Gramercy is comprised of 60 professionals based in the U.S., Europe and Latin America. Our Portfolio Managers, who average 29 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 14 research analysts who average 12 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 32 individuals dedicated to running a transparent business platform complemented by world-class independent institutional service providers.

Investment Team Leadership

Robert Koenigsberger
Managing Partner, Chief Investment Officer

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 32 years of investment experience dedicated to emerging markets with a specialization in distressed opportunistic credit strategies.

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 Lauder Institute's Board of Governors at The Wharton School at the University of Pennsylvania. He is also a member of the President's Advisory Council at Elon University and the Chancellor's Advisory Council at Texas Christian University. Mr. Koenigsberger was until recently a member of the Board of Trustees for the Millbrook School and served as the Chair of the Investment Committee for the Millbrook School Endowment.

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.

Mohamed A. El-Erian
Senior Advisor

Dr. El-Erian is a renowned economist and leader in emerging markets investment and research, having previously held senior roles in investment management and international policymaking. He was on Foreign Policy's list of Top 100 Global Thinkers for four years in a row. In his new role at Gramercy, Dr. El-Erian's Senior Advisor responsibilities and duties shall include, but not be limited to, the following activities: (i) providing global, regional and country perspectives on economic, market and geopolitical developments; (ii) offering perspectives on a range of investment-related matters (in particular, global investment trends and emerging asset classes); (iii) helping to decode economic and policy developments, focusing on the potential way they may impact emerging markets; (iv) developing macro themes that inform and perhaps even influence individual trades and client communications; and (v) advising on specific investment issues, including multi-asset allocations.

Dr. El-Erian was most recently CEO and Co-Chief Investment Officer of PIMCO (2007-14), which he originally joined in 1999 to lead its emerging markets portfolio management business. Dr. El-Erian served as Chairman of the U.S. Government's Global Development Council under President Obama, spent 15 years at the International Monetary Fund, where he was a Deputy Director, and was CEO and President of the Harvard Management Company. He also spent time as a managing director at Salomon Smith Barney/Citigroup in London. Dr. El-Erian is a member of the IMF's External Advisory Group on Surveillance and MIT's Visiting Committee for the Department of Economics, and sits on several non-profit boards as well as Under Armour's. He is a contributing editor at the Financial Times and a columnist at Bloomberg, in addition to having written two best-selling books on economics and finance.

Dr. El-Erian received a B.A. and an M.A. from Cambridge University in economics, and an M.Phil and doctorate from Oxford University.

Public Credit

Brad McKee
Partner, Head of Credit, Co-Head Capital Solutions

Mr. McKee has over 26 years of distressed and structured credit experience in emerging markets. He runs the Credit team and co-manages the Capital Solutions effort. Specifically, he oversees a team that sources and analyzes corporate, sovereign, distressed, high yield and liquid bonds and loans, as well as capital solutions opportunities across the platform. He is a member of the Credit Investment Committee and Capital Solutions Investment Committee, and reports directly to Robert Koenigsberger, Chief Investment Officer.

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 Paulo, 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.

Jeff Grills, CFA
Partner, Senior EM Debt Portfolio Manager

Mr. Grills has 25 years of investment experience and is the Senior Portfolio Manager for the EM Debt strategies.  He is responsible for the management and investment decisions of Gramercy's long-only EMD strategies. Additionally, as a senior member of the Credit Investment Committee, Mr. Grills is responsible for overseeing investments in all credit related strategies on the platform. Mr. Grills manages sector specific strategies, which invest in a broad range of EMD opportunities. This includes EMD Corporate and High Yield Corporate Strategies 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 Credit Investment Committee and the Global Research 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 the EMD team.

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

 

Matthew Maloney, CFA
Managing Director, Trading & Senior Portfolio Manager

Mr. Maloney has over 19 years of trading and portfolio management experience in emerging markets. He is a Senior Portfolio Manager for Gramercy's public credit portfolios and Co-Portfolio Manager, along with Robert Koenigsberger, of the Gramercy Venezuela Opportunity Fund. Mr. Maloney also manages Gramercy's centralized trading desk which spans distressed to performing credit and is responsible for the formulation of Gramercy's dynamic hedging program. He is a member of the Credit Investment Committee and the Global Research Committee. Mr. Maloney reports to Robert Koenigsberger, Chief Investment Officer.

