Raj Kulasingam

Raj Kulasingam

London, England, United Kingdom
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Inns of court school of law

About

I grew up in Malaysia and currently live in London. Where I trained as a barrister (Grays…

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Experience

  • Dentons Graphic

    Dentons

    London, United Kingdom

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    London, England, United Kingdom

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    London, England, United Kingdom

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    London, United Kingdom

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    London, England, United Kingdom

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    Mauritius

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    Silicon Valley, California, United States

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    Lagos, Nigeria

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    London, England, United Kingdom

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    London, England, United Kingdom

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    London

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Education

  • Inns of court school of law

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Licenses & Certifications

  • VC University ONLINE Graphic

    VC University ONLINE

    VC University

    Issued
  • Venture Deals Fall 2020 Graphic

    Venture Deals Fall 2020

    NovoEd

    Issued
    Credential ID 8960-2230112

Publications

  • Dos and Dont's of Raising Bank Debt in Africa

    Nigeria Development and Finance Forum

    Here is the deepest, darkest secret of syndicated lending - MLAs act on behalf of the syndicate of lenders, NOT on behalf of the borrower.

    The MLA contributes enormous value in taking a lot of the day-to-day hassles/deliverables of syndication away from the borrower. Additional advantages of having an MLA include the following:
    • it is the MLA that holds the direct relationship with the numerous banks that comprise the syndicate and helps the borrower manage these banks;
    •…

    Here is the deepest, darkest secret of syndicated lending - MLAs act on behalf of the syndicate of lenders, NOT on behalf of the borrower.

    The MLA contributes enormous value in taking a lot of the day-to-day hassles/deliverables of syndication away from the borrower. Additional advantages of having an MLA include the following:
    • it is the MLA that holds the direct relationship with the numerous banks that comprise the syndicate and helps the borrower manage these banks;
    • the MLA will know how to structure and price a loan that will maximise the chances of attracting other banks and therefore of success;
    • investor banks will take comfort from the MLAs' track record in syndicating successful transactions and the repeat business between the two keeps the loan market liquid and the wheels of finance turning.

    So my advice is – get a strong MLA who will structure a profitable, well-performing loan facility, that it is willing to hold.

    See publication

  • China's Roar in Africa

    FInancial Nigeria/Nigeria Development and Finance Forum

    The Chinese are all over Africa and depending on who you talk to they either attract praise or opprobrium. You will encounter them everywhere. They are pumping oil, mining minerals, building roads, railways, dams, schools, hospitals, palaces, government buildings, sports stadiums, importing goods etc throughout the continent. They are buying too. Acquisitions range from a stake in a Cairo-based manufacturer of refrigerators and air conditioning systems for $5.6 billion; $5.5 billion for a…

    The Chinese are all over Africa and depending on who you talk to they either attract praise or opprobrium. You will encounter them everywhere. They are pumping oil, mining minerals, building roads, railways, dams, schools, hospitals, palaces, government buildings, sports stadiums, importing goods etc throughout the continent. They are buying too. Acquisitions range from a stake in a Cairo-based manufacturer of refrigerators and air conditioning systems for $5.6 billion; $5.5 billion for a stake in South Africa's Standard Bank to a $14 million investment in a mobile-phone company in Somalia. Today China is Africa's single largest trading partner ahead of the U.S.

    Longstanding China's roar in Africa

    The Chinese were ahead of the curve in Africa and have been trading and investing there for many years. Contrary to some who would have us believe that China in Africa is a relatively recent phenomenon, the Chinese have been flexing and expanding their political and financial muscle across Africa since the end of World War II.

    See publication

  • International Investment Disputes in Africa: Some Pointers on How Not to Lose Your Trousers

    Financial Nigeria/Nigeria Development and Finance Forum

    So what do you do when it all goes wrong? You developed a project, raised the debt and equity, poured blood, sweat and tears into it and things have not "quite gone according to plan". Someone once told me that getting into business is a bit like getting married (this is a subject that deserves more analysis – but not this month!). Most people who get married don't want to think about what if it goes wrong. Of course, we have pre-nuptials nowadays so some people (think Hollywood) do think…

    So what do you do when it all goes wrong? You developed a project, raised the debt and equity, poured blood, sweat and tears into it and things have not "quite gone according to plan". Someone once told me that getting into business is a bit like getting married (this is a subject that deserves more analysis – but not this month!). Most people who get married don't want to think about what if it goes wrong. Of course, we have pre-nuptials nowadays so some people (think Hollywood) do think ahead before diving in (Me, I'm a romantic and can't bring myself to accept the whole concept of pre-nuptials.)

