Gramercy is comprised of 60 professionals based in the U.S., Asia, Europe and Latin America. Our Portfolio Managers, who average 30 years of emerging markets investment experience, come together as an Investment Committee to share bottom-up research and top-down perspectives. They are supported by a team of 17 credit analysts who average 15 years of experience. Our global footprint includes local offices and deep local relationships built upon nearly three decades of distressed EM activity. Investment professionals are backed by a team of 31 individuals dedicated to running a transparent business platform complemented by world-class independent institutional service providers.

Portfolio Management

Distressed Credit Alternatives

Robert S. Koenigsberger
Managing Partner, Chief Investment Officer, Emerging Markets Distressed Portfolio Manager

Mr. Koenigsberger is Founder, Chief Investment Officer and the Managing Partner of Gramercy.  He founded Gramercy in 1998 with a vision for the firm to become a global, institutional investment management firm focused on emerging markets.  Mr. Koenigsberger has 30 years of investment experience dedicated to emerging markets with a specialization in distressed opportunistic credit strategies. Additionally, he serves as Co-Portfolio Manager for Gramercy Distressed Opportunity Fund III, Gramercy Distressed Opportunity Fund II, Gramercy Distressed Argentina Fund III and Gramercy Credit Opportunities Fund.

Prior to founding Gramercy, Mr. Koenigsberger was a Senior Vice President at Lehman Brothers from 1995 to 1998, where he managed the bank’s sovereign debt restructuring group.  Prior to that, he was a Vice President at Merrill Lynch, Pierce, Fenner & Smith, Inc. for three years, where he traded performing and distressed emerging markets debt securities in New York, London and Hong Kong.  From 1987 to 1991, he held the position of Vice President at CR-P Associates, a financial advisory firm with offices in Central and South America that led sovereign debt restructurings, debt buy-backs and debt-equity swap transactions in Latin America.

Mr. Koenigsberger is a member of the Board of Trustees for the Millbrook School and also serves as the Chair of the Investment Committee for the Millbrook School Endowment.  Mr. Koenigsberger is also a member of the President's Advisory Council at Elon University.

Mr. Koenigsberger received a MBA in Finance from Wharton, a MA in International Studies with a concentration in Latin America from the University of Pennsylvania and a BA in Latin American Political Science and History of Latin America with a minor in Economics from the University of California, San Diego where he graduated with honors.  Mr. Koenigsberger completed his undergraduate and graduate theses on the Historical Origins and Implications of the Latin American Debt Crisis.

Robert L. Rauch
Senior Partner, Emerging Markets Distressed Portfolio Manager

Mr. Rauch has 37 years of investment experience. He serves as Co-Portfolio Manager for Gramercy Distressed Opportunity Fund III, Gramercy Distressed Opportunity Fund II, Gramercy Credit Opportunities Fund and Gramercy Corporate/High Yield Debt Fund.  Mr. Rauch has been, or is currently involved, as a leading creditor or advisor in the restructuring of numerous companies across emerging markets including Alestra, Arpeni, Asia Pulp and Paper, Banro Corporation, BTA Bank Kazakhstan, Berlian Laju Tanker, China Forestry, Dina, Durango, Essar Steel, Industrias Unidas, Iusacell, Mechala, Medefin, Metrogas, New World Resources, Renaissance Insurance, San Luis, Satmex, Tonon Bioenergia, Transtel and Tristan Oil. He is a member of the Investment Committee, Asset Allocation Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy at the end of 2000, Mr. Rauch worked as a consultant to hedge funds managed by Van Eck Global and Farallon Capital Management specializing in the analysis of emerging markets special situations. From 1994 to 1999, Mr. Rauch was President of The Weston Group, where he was responsible for overseeing the firm’s securities research and corporate debt advisory business in Latin America. In the early 1990s, Mr. Rauch worked as a Vice President with Lehman Brothers and CS First Boston in their emerging markets fixed income trading groups. In the second half of the 1980s, he was a Vice President and Trader with First Interstate Bank’s Loan Syndications Group, structuring and syndicating loan facilities to highly-leveraged American and Asian corporations. He began his career in 1980 with Swiss Bank Corporation in several credit and corporate finance roles.

Mr. Rauch received a MM in Finance and International Business from Northwestern University – Kellogg Graduate School of Management and his BA in Political Economy from Williams College. Additionally, Mr. Rauch is a member of the American Bankruptcy Institute.