Prior to joining Gramercy in 2014, Mr. Maloney worked for 10 years as an emerging markets trader at Credit Suisse in the Fixed Income Division. Prior to Credit Suisse, Mr. Maloney was employed by Maloney Commodity Services (MCS) where he helped launch an absolute return hedge fund affiliated with State Street Global Finance.

Mr. Maloney received a MA in Economics and International Affairs from Johns Hopkins School of Advanced International Studies (SAIS) and a BA in History from the College of the Holy Cross. Additionally, Mr. Maloney is a CFA Charterholder. 

Philip Meier
Managing Director, EMD Portfolio Manager

Mr. Meier has over 11 years of investment experience and is a Managing Director and Emerging Markets Debt Portfolio Manager on the Public Credit Team. Prior to joining Gramercy, Mr. Meier spent nearly 5 years at Legal & General Investment Management (LGIM) as a Senior Portfolio Manager in Emerging Markets Debt. Mr. Meier was instrumental in developing LGIM's emerging markets credit capabilities from inception, which have grown to nearly $2 billion in dedicated funds during his tenure. He was jointly responsible for the overall strategic market class direction and performing asset allocations between hard currency and local currency debt, including sovereigns, quasi-sovereigns and corporates. Mr. Meier was also the Co-Portfolio Manager of the L&G Emerging Markets Bond Fund, L&G Emerging Markets Short Duration Bond Fund and the Emerging Markets Debt Absolute Return Strategy. Both funds generated significant alpha in the 1, 3 and inception to date categories, and the Absolute Return Strategy has a Sharpe Ratio of 2 during his nearly 4 year management. Mr. Meier actively marketed LGIM's emerging market credit strategies to all client categories in German-speaking Europe leading to AUM growth.

Mr. Meier joined LGIM in 2014 from AXA Investment Managers in London where he spent a year as a Senior Portfolio Manager, Emerging Markets Fixed Income as part of a team of five managing $3.5 billion. He was lead manager on the top quartile Emerging Markets Debt Total Return Strategy and Co-Portfolio Manager of the flagship Emerging Markets Short Duration Fund, which consequently more than doubled in AUM to over $2 billion.

Previously, Mr. Meier spent over 6 years at Deutsche Asset Management in Frankfurt where he helped organically grow Deutsche's emerging market credit capabilities to over $4 billion, including the flagship benchmark strategy that generated 5.50% alpha during his tenure. His earlier responsibilities also included relative value cash trades, absolute return strategies utilizing CDS, and credit research coverage of the TMT sector.

Mr. Meier graduated from the European Business School in Germany and holds an MBA-equivalent in Finance & Banking.

Matthew Christ
Managing Director, Research Analyst

Mr. Christ has 14 years of investment and research experience. He assists with generating and monitoring corporate credit investments within the distressed and performing strategies.  Additionally, Mr. Christ is a member of the weekly Corporate/Distressed Credit Meeting and the Investment Committee.

Prior to enrolling at Columbia Business School, Mr. Christ worked at BlackRock for six years, from 2008-2011 as a Portfolio Manager within the Financial Institutions Group focusing on credit investments on behalf of insurance and reinsurance clients.  Mr. Christ also researched and sourced investment ideas to generate fixed income alpha within varying client risk profiles and investment objectives.  While at BlackRock, he also served in a client relationship/business development role before joining the Portfolio Management Group.

Mr. Christ received a MBA from Columbia Business School with Dean’s Honors and a BA in English and French from Middlebury College where he graduated Cum Laude.  Mr. Christ graduated from Columbia Business School’s Value Investing Program. 