    So in the heat and excitement of getting the deal done and the start of a beautiful relationship that is “obviously” going to “make loadsa money”, don't “forget to remember to agree” what should happen if it all goes wrong. The reality is that as contracts are made, some are inevitably broken. Business and investment need to go hand-in-hand with sound dispute resolution mechanisms.

    See publication

  • The Rise and Rise of the PE Investor in Africa

    Financial Nigeria/Nigeria Development and Finance Forum/Stratfor

    So why the excitement about PE in Africa?

    The growth of PE on the continent has been catalyzed by a number of things:

    · the slow or negative growth in “developed countries”;

    · constrained government / development spending;

    · business-friendly reforms and an improving legal and regulatory framework in many African countries (though the challenges of quick, efficient and transparent dispute resolution in Africa still remains a challenge – see my…

    So why the excitement about PE in Africa?

    The growth of PE on the continent has been catalyzed by a number of things:

    · the slow or negative growth in “developed countries”;

    · constrained government / development spending;

    · business-friendly reforms and an improving legal and regulatory framework in many African countries (though the challenges of quick, efficient and transparent dispute resolution in Africa still remains a challenge – see my December column);

    · the growth of the African consumer and his/her spending power – projected 58 million people becoming “middle class” during 2010-2020; and

    · the world's fastest urbanisation rate and the youngest population.

    As the region's economies grow and disposable incomes rise, the general sentiment is that there are tremendous opportunities in numerous sectors. The greatest interest seems to be in those sectors driven by consumer demand such as telecoms, financial services, hotels and real estate, healthcare, energy and food and beverage.



    Read more: The Rise and Rise of the PE Investors in Africa | Stratfor
    Follow us: @stratfor on Twitter | Stratfor on Facebook

    See publication

  • NIPP and the Great Nigeria Power Privatisation II

    NIPP and the Great Nigeria Power Privatisation II

    In broad terms, the Federal Government has launched a process to sell 80 percent of its stake in ten companies (NIPP Gencos) that own gas-fired power plants that have been constructed or are in the late stages of construction to the private sector. This is Part two of the Great Nigerian Power Privatization.

    Moving Forward

    Part one was the privatization of 15 generation and distribution companies which took place over the last two years. Reports indicate that 13 out of 15 of these…

    In broad terms, the Federal Government has launched a process to sell 80 percent of its stake in ten companies (NIPP Gencos) that own gas-fired power plants that have been constructed or are in the late stages of construction to the private sector. This is Part two of the Great Nigerian Power Privatization.

    Moving Forward

    Part one was the privatization of 15 generation and distribution companies which took place over the last two years. Reports indicate that 13 out of 15 of these companies have now been sold, with most of the new owners having paid the 75 per cent balance due to the government.

    Full operational takeover of these companies is expected to happen soon and this should kick-start the advent of the transitional electricity market in Nigeria. In addition, successful bidders have been announced for the remaining two companies – Afam Genco and Kaduna Disco. One recent report announced that:

    “Nigeria now stands on the verge of completing the largest electricity assets sale ever done in the history of the world.”

    See publication

  • The Nigerian Gas Conundrum

    Financial Nigeria/Nigeria Development and Finance Forum

    I like the word conundrum. It's got a nice ring and feel about it. The three syllables slip out of ones mouth so easily. There are lots of conundrums in Nigeria (type the word “conundrum and Nigeria” into your search engine and you will be amazed at what it throws up). Off the back of the piece I did on the NIPP power privatization last month, I decided to take a deeper look into the conundrum of gas in Nigeria.

    The gas conundrum

    The gas conundrum is that Nigeria is the world's…

    I like the word conundrum. It's got a nice ring and feel about it. The three syllables slip out of ones mouth so easily. There are lots of conundrums in Nigeria (type the word “conundrum and Nigeria” into your search engine and you will be amazed at what it throws up). Off the back of the piece I did on the NIPP power privatization last month, I decided to take a deeper look into the conundrum of gas in Nigeria.

    The gas conundrum

    The gas conundrum is that Nigeria is the world's 7th largest natural gas producer with its estimated reserves of 187,000bn cubic feet. There is even talk of Nigeria having significant reserves of shale gas. Yet huge quantities of gas is being flared every day and existing power plants are not operating to their capacity for lack of gas. This lack of gas is one of the root causes for the lack of power in Nigeria [see my piece last month where the risks associated with gas supply is one of the key concerns for investors in the NIPP power privatization]. One report suggests that constraints in the supply of gas has been responsible for an average 1500MW in idle (power plant) capacity in recent years.