David W. Herzberg
Senior Partner, Emerging Markets Distressed Portfolio Manager

Mr. Herzberg has 20 years of investment and research experience. He oversees a team of experienced credit research analysts responsible for Gramercy’s emerging markets corporate investment recommendations. Mr. Herzberg is a member of the Investment Committee and chairs the weekly Corporate/Distressed Credit Meeting. He is also a member of our Liquidity Committee. Mr. Herzberg has served on numerous creditor committees and has extensive experience in the complex restructuring of various companies in Latin America and Eastern Europe including BTA Bank I and II (Kazakhstan), Durango I and II (Mexico), Bio Pappel (Mexico), Renaissance Insurance (Russia) and Metrogas (Argentina). Mr. Herzberg serves as one of the Co-Portfolio managers for Gramercy Distressed Opportunity Fund III, Gramercy Distressed Opportunity Fund II and Gramercy Credit Opportunities Fund.

Prior to joining Gramercy in October 2002, Mr. Herzberg worked at Bear Stearns and Co., Inc. as a Research Associate in the Global High Yield department, specializing in Latin American corporate research. From 1997 to 1998, he was a junior analyst at Caspian Securities where he covered Latin American bank equities. From 1996 to 1997, he worked at GTE Service Corporation as an Associate in its International Development training program.

Mr. Herzberg received a BA in Economics and Political Science at Middlebury College.

Bradshaw McKee
Managing Director, Capital Solutions and Distressed Portfolio Manager

Mr. McKee has over 25 years of distressed and structured credit experience in emerging markets. He is part of Gramercy’s Alternatives Portfolio Management team and Capital Solutions effort. Specifically, he is responsible for recommending, sourcing and managing distressed and high yield corporate bonds, capital solutions transactions and direct lending opportunities across the platform. He is a member of the Investment Committee and reports directly to Robert Koenigsberger, CIO.

Prior to joining Gramercy in 2017, Mr. McKee spent 11 years as Managing Director, Global Co-Head of Emerging Markets Structured Credit Trading at Deutsche Bank where he was responsible for over $2 billion of risk across distressed and high yield corporate bonds and loan investments, direct lending, and non-performing loans portfolios. Mr. McKee served as a portfolio manager on the Emerging Markets Corporate Credit Principal Desk in Latin America and CEEMEA where he sourced, purchased, and monetized numerous high-profile emerging markets distressed opportunities and gained an extensive knowledge of high yield and distressed issuers. Additionally, Mr. McKee co-managed a team of over 25 traders and structurers in New York, London, Sao Palo, Dubai, and Moscow. Mr. McKee was also a member of the Deutsche Bank Emerging Markets Executive Committee, Emerging Markets Reputational Committee, and Global Markets Americas Management Committee. From 1993 to 2006 Mr. McKee worked at JPMorgan in New York, Buenos Aires, and Mexico City where he was most recently Vice President of Latin American Distressed Trading and started the bank’s distressed loan trading business for the region.

Mr. McKee received his Executive MBA from Columbia Business School and a Bachelors of Arts in History and Spanish from Middlebury College.

Emerging Markets Debt

Jeffrey J. Grills, CFA
Partner, Co-Head of Emerging Markets Debt Group

Mr. Grills has 23 years of investment experience and is Co-Head of Gramercy’s EMD group. He is responsible for the management and investment decisions of Gramercy’s long-only EMD strategies. Along with Mr. Heiland, he manages sector specific strategies which invest in a broad range of EMD opportunities including an EMD High Yield Corporate Fund and an Asset Allocation Strategy which seek to add additional alpha through active sector rotation among the sub-sectors of EMD. Mr. Grills is a member of the Investment Committee and the Asset Allocation Committee.

Prior to joining Gramercy in May 2010, Mr. Grills was a portfolio manager and co-head of the EMD team at JPMorgan Asset Management (JPMAM). As a co-head, he was responsible for over $10 billion in emerging markets debt investments. Mr. Grills oversaw all investment functions for EMD within JPMAM globally and focused on the risk management and portfolio construction across EMD strategies. He was a senior member of the JPMorgan Fixed Income Macro team, comprising of 13 sector specialists, and responsible for broad market relative valuation. He was with JPMorgan for 16 years, starting in 1993, spending two years with the Structured Derivatives Group before moving to the Fixed Income Group. In the Fixed Income Group, he served as an analyst for the Quantitative Research Sub-Group focusing on portfolio construction and risk analysis. He then transitioned into a portfolio manager role for the Global Extend Markets (GEM) group and ultimately managed the EMD team.

Mr. Grills received a BS in mathematics and economics from Duke University. Additionally, Mr. Grills is a CFA Charterholder.