Belinda Hill, CFA
Managing Director, Research Analyst

Ms. Hill has 17 years of investment and research experience. She is responsible for researching and recommending investment opportunities with a primary focus on emerging markets corporate bonds. Ms. Hill is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy, Ms. Hill spent three years as an Emerging Markets Analyst at Apollo Global Management. At Apollo, she analyzed sovereign, quasi-sovereign, and corporate issuers across all sectors and was also responsible for sourcing and evaluating new strategic initiatives and private opportunities. Prior to Apollo, Ms. Hill worked at Schroders Investment Management for two years as an Emerging Markets Corporate Credit Analyst. There she conducted fundamental research on investment grade and high yield credit across all sectors. She also provided various portfolio managers with value-add actionable trading recommendations for Latin America based on fundamental and relative value analysis. Ms. Hill also worked at HPP, PepsiCo and Credit Suisse.

Ms. Hill received her BA in Business Administration from Georgetown University where she graduated Cum Laude. Additionally, Ms. Hill is a CFA Charterholder.

Artun Alparslan, CFA
Senior Vice President, Quantitative Research Analyst

Mr. Alparslan has 11 years of investment and research experience. Mr. Alparslan is responsible for quantitative research focusing on security selection, risk management and aiding with portfolio management. Prior to his new role, Mr. Alparslan was a research analyst with the closed-end fund equity strategy at Gramercy from 2009 to 2017. He was responsible for research and modeling/development of new and existing products. In addition, he assisted with portfolio management; produced analysis and reports on strategy performance and attribution; and prepared periodic and ad-hoc reports for clients, prospective clients and management.

Before joining Gramercy full time in August 2009, he was a teaching assistant at Rutgers Business School and prior to that, an intern at Gramercy.

Mr. Alparslan holds an MA in Quantitative Finance from Rutgers Business School where he graduated Beta Gamma Sigma and an MA in Economics from Ohio State University. He also received a B.Sc. in Electrical Engineering from Bilkent University. Additionally, Mr. Alparslan is a CFA Charterholder.

Petar Atanasov
Senior Vice President, Research Analyst

Mr. Atanasov has 10 years of industry experience. He is a member of Gramercy’s sovereign research team. As a member of the sovereign research team, he is responsible for making key market calls supported by unique proprietary research. Mr. Atanasov participates in the weekly Corporate/Distressed Credit Meetings and is a member of the Investment Committee.

Prior to joining Gramercy, Mr. Atanasov was an Associate Analyst in the Sovereign Risk Group at Moody’s Investors Service. In that role, he authored research on developments impacting sovereign credit quality, oversaw data collection for Moody’s semi-annual Country Statistics Handbook, and participated in sovereign rating committees. Mr. Atanasov was also responsible for communicating sovereign risk group views in investor briefings and discussions with policymakers. Prior to Moody’s, Mr. Atanasov was an Emerging Markets Macroeconomic Analyst at Roubini Global Economics and an Associate at Ernst and Young LLP.

Mr. Atanasov received a dual MA in International Finance and Economics from Columbia University and Public Policy from National University of Singapore. He received a dual BA in Business, Organizations, and Society and International Politics from Franklin and Marshall College, where he graduated magna cum laude. 

Kathryn Exum
Senior Vice President, Research Analyst

Ms. Exum has 9 years of industry experience. She is a member of Gramercy’s sovereign research team. As a member of the sovereign research team, she is responsible for making key market calls supported by unique proprietary research. Ms. Exum participates in the weekly Corporate/Distressed Credit Meetings and is a member of the Investment Committee.

Prior to joining Gramercy, Ms. Exum was an Associate in Country Risk Management at J.P. Morgan. She was responsible for evaluating sovereign risks and internal credit ratings through macroeconomic and political analysis on a portfolio of countries. Ms. Exum also conducted robust in-country due diligence for annual internal sovereign ratings assessment. Additionally, she wrote, presented and distributed analytical research reports at a high frequency on economic and political events in the context of the potential impact on internal risk ratings, exposure, and limits. 

Ms. Exum received a BA in Economics, with a double minor in Public Policy and Psychology, from Hobart and William Smith Colleges where she graduated magna cum laude.

Adam Kemal
Senior Vice President, Research Analyst

Mr. Kemal has 8 years of research experience. He is responsible for researching and recommending investment opportunities with a primary focus on emerging markets corporate bonds. Mr. Kemal is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Mr. Kemal was previously employed at Chevron, where he assessed macroeconomic, regulatory and political developments affecting corporate risk profiles related to oil and gas plays in Eastern Europe. Additionally, he monitored and evaluated energy industry trends and commodity prices and their respective impact on Chevron. Previously, Mr. Kemal also worked at the U.S. Department of State, working with U.S diplomats on NATO security issues and interfacing with multiple US Government agencies. He also worked at the German Parliament.

