CDC Group, the government-backed emerging markets investor, has set out plans to increase its headcount by 20% by the end of the year and to invest more than £1bn directly within the next five years.

Mark Pay, who joined CDC as head of direct investments in February, said: "From discussions with the board I have said it would be fantastic to be able to invest $1bn within the next five years. Their response was 'it would be reasonably fantastic but we'd like you to invest more'."