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 15 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 Research


Corporate Credit

Capital Solutions

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

Mr. Ferraro has 33 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 27 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 19 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 17 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 10 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.

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