    See publication

  • Roads: To PPP or not to PPP

    Financial Nigeria/Nigeria Development and Finance Forum

    Toll roads in Africa have had a chequered history. For example, whilst South Africa has successfully pioneered modern toll road projects in Africa since the 1980s, its toll road programme has recently been mired in controversy. In Gauteng in 2012, “people power” protests resulted in the South African government being judicially reviewed on its proposal to incorporate e-tolling for the Gauteng freeway improvement project.

    See publication

  • Power to the people: Nigerian power privatization

    Financial Nigeria/Nigeria Development and Finance Forum

    This month I thought I would turn my attention to the power sector in Nigeria. Two events triggered this. Firstly, I was scheduled to attend the National Integrated Power Project ('NIPP') roadshow in Lagos and London. (It was cancelled a week prior to the Lagos leg for some unknown and unexplained reason)! Not the best start to the process. Some diaries which are more important than mine would have been slightly peeved about this. Secondly, the Financial Times of London carried a 4-page pull…

    This month I thought I would turn my attention to the power sector in Nigeria. Two events triggered this. Firstly, I was scheduled to attend the National Integrated Power Project ('NIPP') roadshow in Lagos and London. (It was cancelled a week prior to the Lagos leg for some unknown and unexplained reason)! Not the best start to the process. Some diaries which are more important than mine would have been slightly peeved about this. Secondly, the Financial Times of London carried a 4-page pull out section on the Nigeria power sector on 7th May, 2013 together with a lead article that said:

    See publication

  • Developing Nigerian PPP Industry

    Financial Nigeria/Nigeria Development and Finance Forum

    These are exciting times in Nigeria in the energy and infrastructure sectors. With the power privatisations and power sector reform, the Petroleum Industry Bill heralding seismic (no pun intended) changes in the hydrocarbons sector and various other infrastructure projects in differing stages of procurement and development.

    It feels as if Governor Fashola’s exhortation to “Let’s build more; Let’s do more” is being taken very seriously not only in Lagos but also across Nigeria. The…

    These are exciting times in Nigeria in the energy and infrastructure sectors. With the power privatisations and power sector reform, the Petroleum Industry Bill heralding seismic (no pun intended) changes in the hydrocarbons sector and various other infrastructure projects in differing stages of procurement and development.

    It feels as if Governor Fashola’s exhortation to “Let’s build more; Let’s do more” is being taken very seriously not only in Lagos but also across Nigeria. The interest in PPPs in particular has taken off in a major way judging by the number of inquiries we are seeing on investment opportunities in Nigeria coupled with the number of conferences on PPPs in Nigeria that come across my desk.

    See publication

  • FBN Capital 2nd Annual Investor Conference

    FBN Capital

    Presentation at FBN Capital conference in Lagos

    See publication

  • Perceptions, risks and Donald Rumsfeld

    Financial Nigeria/Nigeria Development and Finance Forum

    Just as Hollywood portrays African men as crazed war-mongers and certain sections of the media still portray Africa as the “dark continent”, private sector participation in infrastructure projects also suffers from certain perceptions.

    These perceptions come to the fore on major infrastructure projects in Africa in the way risks and investors in these projects are perceived. We all know that any project has a whole bunch of risks that need to be dealt with. These risks need to be…

    Just as Hollywood portrays African men as crazed war-mongers and certain sections of the media still portray Africa as the “dark continent”, private sector participation in infrastructure projects also suffers from certain perceptions.

    These perceptions come to the fore on major infrastructure projects in Africa in the way risks and investors in these projects are perceived. We all know that any project has a whole bunch of risks that need to be dealt with. These risks need to be allocated in a sensible fashion. Nothing controversial. Ask anyone involved in project finance, and they will roll out the well-rehearsed mantra of “risks should be allocated to the party best placed to manage them”. But what does this mean?

    Risks in project finance have to be looked at differently to risks in “ordinary” commercial transactions. In a true project finance transaction, certain risks can only be allocated to the public sector (Government in short hand). The more risky the political, regulatory and physical environment is in a country, the more the pendulum swings to the Government taking the risks.

