We spoke to Francoise Chan, Executive Director, Intercontinental Trust Ltd (ITL), in the wake of her recent win at the Private Equity Africa awards in London in the special recognition category for Women in Private Equity. The same awards served to give ITL twice the reason to celebrate as the leading Mauritian fund services provider also won the award for Best Local Fund Administrator in a hotly contested category.
As ITL celebrates its 25th anniversary this year, Francoise shares her insights on what makes her prestigious win so special, marking her contributions for the last decade to this specialised sector. Indeed, this accolade signifies a momentous milestone for ITL, as only the second time that a key leadership resource has received such a special distinction at the PEA Awards. The first was 2020 when CEO Ben Lim was conferred the “Advisor Individual Decade Award” for his contribution to the industry over the past ten years.
Francoise, who has been in the financial sector for 30 years, shares insights on the evolution of this sector and women’s roles within the industry.
- In the wake of your prestigious win at the Private Equity Africa awards, what are some key trends in Private Equity in Africa that you would like to highlight to our readers?
Since the past decade or so, there has been a continuously growing focus on sustainability and impact investing in Africa, with funds increasingly targeting investments that contribute to sustainable development goals, reflecting a broader commitment to responsible investing and the long-term viability of their portfolios. We see our clients promoting transformative projects and investments that create jobs, drive economic growth, and improve the quality of life across Africa. Sectors such as healthcare, infrastructure, digital connectivity, and renewable energy are gaining traction due to their growth potential and essential nature. The digitalisation of the African economy continues to attract substantial investments, particularly in FinTech, HealthTech, and EdTech sectors, driven by rapid digital transformation and growing demand for innovative solutions.
By addressing those critical sectors, our clients are making a tangible difference in millions of lives, fostering a resilient and prosperous future for Africa. We are proud to play a part in their projects, where our work enables and maximises their impact on the continent. Concurrently, we have seen significant traction in the private debt space, with our clients increasingly looking at debt funds or hybrid funds instead of the traditional private equity models.
- What does this special recognition award for Women in Private Equity mean to you? What skillset, support factor or combination of these has been instrumental to your win?
This recognition extends far beyond a personal accolade. As a woman leader in the finance sector, I see this distinction as an encouragement for all those talented young women professionals who might still be hesitant about venturing into this sector.
I have been fortunate in that my journey has been shaped by a unique combination of resilience and adaptability in an environment as dynamic as Mauritius, and Africa. At the same time, I cannot speak of success without mentioning the extraordinary ITL team around me. Their unwavering support, professional excellence, and daily commitment have created the enabling environment that has allowed me to flourish and innovate in this role.
If I were to give one piece of advice to future leaders, it would be this: cultivate your authenticity. Our strength lies in our ability to bring a different perspective and create value in our own way.
- Have you seen the role of women in this specialised field increasing over the years?
Definitely! When I started in the financial services sector in Mauritius, the landscape was markedly different than it is today. There has been a noticeable increase in women’s representation and recognition in the industry. I recently attended a lunch hosted by Clifford Chance in London, together with several distinguished women leaders, including Adesuwa Okunbo Rhodes from Aruwa Capital, Ann Wyman from AfricInvest, Joy Chakanyuka from Development Partners International (DPI), as well as Monserrat Petit and Gail Mwamba. These interactions, along with my many other encounters with women leaders in the field, reflect a growing trend of women not only entering but excelling in leadership positions within the sector. The increasing visibility and recognition of women leaders in our industry signals positive change and creates inspiring role models for the next generation of professionals. I’ve observed how women are increasingly leading complex fund structures, managing key client relationships, and driving innovation in our service offerings.
At ITL, we’ve consciously fostered an environment where women professionals can thrive, leading to a significant increase in female representation across all levels of our organisation. We provide them with flexible hours to help our team members balance their professional ambitions with family commitments. We have also introduced the ‘Return to Work’ programme, which aims to support mothers transitioning back to their careers after maternity leave or family breaks. Mothers can gradually increase their working hours, helping them reintegrate into the workplace at a comfortable pace.
- Do you believe that organisations such as ITL are setting a good example for others to emulate by supporting women leaders to take on strategic roles in the finance sector/global business sector with confidence and expertise? What are the key takeaways you would like to share from your experience at ITL?
ITL’s journey in fostering women leadership isn’t just about ticking boxes – it’s about creating genuine pathways for success. We’ve seen firsthand how supporting women in strategic roles isn’t merely the right thing to do; it’s proven to be a brilliant ‘strategy’ for growth and success.
What’s particularly striking about our approach at ITL is the emphasis on practical support rather than just talk. We’ve created structured mentorship programmes, invested in continuous professional development, and perhaps most importantly, cultivated an environment where women feel empowered to take calculated risks and lead innovative initiatives. The results speak for themselves – we’ve seen a remarkable increase in women taking on senior positions and driving key strategic decisions. At ITL, we’ve seen how women leaders have brought innovative approaches to client relationships, risk management, and strategic planning, particularly in the complex landscape of African private equity.
For my part, I was blessed to have the necessary support system that has been instrumental to my success. My family and colleagues have been providing unwavering encouragement and support over the years, contributing to an enabling environment for me to take on higher responsibilities over the years.
- Finally, what more could be done to support women in leadership roles ?
Looking ahead, what we really need are proper sponsorship programmes – and I’m not just talking about mentorship here. We need influential leaders who’ll actively champion women, put their names forward for big opportunities, and back them when it comes to leading major investment decisions. One key piece of advice for women: never stop learning and exploring the opportunities being offered.
In 2015, women made up less than 7% of boardroom representation in Mauritius. While progress has been made, there’s still room for meaningful advancement. Mauritius has passed a law requiring 25% female representation on boards of listed entities. This is a positive step, but many private companies still have under-representation of women on their boards.
