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Meet our speakers
Division Chief, Infrastructure,
Inter-American Development Bank
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PPP unit director,
Ministry of Planning
Electrical Enginner and Lawyer, Post-graduated in Economics;
Fourteen years of experience in planning of power sector, four years of experience in antitrust (Ministry of Justice), former Director (Commissioner) of Brazilian Electrical Power Regulatory Agency (ANEEL). Former Professor of Economics. Nowadays Director of PPP Unit of Ministry of Planning .
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Senior Vice President,
TCW
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Deputy Secretary of Infrastructure,
Ministry of Transportation
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Director of Project and Commodity Finance, Latin America,
HVB Americas
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Consultant,
Courtland Partners Ltd.
Thomas G. DeFranco, Consultant and Director of Infrastructure Investments, has over eleven years of legal, real estate and asset management experience. Mr. DeFranco previously practiced law as a sole practitioner and for Thompson Hine LLP. Additionally, he worked for two privately-held asset management companies focusing on commercial real estate and Taft-Hartley Plans.
Mr. DeFranco directs infrastructure investments for various state pension plans and other clients through conducting market research, fund/manager meetings and evaluations, due diligence reports, portfolio strategy and modeling, and helping to increase investor awareness of the benefits infrastructure investments can bring to an investment portfolio. Mr. DeFranco speaks frequently at industry and client seminars.
Mr. DeFranco received both his J.D. and M.B.A. from Stetson University and a B.S.B.A. in Marketing from Xavier University (Ohio). He also holds a Series 7 license.
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Chief Executive Officer,
Bioenergy Development Fund
BDF Management Ltd - CEO and Founder - 2005 - Present
- BDF Management manages the Bioenergy Development Fund family of funds.
- BDF main investments are located in Brazil and linked to renewable fuels and energy.
FIMAT Brazil – CEO 2001-2005
– Chaired the Brazilian Office
– More than 10 years of in depth experience in the industry
– Placed FIMAT as the top soft commodities player in Brazil
• FIMAT: 2005 winner of Top of Mind award for Brazilian brokerage
– Consolidated FIMAT as the leading broker in Brazilian Sugar Industry (70%
market share)
– Introduced derivative products related to ethanol and sugar to Brazilian
producers
– Generated important deals between the Brazilian agribusiness and the European
market
– Consultant of the Board of Directors of 5 leading sugar mills, participating in
board meetings as market and price strategy advisor
FIMAT USA – Latin America Desk – Partner 1998-2001
– In charge of the Latin American Commodities Group
– Managed a team of 12 brokers, selling derivatives to main commodity producers
– Yearly turnover of over $12 million
FIMAT Brazil – Commodities and Derivatives Broker 1994-1998
– Coordinated and participated in the set up of the Brazilian Office
– Designed and implemented the infrastructure of the branch
– Took charge of the soft commodities department
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Director of Project Finance,
Grupo Santander
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Head of Project & Export Finance,
Odebrecht Investimentos em Infra-Estrutura
Felipe Montoro Jens is currently the Head of Project & Structred Finance of Odebrecht Investments in Infrastructure (“OII”), having worked at the Odebrecht Group (for 9 years) in the areas of Corporate Finance, Planning and Controlling in Brazil and abroad (United Kingdom and Singapore). Felipe has also worked at: (i) Terna S.p.A. (Enel Group S.p.A.) in Project Development and Structuring Finance, structuring national and international project financings (the two largest transmission lines in Brazil); (ii) Enron Corp. in Global Financing and Structured Operations in Houston, USA and (iii) Price Waterhouse & Coopers (“PWC”). Felipe holds a Bachelor´s degree in Business Administration from Fundação Getúlio Vargas – FGV/EASP (Brazil) and a Master in International Management (MIM) from Thunderbird, The American Garvin School of International Management, (USA). He is also a Chartered Financial Analyst – CFA Level 1.
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President,
E M Strategies Inc.
Dr. Eliot R. Kalter brings almost thirty years of experience in the study and practice of
global capital markets, including a hands-on relationship with the emerging market
public and private sectors.
Eliot Kalter established and is President of E M Strategies, Inc. since July 2007. The
firm offers emerging market (EM) strategies that facilitate a mutually beneficial
relationship between the EM Sovereign and the private sector. E M Strategies focuses on:
• EM Sovereign and asset class risk assessment/opportunity
• EM market access; private investment in EM local currency assets and financial
instruments
• EM investment in mature markets consistent with asset/liability management best
practices
Mr. Kalter also holds the position of Senior Fellow, Center for Emerging Market
Enterprise at the Fletcher School, Tufts University.