    See publication

  • War! What is it good for? Conflicts, instability and investment in infrastructure

    Financial Nigeria/Nigeria Development and Finance Forum

    It probably does not come as any surprise that war, conflict and investment (especially in the face of the kind of statistics in Northern Nigeria listed above) simply don't mix. No sane investor will invest money in a country or area where, he not only won't get a return on his investment, but also risks losing his investment and the lives of his people. The reality is that private participation in infrastructure (as an investor) on a significant scale is highly unlikely until the war or…

    It probably does not come as any surprise that war, conflict and investment (especially in the face of the kind of statistics in Northern Nigeria listed above) simply don't mix. No sane investor will invest money in a country or area where, he not only won't get a return on his investment, but also risks losing his investment and the lives of his people. The reality is that private participation in infrastructure (as an investor) on a significant scale is highly unlikely until the war or conflict is effectively at an end. This quote sums it up very aptly:

    “Investment is an aspect of financial tourism, it settles where it finds peace.”

    See publication

  • Manitoba and the Rule of Law

    Financial Nigeria/Nigeria Development and Finance Forum

    Rule of law and the sanctity of contract is a fundamental issue in any country. It is especially important in a developing nation trying to promote any form of investment whether PPP or otherwise. Here is an excerpt from a well known judicial decision:

    ... it is a fundamental principle of law, which is constantly being proclaimed by international courts, that contractual undertakings must be respected. The rule pacta sunt servanda is the basis of every contractual relationship.

    See publication

  • Urban metro rail projects: The key to getting them right in Nigeria

    Financial Nigeria/Nigeria Development and Finance Forum

    This is the Lagos State Government's Blue Line PPP Project. This project will not only change the cityscape of Lagos but also change the lives of thousands who are able to give up the infamous choking Lagos traffic to travel in a modern air-conditioned metro system.

    The Blue Line has an innovative structure where the track and station infrastructure is constructed under contracts funded by the Lagos State Government. Layered on top of that, trains, control systems, power and fare…

    This is the Lagos State Government's Blue Line PPP Project. This project will not only change the cityscape of Lagos but also change the lives of thousands who are able to give up the infamous choking Lagos traffic to travel in a modern air-conditioned metro system.

    The Blue Line has an innovative structure where the track and station infrastructure is constructed under contracts funded by the Lagos State Government. Layered on top of that, trains, control systems, power and fare collection will be provided by Eko Rail (a private sector rail operator) under a 25-year PPP concession.

    See publication

  • Unsolicited Bids in Procuring PPP Projects

    International Finance Corporation

    Presentation at IFC conference in Lagos on procuring PPP projects in Nigeria and unsolicited bids.

    See publication

  • Developing Projects in Africa: Mind the Gap and other thoughts

    Financial Nigeria/Nigeria Development and Finance Forum

    You've all read the news – interest in investing in Africa is heating up even further. And this is reflected in the number of Africa-related events there are – there is not a week that passes that I don't get invited to attend or speak at an Africa-related conference or networking event. The Africa rising story seems to be rising even higher up the scale.

    In early May I was part of a panel with Standard Chartered and others at the second ILFR Africa Forum (iflr.com) discussing issues…

    You've all read the news – interest in investing in Africa is heating up even further. And this is reflected in the number of Africa-related events there are – there is not a week that passes that I don't get invited to attend or speak at an Africa-related conference or networking event. The Africa rising story seems to be rising even higher up the scale.

    In early May I was part of a panel with Standard Chartered and others at the second ILFR Africa Forum (iflr.com) discussing issues relating to African projects in the power, resources and infrastructure sectors.

    On 11 June, Dentons shared a table with our clients Verod Capital from Lagos at the Private Equity Africa Awards dinner (privateequityafrica.com) to celebrate deals done on the continent in the private equity space. [A great evening for Verod (and by association Dentons as their legal advisers!!) as GZ Industries won the Private Equity Africa Large Cap Deal of the Year and Large Cap Exit of the Year!!]. Attendance was up from last year reflecting the influx of private equity funds investing and looking to invest in Africa.

    See publication

  • Environment, saints, halos and Jerry Maguire: Environmental issues in project finance

    Financial Nigeria/Nigeria Development and Finance Forum

    Sustainability, the environment and social impacts are words that we see more and more everywhere. Whether at work, at play or at home, these words have crept into our psyche, vocabulary and lives. The days when environmental issues could be ignored and swept under the carpet are long gone.

    Uneasy bedfellows

    However, environmental protection and development are uneasy bedfellows. The push for progress and wealth creation is seen by some to be more important than the protection of…

    Sustainability, the environment and social impacts are words that we see more and more everywhere. Whether at work, at play or at home, these words have crept into our psyche, vocabulary and lives. The days when environmental issues could be ignored and swept under the carpet are long gone.