Gunter J. Heiland
Partner, Co-Head of Emerging Markets Debt Group

Mr. Heiland has 28 years of investment experience and is Co-Head of Gramercy’s EMD group. He is responsible for the management and investment decisions of Gramercy’s long-only EMD strategies. Along with Mr. Grills, he manages sector specific strategies which invest in a broad range of EMD opportunities including an EMD High Yield Corporate Fund and an Asset Allocation Strategy which seek to add additional alpha through active sector rotation among the sub-sectors of EMD. Mr. Heiland is a member of the Investment Committee and the Asset Allocation Committee and he is Chairman of the Board of Directors for Gramercy Investment Funds PLC (the umbrella Fund for all UCITS sub-funds).  

Prior to joining Gramercy in May 2010, Mr. Heiland was a portfolio manager and co-head of the EMD team at JPMorgan Asset Management (JPMAM). As a co-head, he was responsible for over $10 billion in emerging markets debt investments. Mr. Heiland oversaw all global investment functions for the EMD team within JPMAM while principally focusing on trading and implementation across all EMD strategies. He was a senior member of the JPMorgan Fixed Income Macro team, comprising 13 sector specialists, and responsible for broad market relative valuation. He was with JPMAM for 12 years, having initially joined as a municipal bond trader in 1997. In 1999, Mr. Heiland moved to the short term desk, taking over daily trading responsibilities of the Treasury Fund, Tax Exempt Money Market Fund, Tax Aware Enhanced Income Fund and various other corporate accounts. Before joining JPMorgan, he spent eight years at Salomon Brothers, starting in systems, graduating from the Sales and Trading program and then joining the Government Desk.

Mr. Heiland received a BS in computer science from Rensselaer Polytechnic Institute.

Robert L. Rauch
Senior Partner, Emerging Markets Distressed Portfolio Manager

Mr. Rauch has 37 years of investment experience. He serves as Co-Portfolio Manager for Gramercy Distressed Opportunity Fund III, Gramercy Distressed Opportunity Fund II, Gramercy Credit Opportunities Fund and Gramercy Corporate/High Yield Debt Fund.  Mr. Rauch has been, or is currently involved, as a leading creditor or advisor in the restructuring of numerous companies across emerging markets including Alestra, Arpeni, Asia Pulp and Paper, Banro Corporation, BTA Bank Kazakhstan, Berlian Laju Tanker, China Forestry, Dina, Durango, Essar Steel, Industrias Unidas, Iusacell, Mechala, Medefin, Metrogas, New World Resources, Renaissance Insurance, San Luis, Satmex, Tonon Bioenergia, Transtel and Tristan Oil. He is a member of the Investment Committee, Asset Allocation Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy at the end of 2000, Mr. Rauch worked as a consultant to hedge funds managed by Van Eck Global and Farallon Capital Management specializing in the analysis of emerging markets special situations. From 1994 to 1999, Mr. Rauch was President of The Weston Group, where he was responsible for overseeing the firm’s securities research and corporate debt advisory business in Latin America. In the early 1990s, Mr. Rauch worked as a Vice President with Lehman Brothers and CS First Boston in their emerging markets fixed income trading groups. In the second half of the 1980s, he was a Vice President and Trader with First Interstate Bank’s Loan Syndications Group, structuring and syndicating loan facilities to highly-leveraged American and Asian corporations. He began his career in 1980 with Swiss Bank Corporation in several credit and corporate finance roles.

Mr. Rauch received a MM in Finance and International Business from Northwestern University – Kellogg Graduate School of Management and his BA in Political Economy from Williams College. Additionally, Mr. Rauch is a member of the American Bankruptcy Institute.

Public Equity

Tony Tessitore, PhD
Managing Director, Head of Equities

Dr. Tessitore has 33 years of investment experience and currently heads the Equities Team at Gramercy Funds Management where he is also on the Management Committee.  He is the co-founder and a long-time user of the Global Optimization Strategy.  Since 1997, he has actively managed various GOS products with a successful track record. At Gramercy, he manages equity portfolios for an international clientele consisting of large private and institutional investors. He is also active in the Investment and Asset allocation Committees at Gramercy.

Prior to joining Gramercy in 2005, Dr. Tessitore was a Fund Manager at City of London Quantitative Management Group for five years where he managed portfolios for Chilean Pension Funds using closed-end funds.  During 1995-2000, he was the Associate director of Research under Harry Markowitz, 1990 Nobel Prize winner in Economics, at Daiwa Securities and Trust Company. Dr. Tessitore was a member of the Graduate Faculty in Finance at Rutgers University before he started to work for Daiwa. Since early 1990s, Dr. Tessitore has given numerous conference presentations on theory and practice of portfolio management.  He has many years of experience in closed-end funds and has published articles on that industry as well as other finance issues in journals such as Mathematical Finance, Financial Analysts Journal, Journal of Investing and Global Finance Journal.

Dr. Tessitore holds a PhD in Finance from Baruch College and Graduate Center at City University of New York.  He received his B.Sc. in Physics from Stony Brook, SUNY.