Mr. Kalter retired from the International Monetary Fund in June 2007 as Assistant
Director of the Monetary and Capital Markets Department. He began his career in 1976
as an economist at the International Finance Division of the Board of Governors of the
Federal Reserve System. His career at the International Monetary Fund started in 1979,
with more recent responsibilities including heading up:
• Public Debt Managers Forum, bringing together international institutional investors
and public debt managers from all principal EM countries
• International capital markets technical assistance for EM countries globally
• Financial surveillance for Brazil, the Caribbean, Central America, Chile, Colombia,
Ghana, Mexico, Peru, Russia, South Africa, Turkey, Ukraine, and Uruguay
• IMF country discussions and negotiations with Bolivia, Chile, El Salvador, Haiti,
Honduras, Mexico, and Nicaragua
Education and publications: Ph.D. (1978) and M.A. (1976) in International Finance
from the University of Pennsylvania; M.Sc. in International Monetary Economics from
the London School of Economics (1973); and, B.A. from the University of Cincinnati
(1972). Publications in the areas of: international and local capital markets, public debt
management, corporate restructuring, international competitiveness, and financial crises.
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José Martínez Sanguinetti, Chief Investment Officer,
Rimac Seguros
Mr. Sanguinetti runs a US$850 million investment portfolio for Perú's leading life and P&C insurance company. He has been involved in the financing, public offerings and potential acquisition of electricity distribution, generation and transmission concessions, gas pipelines, roads, ports and airports. Over the last 5 years, his division has produced over 20% returns on capital.
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Santiago Montenegro Trujillo, President,
Asofondos (Association of Pension Fund Administrators)
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Associate Principal,
McKinsey & Co.
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Director, Investment Funds,
Overseas Private Investment Corporation (OPIC)
Mr. Pearce is a Director in OPIC’s Investment Funds Department, where he manages the entire process - from pre-marketing to monitoring - of providing capital to qualified emerging market private equity fund managers. Prior to OPIC, Mr. Pearce was a Director with EMP Global, where for almost nine years he was closely involved with the investing activities of the AIG Asian Infrastructure Fund and AIG Asian Infrastructure Fund II. Mr. Pearce worked on and/or closed transactions with a total equity value of over US$560 million, where he managed, negotiated and executed transactions with leading foreign corporations - with a focus on India and South Korea - and served on the Boards of certain of the funds’ portfolio companies. Prior to EMP, Mr. Pearce focused on U.S. direct investments, having worked in the M&A/corporate finance group of W.R. Grace & Co., and with EXOR America, the private U.S. investment arm of the Agnelli family. Mr. Pearce also worked: in a line capacity with a portfolio company of EXOR, ICF Kaiser International; and as a High-Yield Bond Analyst with Oppenheimer & Co. Mr. Pearce received his MBA from the Darden School of Business, and his B.Sc.in Economics from the Wharton School.
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Investment Manager,
InfraBrasil
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Acting Global Head-Infrastructure,
Multilateral Investment Guarantee Agency (MIGA – World Bank)
Ms. Elena Palei, a Russian national, is the Acting Global Head for the infrastructure sector at the Multilateral Investment Guarantee Agency (MIGA), World Bank Group, covering power, water, transportation, and telecommunications. Since joining MIGA in October 2000 as Underwriter, Ms. Palei has worked on a broad range of infrastructure projects worldwide and built significant experience in handling complex projects and advising clients on mitigating political risks to their planned investments in emerging markets. She was leading the project team for a number of award winning project finance transactions such as Nam Theun 2 in Lao PDR and Thailand, VMobile in Nigeria and Maritza 1 in Bulgaria, which won Project Finance’s Deal of the Year 2005 award. Ms. Palei's global experience is focused on infrastructure projects—particularly in power and energy—including MIGA's first-ever support for a project
that will sell carbon credits gained by reducing greenhouse gas emissions. Ms. Palei started her career in the United States at First Commerce Bank’s investment division. In 1996, she moved to the Treasury of Aliant Communications where she advised senior management on new business development and product pricing. In 1998, Ms. Palei continued her career with PFC Energy, an advisory firm specializing in customized financial and managerial services to leading energy companies. At PFC Energy, Ms. Palei counseled a number of energy companies on acquisitions, restructuring, selection of new business partners and pursuing
opportunities in the emerging markets. Ms. Palei holds a Masters Degree in Economics from Moscow State University and a Masters Degree in Economic and Finance from the University of Nebraska - Lincoln.
