Stephen Jennings: evaluation

Transcript context

…Why are there so few, you could call them, perpetual projects in Africa? Projects designed to run on, more or less forever? I don’t think there’s so many perpetual projects anywhere. There’s not so many projects that literally have a 50-year time horizon because there’s not really very much 50-year capital. PE money is supposedly seven years, but you have to sell before the seven years, so PE is really five years, and people think of that as being long-term capital. DFI money: DFI, say they don’t have long-term capital at all. It’s one of the many myths about DFIs. They do have to generate a return. They do talk about exits. They don’t go into 30-year projects. That’s very unusual, I think, anywhere. Thinking in terms of perpetuity, you view that as comparative advantage or risk, or you’re all crazy, or some mix of those, or it’s the vision of founders or — ?…

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