Mr. Kemal received a Masters in Foreign Service with a concentration in International Commerce and Business from Georgetown University. Additionally, he received a BA History with a minor in Government from Georgetown University where he graduated summa cum laude.

Andrew Klugman, CPA, CFA
Senior Vice President, Research Analyst

Mr. Klugman joined Gramercy in January 2013. He is responsible for researching and recommending investment opportunities with a primary focus on emerging markets corporate bonds. Mr. Klugman is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy in January 2013, Mr. Klugman was employed by PricewaterhouseCoopers where he was an Experienced Associate and counted Gramercy amongst his clients. Mr. Klugman's other audit clients included large asset managers and private equity firms. His duties as an Experienced Associate included various attestation work encompassing capital allocation, investment valuation and profit and loss testing as well as risk assessment analytics. Also, he was chosen to lead and coach first year associates on an audit engagement.

Mr. Klugman received a BS in Accounting and Finance at Lehigh University. Additionally, he is a Certified Public Accountant in the State of New York.

Brian Nunes, CFA
Senior Vice President, Research Analyst

Mr. Nunes has 18 years of investment and research experience. He is responsible for providing general research and analysis to Gramercy’s Portfolio Managers. Mr. Nunes performs new and ongoing investment due diligence related to client investment vehicles with a particular focus on opportunities in sub-Saharan Africa. He monitors and provides timely analysis and updates on the financial situation, operational performance and key developments for those assets for which he is the designated Asset Manager. Mr. Nunes provides ad-hoc analysis and/or investment reviews as required by the Trading, Research or Marketing groups. He participates in the weekly Corporate/Distressed Credit Meeting and Investment Committee meetings.

Prior to joining Gramercy in April 2008, Mr. Nunes spent seven years with PricewaterhouseCoopers. At PWC he held various positions in both the U.S. and South Africa, the most recent being Manager in the Financial Due Diligence Practice where he focused on merger and acquisition transactions.

Mr. Nunes received a Bachelor of Commerce Accounting Sciences and a Certificate in Theory of Accounting at the University of Pretoria, South Africa where he graduated with honors. Additionally, Mr. Nunes is a CFA Charterholder and a Chartered Accountant in South Africa.

Denis Cole
Vice President, Deputy Portfolio Manager

Mr. Cole has 14 years of industry experience. At Gramercy, Mr. Cole is responsible for portfolio construction within Gramercy's emerging markets debt strategies reporting to the Co-Heads of the EMD business. Mr. Cole works closely with credit research and traders to analyze and identify bonds that meet portfolio objectives as well as generate investment ideas, security selection opportunities and independent analysis on investment research. He is also responsible for tracking developments in countries, sectors and credits in the portfolios. Mr. Cole participates in the weekly sovereign and corporate credit meetings and is a member of the Investment Committee.

Prior to joining Gramercy, Mr. Cole was employed by Nexar Capital Group where he worked within their volatility hedge fund group. Prior to that, Mr. Cole was a convertible arbitrage trader with LaBranche Structured Products, where he had primary responsibility for identifying and executing convertible, equity, and fixed income investment ideas.

Mr. Cole received a BA in Political Science at the University of Pennsylvania.

Serge Lioutyi
Vice President, Research Analyst

Mr. Lioutyi has 11 years of investment, research and trading experience. He is responsible for researching and recommending investment opportunities with a primary focus on emerging markets distressed and performing corporate credits in CEEMEA for Gramercy's global investment activities in London. Additionally, Mr. Lioutyi also serves on the Investment Committee at Gramercy.