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Eduardo Ramos leads FSA’s effort in Mexico and the Latin-American region. His work involves analyzing and structuring a broad range of structured finance transactions, including asset – backed and residential mortgage – backed securities, and public infrastructure transactions. Since joining FSA in early 2006, he has focused on establishing FSA’s office in Mexico City and on the strengthening its presence in the Mexican market. In addition to the Mexican Market, he is also exploring several ABS and public infrastructure business opportunities in Latin-America especially Brazil and Chile.
Before joining FSA, Mr. Ramos was managing director of investment banking and corporate finance at Casa de Bolsa Banorte, where he was responsible for origination of investment banking transactions that were executed in the capital markets of Mexico and distributed to institutional investors in Mexico, the United States and Europe.
During his 17 year tenure at Casa de Bolsa Banorte, he led a number of groundbreaking transactions in the region, including a USD $200 million securitization of the Monterrey – Cadereyta highway in Mexico, which was awarded as “Infrastructure Deal of the Year 2004” by the Project Finance International magazine.
He holds a BS in Business Administration and a MBA in International Business from ITAM, in Mexico City. After earning his degrees, Mr. Ramos was also a part-time professor of Corporate Finance and International Business at ITAM, from 1992 – 1998.
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Gerente de Participacoes,
Funcef
Mr. Alberto Rosa us is the Participation Manager (Investment Officer) at FUNCEF – Fundação dos Economiários Federais and a member of the Board of Directors at Telemig Celular S.A. and Telemig Celular Participações S.A. Additionally, he is a member of Investments Committee of several private equity funds.
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Executive Director,
Banco Schahin
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Ph. D. in Economics (University of California, Los Angeles, UCLA); B.A. in Economics (Instituto Tecnológico Autónomo de México, ITAM)
Main appointments:
International Monetary Fund
Executive Director (2004-2006); representing Costa Rica, El Salvador Guatemala, Honduras, Mexico, Nicaragua, Spain and Venezuela.
Ministry of Finance – Mexico (Secretaría de Hacienda y Crédito Público)
Minister’s Chief of Staff
Director General, International Financial Affairs
Central Bank - Mexico (Banco de México)
Director, Macroeconomic Analysis
Director, Economic Research
Manager and several other positions
Dr. Schwartz has been a Professor of Economics at ITAM and written articles on fiscal, financial and monetary policies, published in books, magazines and specialized journals.
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Lead Economist in Infrastructure for Latin America and the Caribbean ,
World Bank
Jordan Schwartz has been at the World Bank for 10 years, advising governments and designing projects related to infrastructure investments throughout Latin America, the Caribbean, East Asia, the Pacific Islands, Central Europe and Africa. Currently, he also heads the Economics Unit of the Sustainable Development Department.
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Managing Director,
Darby Overseas Investments, Ltd.
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Managing Director,
J. R. Sheppard & Company, LLC
Current Assignments:
Infrastructure Experts Group (initiated by the UN): Arranging capital markets financing for 1 – 2 developing-country infrastructure projects as part of a Demonstration Project financed by the Swiss Agency for Cooperation and Development
Government of Rwanda: working with Genesis Analytics, a South African consulying firm, to advise the Government of Rwanda with respect to a planned methane gas power project to be developed by a private sector firm pursuant to a government concession
Previous Assignments:
The World Bank:
Previous assignments for The World Bank: Consultant on structures to mitigate foreign exchange risk for electric power and water projects in developing countries (two separate assignments)
Consultant and part of mission to Kenya and Tanzania in June 2005 to survey infrastructure needs and determine the capacity of local banks and pension funds to provide long-term, local currency financing for infrastructure projects; wrote paper for the bank on infrastructure financing in Sub-Saharan Africa and co-authored shorter paper presenting results of the longer study
Working with Pricewaterhouse Coopers on an assignment for the World Bank concerning application of partial risk guarantees in the transport sector
Multilateral Investment Guarantee Agency: Worked with Pricewaterhouse Coopers to conduct an assignment that was part of MIGA’s five-year strategic planning process; responsible for conducting survey of the political risk insurance market for investment insurance (surveying private insurers, bilateral and multilateral agencies, and export credit agencies) and writing report summarizing findings and making recommendations for MIGA’s strategy
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Managing Director,
RogersCasey
As Chief Research Strategist, Cynthia Steer focuses on long term asset class trends and
program implementation. Cynthia also manages our fixed income research and is
responsible for the evaluation and monitoring of all U.S. and global fixed income
managers and products. She plays an active role in helping clients shape their fixed
income and emerging market programs including structure, strategies, manager selection,
and performance monitoring. Cynthia is a member of the Fiduciary Investment Review
Committee, which provides oversight for fiduciary clients. She is also a member of the
Investment Policy Committee, which reviews and approves capital market assumptions
and other similar investment policy issues. She chairs the Strategic Research Committee,
which discusses long term asset allocation in light of market trends and hosts a monthly
meeting on emerging markets.