    Uneasy bedfellows

    However, environmental protection and development are uneasy bedfellows. The push for progress and wealth creation is seen by some to be more important than the protection of the environment. Environmental issues often get air-play in the context of debates and arguments on why developing nations should forgo development when damage to the environment is at stake. Many in the developing world feel that they are being press-ganged into taking steps to protect the environment at the expense of development and prosperity, whereas the developed world had had the benefit of centuries of development at the expense of the environment. [Now that's a debate that could run on forever and not for this column!!].

    See publication

Honors & Awards

  • Single Deal Advisor Dentons for Petrobras Africa

    Private Equity Africa

    Dentons is delighted to have won the 'Advisor of the Year – Single Deal Advisor' award at the Private Equity Africa Awards 2014. Dentons won the award for its role advising Indorama on its co-investment with Helios in the US$3bn Petrobras Oil & Gas JV, which was the largest private equity transaction in Africa in 2013.
    The transaction was completed in four days and is testament to Dentons' ability to field experts in: private equity; oil and gas; African and international tax regimes; and…

    Dentons is delighted to have won the 'Advisor of the Year – Single Deal Advisor' award at the Private Equity Africa Awards 2014. Dentons won the award for its role advising Indorama on its co-investment with Helios in the US$3bn Petrobras Oil & Gas JV, which was the largest private equity transaction in Africa in 2013.
    The transaction was completed in four days and is testament to Dentons' ability to field experts in: private equity; oil and gas; African and international tax regimes; and bilateral investment treaties.
    The work was led by Nicholas Plant, partner and head of Dentons' Private Equity practice in the UK and Africa, and Raj Kulasingam, senior counsel in Dentons' Energy practice. T
    In addition to acting on the largest private equity transaction in Africa in 2013, Dentons also acted on the second largest private equity transaction in Africa in 2013, advising the South African-based Macquarie-owned investment fund group African Infrastructure Investment Managers (AIIM) on the US$500 million Series C funding round in IHS Holdings (Africa's largest telecom towers group), co-investing with Goldman Sachs, Investec and Emerging Capital Partners. Richard Macklin, partner in Dentons' Corporate group in London, led this transaction.

    Nicholas Plant commented: "This award is testament to Dentons' preeminent position in Africa and our ability to handle the most complex private equity transactions. We were delighted to advise on this important transaction which will allow more oil and gas exploration and production throughout Africa."
    Raj Kulasingam commented: "It was a great experience working with talented people on both sides of the transaction including Sanjay from Indorama, Henry Obi, Baba Soyoye and Sam Senbanjo from Helios. It was a joint effort on the part of the teams at Indorama and Helios that made such a significant deal happen in such a short timescale."

  • African Large Cap Deal of the Year and African Large Cap Exit of the Year

    Private Equity Africa GP & Advisor Awards 2013,

    A deal that Dentons advised on has been named "African Large Cap Deal of the Year" and "African Large Cap Exit of the Year" at the Private Equity Africa GP & Advisor Awards 2013, held at a gala dinner in London on 11 June.
    Dentons advised on the sale of an interest in GZI Industries Ltd, a Nigerian beverage canning business to international private equity funds.
    Jeremy Cohen, partner in the corporate practice at Dentons UKMEA, said: 'Dentons' strong focus on emerging markets combined with…

    A deal that Dentons advised on has been named "African Large Cap Deal of the Year" and "African Large Cap Exit of the Year" at the Private Equity Africa GP & Advisor Awards 2013, held at a gala dinner in London on 11 June.
    Dentons advised on the sale of an interest in GZI Industries Ltd, a Nigerian beverage canning business to international private equity funds.
    Jeremy Cohen, partner in the corporate practice at Dentons UKMEA, said: 'Dentons' strong focus on emerging markets combined with our well-established connections and associations in Africa ensured we were able to guide the sellers through every stage of the deal.'
    The Dentons team was led by partner Jeremy Cohen and included partner Nigel Webber, senior counsel Raj Kulasingam, senior associate Baljeet Panesar, and lawyers Ming Da Wang and Daniel Stock.
    The Private Equity Africa Awards, hosted by Private Equity Africa, celebrates the achievements of GP Investors and Advisors in 2012. Nominees were selected through received entries and editorial recommendations, while the winners were selected by an independent panel of judges.

Languages

  • English

    Native or bilingual proficiency

  • Malay

    Native or bilingual proficiency

  • Tamil

    Elementary proficiency

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