Stephen Murray


Stephen has over 20 years of experience in Emerging & Frontier Markets overseeing investments, financial management and the execution of strategic plans.  Stephen has worked across a broad range of industries and sectors with specific expertise in financial services, agribusiness, energy, and communications.  Stephen is passionate about financial inclusion and fostering innovation and improving operations to achieve efficiency gains and better manage risk in Emerging & Frontier Markets. 

Within financial services, Stephen has advised on bank recapitalizations, acquisitions, and cross-border expansion opportunities and worked extensively with incumbent institutions to deliver technology enabled products, enhanced risk management tools and deliver services via digital platforms.        

In 2020 Stephen joined CrossBoundary, a frontier market focused investment firm. He previously served as Managing Director, Africa and the Middle East, for Aldwych Capital Partners (“Aldwych”), a special situations boutique investment bank focused on capital markets, M&A advisory, and project finance, where he worked closely with the firm’s clients to raise and structure capital across a broad spectrum of real asset sectors.

In addition to his work with CrossBoundary, Stephen provides business strategy and commercial intelligence to clients ranging from early stage, high growth ventures to multinational corporations expanding in frontier markets.  Representative clients include Accion, Canadian Solar, Dalberg, OnFrontiers, Resonance, and Verdigris Holdings.    

Stephen spent a decade at Pan African Capital Group, LLC (“PACG”) where he managed investments, philanthropic initiatives, and political advocacy in Sub-Saharan Africa. Stephen co-managed the group’s investment portfolio, with particular emphasis on investments in the financial services sectors of West Africa.  From 2007 to 2016, Stephen served on the Board of International Bank (Liberia) Limited, where he oversaw the reengineering of loan underwriting, negotiated and managed correspondent banking relationships and developed frameworks to manage liquidity, KYC and credit risk.  From 2000 to 2002, Stephen worked for Modern Africa Fund Managers, LCC identifying and evaluating investment opportunities in sub-Saharan Africa.  Prior to joining PACG, Stephen worked at The Federal Reserve Bank of New York in the Emerging Markets and International Affairs group, where he was responsible for assessing economic, financial, and political developments affecting global capital markets and financial institutions in a number of Emerging Markets.

Stephen is a board director at an early stage communications company utilizing proprietary software, analytics and hardware that connects to existing satellite communication infrastructure to make sensor technology accessible to remote areas.  Stephen serves on the boards of Yamba Malawi, a non-profit organization working with vulnerable communities in Malawi to break the cycle of poverty, and the Society of International Development-Washington, providing a perspective on strategy, programs and membership from beyond Washington, DC.  Stephen graduated with honors from Villanova University with a degree in International Business and received his MBA from Georgetown University’s McDonough School of Business in 2002.