One Thousand & One Voices, a movement of influential families investing relational, intellectual and patient financial capital to profitably accelerate prosperity in developing markets, today announced its formation. The announcement is being made in Cape Town in conjunction with the World Economic Forum on Africa.
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Influential families conceived of 1K1V to help increase economic opportunity for families in developing markets. Each family’s capital is three-dimensional: relational capital leverages member family connections and reputation, intellectual capital leverages their business and industry knowledge, and patient financial capital provides the funding that developing-market businesses need to grow.
"One Thousand & One Voices was established with the belief that the pathway to economic freedom — real prosperity for millions living in poverty — is through values-based private investment grounded in the time-tested principles of free enterprise," said Dr. John Coors, chief executive officer of technical ceramics company CoorsTek and one of the movement’s initial family members.
1K1V’s model was designed to provide financial capital that is sufficiently patient to accelerate prosperity in developing markets, addressing a major shortcoming of traditional private equity and many impact investment funds operating today. 1K1V does not impose arbitrary limits on the duration of its investments, making it possible to provide capital that is as patient as may be required, which reduces the risk of impaired returns due to forced exits.
1K1V intends to deploy $300 million in sub-Saharan Africa and similar or larger amounts in other geographies. Although 1KIV’s initial focus is sub-Saharan Africa — a region now experiencing robust economic growth but one that carries a substantial legacy of poverty, inefficiency, and undercapitalization — the movement is expected thereafter to focus on Latin America, Southeast Asia and Eastern Europe. 1K1V expects to use leading edge, proprietary tools to predict, measure and report impact.
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By GlobalData"This movement emphasizes that a larger private-sector role in developing markets will profitably accelerate prosperity, and I strongly believe that One Thousand & One Voices’ three-dimensional capital model positions it for long-term success where other initiatives have fallen short," said Hendrik Jordaan, president and chief executive officer of 1K1V. "I believe that One Thousand & One Voices fundamentally re-defines how private equity and leading families can drive prosperity in developing markets."
"Capitalism and business done well — not socialism or philanthropy — is the only proven path for economic development to lift multitudes from poverty," said Dr. Coors. "People in Africa are yearning for jobs. Only business can create an expanding jobs base, but business can only succeed if it has investment, and investment will come only if the returns warrant the risk. I believe today they do, and that is why my family has become involved in the One Thousand & One Voices movement."
1K1V is comprised entirely of influential families with experience and potential influence in sectors that will be accretive to 1K1V’s investment objectives, and in part to represent a diversity of strategic regions around the globe. The movement employs a unique membership program to facilitate collaboration among families, particularly next generation family members.
"I became involved with One Thousand & One Voices with the recognition that private equity serves a very valuable purpose in developing markets, and also that this is a wonderful way to introduce my family to private equity investing," said Charles Widger, founder and executive chairman of Brinker Capital, a Berwyn, Pennsylvania-based investment management firm, and a 1K1V founding family member. "A significant challenge for many families is educating the next generation on investing their money, and One Thousand & One Voices provides a strong framework for meeting this challenge."
"Many developing markets are now progressing economically and socially at rates never before seen in their histories, providing a good foundation for private sector investment to build upon," said Don Gips, former US Ambassador to South Africa. "As these economies are still developing, building sound, successful, job-creating businesses that will capture the full market potential requires a long horizon, creating a critical need for highly patient capital."
