Manka Sebastian and Bruce Jelley
And what industry or sector are you in?
Manka: I’m in asset management. I work at Sanlam Investments as a portfolio manager for a property impact fund.
Bruce: I work for a sectional title developer, probably one of the biggest in South Africa. It is listed on the JSE.
And what made you decide to study development finance?
Manka: As much as I'm financially classically trained, development finance brings so much nuance. And its impact is a very place-based thing. The impact in South Africa is not the same, or would not have the same effect, as its impact in Kenya for example. So I needed the skills to learn how to find those nuances. And while I'd gone through various certifications and educational qualifications, none of them were really touching on the real nuances of development finance.
Bruce: Coming to this course, I decided to really unpack the challenges that we see in terms of infrastructure delivery at a higher level than what we do. From our perspective, we see the challenges of getting our developments off the ground in terms of our pipeline, and the barriers to infrastructure development from government and municipalities. That's what sparked my interest to take my studies a little bit further. And specifically around development finance.
What have been some of the highlights of studying at the GSB?
Manka: I think it's the ability to bring people from diverse backgrounds together into one group. It hit me I think on the second day, that this is a once-in-a-lifetime opportunity: To sit with such a diverse group of professionals who inherently have the same passion as me, and learn from them.
Bruce: Meeting people and networking with a significant amount of diversity – people from different origins and places all over the world. So that's been a great perspective: Meeting people that are outside of my business scope number one, and culture number two.
Highlights of your semester so far?
Manka: I think the GSB has probably the highest concentration of academics who have also practiced. You are taught and supported by people who are at the top of their game, and who are willing to give up their time. You're being lectured by someone who works in the Reserve Bank – a Reserve Bank person teaching you quants! How more real-life can that be? So the programme directors at the GSB are intentional with what they’re trying to do. Making sure that the people who chose to partake in it not only had the theoretical but also the practical knowledge. And that for me is huge. That you can walk away saying: This isn't just out of a textbook, this man uses this framework to make decisions.
Bruce: Look, it's been an exceptional journey that we've been on. Definitely a challenging, fast-paced, action-packed course. And very rewarding at the end of the day. I’ve learnt a lot, and not coming from a finance-centric environment, it's been a little bit of a challenge. But the course provides good content for people that are outside of the finance scope. So overall, it’s been quite a steep learning curve!
How do you envisage applying your studies to your career?
Manka: We're raising a Property Impact Fund, an equity-based fund. And one of the challenges and something that I had some cognitive dissonance about was why there was such a resistance to equity funds that are targeting impact? But to unpack the issues of development finance, to go through the importance of financial intermediaries, to understand the challenges that small, micro, and medium enterprises face – is to actually understand that everyone wants to do good. But they want to do it with trust. And equity is risky. So I need to be able to go back to office on Monday and say: Yes, this is an equity fund, but what governance structures can we put in place that can give people confidence?
Bruce: I'm hoping to try and leverage what I've learned in negotiating deals specifically with development banks, and with municipalities locally, in terms of getting our projects off the ground in a more sustainable manner. Get the various different stakeholders in the environment to actually move forward. You should be implementing it as you go along, so definitely some new tips and tricks from a finance perspective.
Any last words?
Manka: I'm sleep deprived, proper sleep deprived. But my heart is full. You know, on the first day I told someone that at the end of these three weeks, I'm really gonna be a different person. And I'm a totally different person from when I when I started. And I can't wait to see how that person shows up.
Bruce: People always say do hard things, and it'll be rewarding. So this kind of sums up the experience that I've had on this course: It's challenging, but extremely rewarding at the same time. It definitely opens your mind, and it'll really leave you thinking that you can do better.
The UCT GSB’s MCom in Development Finance is designed for professionals ready to advance their expertise and lead sustainable economic growth in emerging markets. If you’re looking to gain the skills needed to make a real difference, click here.