Prior to joining Gramercy in 2016, Mr. Lioutyi served as Head of CEEMEA Investments and Portfolio Manager at CarVal Investors in London. At CarVal, Mr. Lioutyi was responsible for analysis, diligence, and investments for CEEMEA focused portfolio and built upon a local network to source information and assets across CIS, Central Europe, Africa, and Middle East. Prior to CarVal, Mr. Lioutyi spent two years at Deutsche Bank as CEEMEA High Yield/Distressed Principal trader in London. At Deutsche Bank, Mr. Lioutyi created a new desk focused on proprietary investment in high yield and distressed assets. Additionally, he performed credit analysis on potential investments, served on several credit committees and structured various asset solutions. Before Deutsche Bank, Mr. Lioutyi was a CEEMEA Distressed Trader at Citi in London. At Citi, Mr. Lioutyi was responsible for establishing Citi's CEEMEA Distressed business inclusive of trading, managing clients' assets and providing analytics. He started with Citi as an emerging markets Credit Analyst. Prior to Citi, Mr. Lioutyi spent three years as and emerging markets Corporate Credit Analyst at Barclays Capital.

Mr. Lioutyi received a Bachelor's of Science with Honors in Physics from the University Imperial College of Science, Technology and Medicine in London.

Matthew Berland
Associate, Research Analyst

Mr. Berland joined Gramercy in July 2017. At Gramercy, he is responsible for researching and recommending investment opportunities with a primary focus in emerging markets corporate bonds. Mr. Berland participates in the weekly Corporate/Distressed Credit Meeting.

Mr. Berland also interned at Gramercy while studying for his degree. His internship responsibilities included assisting Investor Relations, reconciling defaulted bonds, and reporting to senior management.

Mr. Berland received a BS from Lehigh University with a major in Finance and concentration in Financial Analysis.

Juan Ocampo
Associate, Research Analyst

Mr. Ocampo joined Gramercy in February 2019 with 5 years of industry experience. At Gramercy, Mr. Ocampo is responsible for a wide range of research analytics, working closely with the Credit, Capital Solutions and Special Situations teams. In his role he assists with all aspects of research analysis including: due diligence, underwriting, collaborating new ideas to the Research Committee, and serving as an asset manager for portfolio positions.

Prior to Gramercy, Mr. Ocampo spent four and a half years at J.P. Morgan as an Investment Banking Associate specializing in Latin American Debt Capital Markets. He focused on debt underwriting practice for all high yield and investment grade local and international bonds and loans in Latin America. Mr. Ocampo's group led all aspects of the deal process, including debt financing advisory, credit restructuring, documentation, underwriting, syndication and pricing.

Mr. Ocampo received a BA in Economics and Mathematics with a concentration in Philosophy from Columbia University.

Jim Conroy
Managing Director, Head of Business Intelligence & Analytics

Mr. Conroy has 20 years of industry experience. At Gramercy, Mr. Conroy is responsible for attribution reporting, risk reporting and scenario analysis. He assists the Portfolio Managers and Traders on the desk and maintains the trading and analytics systems.

Prior to joining Gramercy in August 2008, Mr. Conroy worked at Stop & Shop as a Senior Information Analyst, where he developed and administered multiple distributed applications, back-end interfaces with general ledgers and accounts payable, designed stand-alone financial reporting applications and maintained various other systems.

Mr. Conroy received a BS in Computer Science from the University of Massachusetts at Amherst.

Brandon De Natale
Senior Vice President, Trading

Mr. De Natale has 21 years of industry experience. At Gramercy, Mr. De Natale works with the trading desk and prime brokers to ensure proper confirmation and settlement of all trades. He oversees counterparty reporting for derivative products and works closely with fund administrators to ensure proper reporting of the Firm’s assets.

Prior to joining Gramercy in September 2006, Mr. De Natale was the Manager for the U.S. Daily Fund Accounting Group for S.A.C. Capital Advisors, LLC, a multistrat hedge fund based in Stamford, CT where he was accountable for the proper and accurate reconciliation of the firm’s books and records. Previously, he worked as an operations analyst at S.A.C. Capital responsible for trade correction, corporate actions, margin and reconciliation for fixed income, U.S. equity and CDS products. From 2001 to 2003, Mr. De Natale was the Operations Manager for Hammond Inc., a private equity fund specializing in U.S. equities.

Mr. De Natale received a BA in Geography from the University of Delaware.

