
• Operational risks that may affect implementation or sustainability.
• Job creation projections and alignment with NEF developmental objectives.

3. Commercial and Market Assessment

• Assess industry outlook, market demand and competitive positioning.
• Evaluate pricing sustainability and business model resilience.
• Analyse route-to-market strategies and distribution channels.
• Validate demand through contracts, letters of intent or off-take agreements.
• Assess market concentration, cyclicality and seasonal risks. 

4. Financial Assessment 

Develop and interrogate financial models to assess:

• Revenue and cost assumptions
• Contribution margins and break-even analysis
• Working capital adequacy
• Cash flow sustainability
• Debt service capacity (DSCR)
• Sensitivity analysis (base, upside and downside scenarios)
• Funding structure suitability
• Return indicators (ROI / IRR where applicable) 

5. Compliance and Governance Screening

• Conduct preliminary compliance checks including PEP and delinquency screening.
• Verify legal entity status and ownership documentation.
• Identify potential conflicts of interest.
• Highlight governance weaknesses and regulatory gaps.
• Identify ESG and environmental compliance risks.
• Assess the applicant’s (company and shareholders) existing exposure to NEF in relation to previously approved funding.
• Flag legal and regulatory gaps. 

6. Risk Identification and Mitigation

• Identify key credit, operational and market risks
• Assess structural weaknesses in deal configuration
• Propose risk mitigation strategies prior to progression
• Ensure risk areas are clearly articulated for Fund-level due diligence 

7. Deal Packaging and Recommendation

• Prepare comprehensive Pre-Investment screening reports.
• Structure transactions in accordance with NEF requirements and governance requirements.
• Ensure transactions are at least 80% investment-ready before referral.
• Ensure transactions are substantially investment-ready before referral.
• Present vetted transactions at internal pipeline forums.
• Provide recommendations on application outcomes.

Minimum requirements

Experience / Skills Required

• Minimum 4–7 years proven deal-making experience in:
  
  
• Corporate finance
• Private equity
• Investment banking
• Development finance
• Structured lending
• Demonstrated track record in:
  
  
• Financial modelling and valuation
• Structuring investment transactions
• Preparing investment committee memoranda
• Negotiating term sheets
• Identifying and mitigating investment risks.
• Market, technical and industry analysis to support investment decision-making.
• Prior deal execution experience is essential.

Qualification Requirements

• Bachelor’s Degree in Finance, Economics, Accounting, Engineering, Business or related field
• Postgraduate qualification (MBA/CFA/CA(SA)/equivalent) advantageous

Personal Attributes/Behaviours/Attitudes

• High ethical standards and integrity
• Strong work ethic and results orientation
• Resilience and ability to work under pressure
• Strong time management and organisational skills

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INVESTMENT ANALYST X3

Listing reference: nef_000208

Listing status: Online

Apply by: 12 November 2026

Position summary

Industry: Financial Services

Job category: Other: Banking, Finance, Insurance, Stockbroking

Location: Sandton

Contract: Fixed Term Contract

Remuneration: Market Related

EE position: Yes

Introduction

To provide support function to Investment Associates on all areas of transaction execution.

Job description

2.1 Application screening and preliminary assessment

• Conduct structured screening of applications within defined thresholds (e.g. deal size, complexity, sector, programme criteria)
• Assess completeness, internal consistency, and basic mandate alignment
• Identify missing information, inconsistencies, or red flags early in the process
• Apply standardised screening checklists to support objective and consistent assessments
• Recommend initial outcomes: Proceed for further assessment / Request information / Decline (subject to review)

2.2 Financial modelling support and analysis

• Develop indicative financial models to test the plausibility of key assumptions
• Analyse revenue drivers and cost structure credibility
• Analyse basic profitability and break-even levels
• Analyse working capital requirements
• Analyse cash flow sustainability at a high level
• Perform sensitivity checks on key assumptions (e.g. pricing, volumes, input costs)
• Highlight financial risks and areas requiring deeper interrogation by the Investment Associate 

2.3 Financial and Data validation

• Analyse historical financial information (where available) to identify:
• Trends in revenue, costs and profitability
• Liquidity and basic solvency indicators
• Validate internal consistency between:
• Business plan
• Financial projections
• Supporting documents (e.g. contracts, quotes, LOIs)
• Flag anomalies, unsupported assumptions, or gaps requiring clarification 

2.4 Market and Commercial support analysis

• Conduct targeted research to support screening, including:
• Industry overview and basic demand dynamics
• Competitive landscape (high-level)
• Verify existence of market support: LOIs, offtake agreements, contracts
• Highlight key commercial risks (e.g. concentration, pricing assumptions, lack of market validation) 

2.5 Risk identification (preliminary)

• Identify early-stage risks including:
• Financial risks
• Operational risks
• Market risks
• Escalate material risks requiring deeper assessment
• Support documentation of risks for inclusion in screening outputs 

2.6 Information structuring and screening outputs

• Structure and synthesise application information as part of screening
• Prepare concise screening reports and working papers
• Maintain accurate and auditable records on the CRM system
• Ensure traceability of inputs used in forming screening views 

2.7 Pipeline support and continuous improvement

• Contribute to consistency and quality of screening outcomes across the pipeline
• Provide feedback on recurring application gaps to improve screening frameworks
• Support data capture and reporting for pipeline tracking (in collaboration with admin/system roles) 

2.8 Process improvement and knowledge management

• Contribute to improving application screening templates and financial models
• Assist in standardising analytical tools and methodologies used in the Pre-Investment Unit
• Maintain structured documentation of analytical methodologies and sector insights

Minimum requirements

Experience / Skills Required

Minimum 2 - 4 years relevant experience in:

• Development finance institutions (DFIs)
• Private equity
• Venture capital
• Corporate finance
• Investment banking
• Structured lending environments. 

Experience should include exposure to:

• Screening and preliminary assessment of investment or funding applications;
• Financial modelling, including building and reviewing integrated financial models (income statement, balance sheet and cash flow projections);
• Commercial and financial viability analysis of business plans and investment proposals;
• Investment analysis and deal assessment, including identifying key financial, operational and market risks;
• Financial statement analysis, including revenue modelling, cost structures, profitability analysis and cash flow sustainability;
• Market and industry analysis to assess demand, competitive positioning and growth prospects;
• Preparation of investment memoranda, screening reports or analytical deal assessments;
• Assessment of funding requirements and capital structures, including working capital and funding gaps;
• Evaluation of business plans and feasibility studies;
• Exposure to transaction or credit approval processes within an investment or lending environment.

Qualification Requirements

• Bachelor’s Degree in: Finance, Accounting, Economics, Business Management, Engineering, Investment Management or related field. 

Advantageous qualifications

• Honours or postgraduate qualification in Finance, Economics, or Investment Management.
• CFA Level I or II (advantageous).

Personal Attributes/Behaviours/Attitudes

• High ethical standards and integrity
• Strong work ethic and results orientation
• Resilience and ability to work under pressure
• Strong time management and organisational skills

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