“My career has been made by a few key actors setting us challenges, some of which seemed entirely impossible. The trick has been to run towards those challenges with open arms. It can be tough and is not always glamorous, but when they come off the sensation is incredible.” – Christopher Egerton-Warburton, Founding Partner“
What is the most impactful/ favourite project you have worked on at Lion’s Head
That is an impossible question to answer fairly because there have been so many and each has unique features, but I am immensely proud of the programmes that I worked on that have built, grown and had an impact. This includes IFFIm and Gavi from my time at Goldman, but also the Global Health Investment Fund, and more recently CEPI and then the Covid vaccines in the health sector. These institutions / funds / products are flourishing, and their impact multiplies. In the energy space it would have to be Africa Green Co and Koko. Both prove the power of passionate CEOs who just refuse to give up. The Hashemite Kingdom of Jordan’s last Eurobond was also very special, seeing a country that had made many tough choices for multiple years be rewarded with investor support, when so many of their peers were being shunned.
My career has been made by a few key actors setting us challenges, some of which seemed entirely impossible, such as the Governments of UK, Germany, Norway and USA and their DFIs, MDBs like the African Development Bank, European Bank for Reconstruction and Development EIB and The World Bank and Foundations such as Bill & Melinda Gates Foundation, Rockefeller Foundation and Open Society. The trick has been to run towards those challenges with open arms. It can be tough and is not always glamorous, but when they come off the sensation is incredible. I am not a surfer, but the analogy works, those are my green cathedral moments. Right now, we are working on a portfolio of incredible projects that each have the potential to impact millions of people’s lives. They are the waves of the future that drive one to grab the board and head straight back to sea.
What is unique about Lion’s Head as an organisation?
We brought the investment banking skill set to development finance. It had been occupied for years by consultancy firms, but there was limited if any IB mindshare in the room. That has changed and we are proud to have been part of that change. Our strength comes from the fact that this is what we do day in day out. It is easy to be distracted with a glamorous project here or there and to deprioritise the development finance sector, because it is hard. But if you define your zip code, then it is great because you can really focus on things that will make a difference. We are proud to be called on by the World’s leading Governments and their institutions to work on some of the biggest challenges of our time. For most those challenges either seem utterly intractable and thus not worth thinking about or things that you simply hope someone else is focusing on. These are the issues we come to work for.
How do you see the industry evolving in the next 5 years?
As we get closer to 2030 and the SDG end goal, the pressure will build for results. There is no question that huge progress has been made since 2000, but Covid, the War in Ukraine and the deprioritisation of globalisation by electorates and leaders alike are headwinds that disproportionately impact the poorest countries. I see huge wins ahead. In global health, effective dengue and malaria vaccines are now in our hands, an effective TB vaccine is in sight and the prospect of a treatment and cure for HIV feels possible. These are some of the biggest challenges in global health and are the cause of daily financial burden and heartbreak for the most vulnerable. Imagine the impact if those lives were not lost and the billions spent on treating their impact could support the next layer of challenges including education and nutrition. The move to renewable energy will transform nations that have been hobbled for years by the need to import all of their energy needs. Free trade has the capacity to unlock Africa. Yet war, conflict and the increasing burden of climate change have the potential to uproot all of that. I feel incredibly fortunate to have lived through a golden age for globalisation, but I am equally aware that it was not golden for many and people will vote with their pocketbooks. I see that just raise the bar for development finance to create visible impact faster. The only way to avoid a self-accelerating cycle of negativity is to keep showcasing counterfactual examples.
What do you do at Lion’s Head?
A bit of everything. I see the role of Partner as part coach, part player, part secretary and part goalkeeper. I feel incredibly lucky to be part of such an amazing team who share the Lion’s Head passion. We are nothing if we are not working as a team. I have been banking for exactly 30 years. When I started it felt like every day, I was drinking from the fire hose. I half expected the pace / learning curve to drop off. 30 years later it still feels exactly the same. Each day new challenges come in and the learning goes on. Lastly, I hope that I can be a role model to people both inside but also outside Lion’s Head. Work fulfils many roles, mostly it pays the bills, but it is possible to combine a career with making a difference. I have many mentors who proved that to me. I hope I can inspire others to do the same.
What inspired you to pursue a career in development finance?
Although I have now been a banker for 30 years in my heart, I have always been a scientist. As a scientist you want to work on the biggest challenges that have the greatest impact, and you always want to push boundaries forward. When you combine those two skills you are definitionally drawn to development finance. This is where you really can make the biggest difference. It all kicked off with an invitation to the Rockefeller Foundation’s centre in Italy (Bellagio). There I was lucky enough to witness the start of the concept of impact investing to achieve a triple bottom line. It was extraordinary to be part of a group of pioneers in the sector. It gave one a huge boost to know that there were others who felt the same way and I would like to think we have accelerated each other since. Many groups were there at the beginning of their journey’s. All are still growing and having increased impact today. There is nothing like seeing your peers grow to inspire you to redouble your effort. I am also lucky to have an incredibly supportive patient and encouraging wife. I mention the team around me as key, none is more important than the home team.