Capital Solutions

Gustavo Ferraro
Partner, Co-Head Capital Solutions, Head of LatAm Mkts

Mr. Ferraro has 32 years of Latin America focused investment banking and capital markets experience. As co-portfolio manager of the Capital Solutions strategy, Mr. Ferraro is responsible for recommending, sourcing and managing capital solutions transactions and direct lending opportunities across the platform. He is a member of the Capital Solutions Investment Committee and reports directly to Robert Koenigsberger, Chief Investment Officer.

Prior to joining Gramercy in May 2012, Mr. Ferraro served as a Managing Director with Barclays Capital, where he led a Capital Markets team that covered the firm’s largest Latin American corporate and sovereign clients focusing on debt capital markets and liability management. He played a key role in Argentina’s 2010 reverse inquiry debt restructuring, which Gramercy originated, as well as the country’s previous debt restructuring in 2005. From 2000 through 2003, Mr. Ferraro worked in Salomon Smith Barney’s Investment Bank where he was head of TMT (Technology, Media & Telecom) for Latin America. From 1994 through 2000, he was the head of the Debt Capital Markets desk for Latin America for Lehman Brothers in New York and he covered Argentina and Chile for Lehman Brothers Investment Banking as the head of their office in Buenos Aires. From 1987 through 1994, he spent time at Citibank in Sao Paulo, Brazil and in New York, where he was responsible for asset trading and for the coverage of Brazilian and Multinational clients and later on became responsible for the debt syndicate desk for Emerging Markets.

Mr. Ferraro received an MBA in Finance from Claremont Graduate School and a degree of Licenciado en Economia from Universidad Catolica Argentina in Buenos Aires.

Brad McKee
Partner, Head of Credit, Co-Head Capital Solutions

Mr. McKee has over 26 years of distressed and structured credit experience in emerging markets. He runs the Credit team and co-manages the Capital Solutions effort. Specifically, he oversees a team that sources and analyzes corporate, sovereign, distressed, high yield and liquid bonds and loans, as well as capital solutions opportunities across the platform. He is a member of the Credit Investment Committee and Capital Solutions Investment Committee, and reports directly to Robert Koenigsberger, Chief Investment Officer.

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 Paulo, 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.

Javier Ledesma-Arocena
Managing Director, Head of Southern Cone

Mr. Ledesma-Arocena has 18 years of private investment buy side experience focused on emerging markets direct lending and private equity transactions. He has executed over 25 deals across Latin America. At Gramercy, Mr. Ledesma-Arocena is Head of the Southern Cone and is responsible for recommending and sourcing private and public investments in debt, equity and equity linked securities mostly in Argentina and selectively in the rest of South America’s middle market and large corporates across business sectors. Mr. Ledesma-Arocena is based in Buenos Aires.

Prior to joining Gramercy in January 2013, Mr. Ledesma-Arocena was a Principal at Graycliff Partners, the former HSBC private equity arm for the Americas, managing its Spanish Latin American investments. He joined Graycliff’s predecessor firm, HSBC Capital in May 2007 to launch HSBC's Private Equity program in Latin America and invested over $150 million between from 2007 to 2012. At HSBC Capital, he actively managed the Latin American investment portfolio. Mr. Ledesma-Arocena represented HSBC Capital in the Board of Directors for companies in Argentina, Colombia and Mexico, across different sectors. At HSBC Capital, he sourced, led, negotiated and closed private equity investments in Brazil, Argentina, Colombia, Chile and Mexico. Previously, he was a member of HSBC Principal Investments, where he worked on private equity transactions in India, China and Hong Kong. Early in his career, he was an Investment Associate for over 3 years with HSBC Private Equity Latin America, HSBC's former Latin America private equity business with a focus in Argentina, Brazil and Chile.

Mr. Ledesma-Arocena holds a Bachelor's Degree in Business Administration from Torcuato Di Tella University, Argentina, where he graduated with Summa Cum Laude Honors and ranked first in the 2002 Business Administration Class.

Gian Maltoni
Managing Director, Latin American Markets

Mr. Maltoni has 16 years of capital solutions experience in Latin American Markets. At Gramercy, Mr. Maltoni is responsible for sourcing and monitoring capital solutions and direct lending transactions for funds and various managed accounts in Argentina, as well as the entire Latin American region.

Prior to joining Gramercy, Mr. Maltoni spent 10 years at JPMorgan with a primary focus in investment banking and equity capital for Latin America. While at JPMorgan, Mr. Maltoni spent three years as an Executive Director of Investment Banking, where he was responsible for client coverage in the Southern Cone. Mr. Maltoni also spent three years as Vice President in Equity Capital Markets, where he was responsible for originating and executing the entire Latin American Equity Capital Markets platform. Prior to this role, Mr. Maltoni spent four years and an Associate in Mergers and Acquisitions - Latin America, where he was responsible for executing M&A advisory roles as well as capital markets transactions. Prior to joining JPMorgan, Mr. Maltoni was an Associate and Analyst at Integra Investments where he performed valuation analyses, due diligence, strategic analyses, and executed transactions.

Mr. Maltoni received his MBA in Finance and Economics at Columbia Business School and earned his BS in Business Economics, Finance at Universidad Torcuato di Tell in Buenos Aires.

Tomás Serantes
Managing Director, Capital Solutions Structurer

Mr. Serantes has 16 years of Latin American focused structured credit and investment banking experience. At Gramercy, Mr. Serantes is Managing Director, Capital Solutions Structurer and focuses on the sourcing, execution, and monitoring of capital solutions and direct lending transactions in Latin American region.

Prior to joining Gramercy in 2017, Mr. Serantes served as Director of the Latin America Structured Credit/Special Situations Trading desk at Deutsche Bank. In this role, Mr. Serantes was a credit trader responsible for the origination and execution of structured financings in the region. During his six years at Deutsche Bank, Mr. Serantes executed over 20 private transactions for a $4+ billion aggregate financing amount. Prior to Deutsche Bank, Mr. Serantes spent three years as Associate on the Investment Banking team at Lazard, where he participated in M&A deals, debt restructurings and capital market transactions in Latin America. Mr. Serantes began his career as Senior Analyst of Strategic Planning at Ternium, where he assisted senior management on pricing strategies, resource allocations, and monitoring of product performance.

Mr. Serantes received his MBA from Columbia Business School and B.S. in Industrial Engineering at Universidad Austral in Argentina.

Lisandro Muller Lohidoy
Vice President, Research Analyst

Mr. Muller has 9 years of investment banking and emerging markets credit experience. At Gramercy, Mr. Muller is responsible for researching and recommending investment opportunities across Gramercy’s platform of products. Mr. Muller is a member of the Investment Committee and participates in the weekly Corporate/Distressed Credit Meeting.

Prior to joining Gramercy in 2017, Mr. Muller was an Associate Director of the Emerging Markets Special Situations team at UBS for two years in New York. In this role, he originated and executed deals for UBS’ high-yield private financing group. Previously, Mr. Muller spent three years as an Investment Banking Analyst for UBS in Buenos Aires where he participated in the design, marketing and execution of equity and debt financings, M&A and leveraged buyouts transactions for companies across Argentina, Chile, Colombia and Peru.

Mr. Muller received his MBA from Columbia University and a BA in Economics from Universidad de San Andres in Buenos Aires, Argentina.

Special Situations

James Taylor, JD
Partner, Head of Special Situations Group

Mr. Taylor has 17 years of legal, transaction and investment experience. Mr. Taylor is responsible for the management and investment decisions of Gramercy's Special Situations Group. During his tenure at Gramercy, Mr. Taylor has overseen the management of sovereign and corporate restructurings, financings, acquisitions of private assets, and Gramercy's participation in positions as a private equity investor. Mr. Taylor also served as Gramercy's Chief Legal Officer from 2010 through 2018 and was responsible for managing the full spectrum of Gramercy's legal affairs.

Prior to joining Gramercy in March 2010, Mr. Taylor was with Morgan Stanley Smith Barney where he focused on the sale and distribution of various alternative products including private equity, real estate and hedge funds. From 2005 to 2009 he was with Cadwalader, Wickersham & Taft LLP as an Associate in their Financial Services Department where he primarily represented investment banks and hedge funds in connection with the negotiation of various credit and equity derivatives transactions and other types of secured financing transactions. From 2002 to 2005, Mr. Taylor was an Associate in the Tax Department at Debevoise & Plimpton, LLP where he represented investors and asset managers with respect to legal, tax and business matters surrounding private equity fund formation, LBO transactions and private equity investments.

Mr. Taylor received a JD from Columbia University School of Law (where he graduated as a Harlan Fiske Stone Scholar) and a BA in Sociology with a minor in Business from SUNY Albany. Additionally, he attended the Tax LLM program at New York University School of Law and is a member of the New York State Bar.

Robert Rauch
Partner, Head of Corporate Restructurings

Mr. Rauch has 39 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 Strategies.  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, Consolidated Minerals, Digicel, Dina, Donbass, Durango, Essar Steel, Far East Shipping, Industrias Unidas, Invermexico, Iusacell, Mechala, Medefin, Metrogas, New World Resources, Odebrecht, Pacific Exploration and Production, Renaissance Insurance, San Luis, Satmex, Tonon Bioenergia, Transtel, Tristan Oil and Ukrlandfarming/Avangard. He is a member of the Global Research Committee and the investment committee for Capital Solutions.

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.

Nicholas Paolazzi, CPA
Managing Director, Head of Financial Analysis Special Situations

Mr. Paolazzi has 10 years of industry experience and joined Gramercy in June 2012. As a member of Gramercy's Special Situations Group, Mr. Paolazzi participates in the sourcing, due diligence, research and monitoring of Special Situations Group investment opportunities. Mr. Paolazzi also assits with the firm's corporate and sovereign restructuring transactions. Prior to joining Gramercy's Special Situation Group, Mr. Paolazzi spent 6 years in Gramercy's Accounting Group and most recently served as Head of Accounting-Business Due Diligence.

Prior to joining Gramercy, Mr. Paolazzi was employed by PricewaterhouseCoopers LLP as a Senior Associate in the firm’s National Risk Management Group where he provided internal advice and analysis on a variety of accounting and auditing risk management issues. Mr. Paolazzi began his career at PricewaterhouseCoopers in the Investment Management Assurance Group counting Gramercy amongst his clients.  Mr. Paolazzi’s other audit clients included large asset managers, hedge funds and private equity firms.

Mr. Paolazzi received a BS in Accounting at Fairfield University Dolan School of Business, with a 4.0 Accounting GPA. Additionally, he is a Certified Public Accountant in the State of New York, a member of the AICPA and NYSSCPA.

Thomas Norgaard
Managing Director, Director of LatAm Inv. Dev Special Situations

Mr. Norgaard has extensive experience in legal and investment matters throughout Latin America.  Mr. Norgaard is responsible for sourcing, structuring and monitoring private investment opportunities for Gramercy’s Special Situation Group.

Mr. Norgaard is currently on secondment to Gramercy from Debevoise & Plimpton, LLP where he is an Associate and a member of the firm’s International Dispute Resolution and White Collar Groups. At Debevoise, Mr. Norgaard appeared and argued before ICSID arbitration tribunals, and generally advised his clients on a variety of issues involving international law and arbitration. Prior to Debevoise, Mr. Norgaard worked as a litigation associate in the Caracas office of Macleod Dixon, LLP from 2002 to 2007, focusing on international litigation and administrative law. As a civil law-trained lawyer, Mr. Norgaard has appeared and argued before the Constitutional and Political-Administrative Chambers of the Supreme Court of Justice in Venezuela and before Superior and Trial Courts in Civil, Commercial, Labor and Administrative matters. 

Mr. Norgaard received his law degree from Universidad Católica Andrés Bello in Caracas in 2002 and his LL.M. from New York University School of Law in May 2008, where he focused on international dispute resolution and international commercial law and participated in the Philip C. Jessup International Law Moot Court Competition. Mr. Norgaard served as Assistant Professor of Contracts and Obligations at Universidad Metropolitana in Caracas from 2005 to 2007. Mr. Norgaard has been a member of the New York State Bar Association since May 2009. He is also a member of the Miranda State Bar Association in Venezuela.