Before joining the firm in 2002, Cynthia was the Chief Investment Officer for SBLIUSA.
Her job responsibilities included investment policy, manager selection, and asset
allocation. Prior to joining SBLIUSA, Cynthia was Vice President for Benefit
Investments at Philip Morris and Director of Pension Investments for United
Technologies where she was responsible for their global Defined Benefit and Defined
Contribution plans. She was also in-house consultant and Chief Investment Officer for
the City of Hartford. Cynthia graduated with a B.A. in Urban Studies from Smith College, a M.S. from The Bank Street School, New York, and a M.B.A. from The Wharton School, the University of Pennsylvania. She also serves both as a board and committee member for several local foundations providing advice on investments, investment process, and spending policy and is a member of the Lehman Index Advisory Board, the JP Emerging Markets Index
Advisory Board, and The Emerging Market Forum. She is a frequent speaker and has
appeared on CNBC and Bloomberg TV.
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Chairman,
Conduit Capital Partners, LLC
Scott Swensen is the Lead Investment Manager for the Latin Power Funds. Scott joined Scudder, Stevens & Clark (a predecessor company to Zurich Scudder Investments), in 1993 as Lead Investment Manager for Latin Power I. Before Scudder was acquired by Deutsche Bank AG, Mr. Swensen headed Scudder’s Special Investments Group that included Private Equity, Private Debt, Closed-End Funds and Hedge Funds. Before joining Scudder, he spent eleven years in corporate and project finance at the Chase Manhattan Bank and subsequently nine years at BNP Paribas. His final job at BNP Paribas was as a Managing Director supervising a number of groups, including energy and project finance in North and South America, energy futures brokerage and commodity derivatives worldwide. While at BNP Paribas, Mr. Swensen made a number of private equity investments and was the CEO of a $40 million company for five years. Mr. Swensen holds a B.E. degree in Mechanical Engineering (Heat and Power) with High Honors from Stevens Institute of Technology (Tau Beta Pi) and an M.B.A. (ABD) degree from New York University. He speaks Spanish and Portuguese. Mr. Swensen is certified by the IFC to determine a project’s compliance with World Bank environmental, safety and health guidelines.
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President & CEO,
Capital Innovations
Michael Underhill is Chief Executive Officer of Capital Innovations. Michael manages the diverse investment ideas within each discipline to provide a steady balance of risk and reward. He oversees the investment management process and is responsible for the quality and depth of research that is the hallmark of Capital Innovations.
Before founding Capital Innovations, Michael was a Managing Director at Capital Dynamics, a $28 billion private equity advisor based in Zug, Switzerland. Prior to Capital Dynamics, he served as Managing Director at Pacific Corporate Group (PCG), where he operated across direct fund investment, co-investment and the private fund investment management platforms.
Michael has served institutional investors for over 16 years. He has worked with some of the largest institutional investors in North America, Europe and Asia. Michael began his career as a quantitative research analyst for Lehman Brothers.
He has been published in the “2006 Institutional Investor’s Pension Fund Investment Guidebook”, 2007 Alternative Assets, PLC publications and a frequent speaker at industry conferences. Michael earned a BS in Economics from Pennsylvania State University, completed post graduate coursework at Pepperdine University, Universidad Del Salvador, and Stanford University Law School. Michael is Chairman and Founder of The Foundation for Behavioral Economics and Chairman of the Global Infrastructure Council, which are scientific research and educational non-profit foundations. He is also a member of the American Economics Association.
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Investment Officer- Structured & Corporate Finance Department,
Inter-American Development Bank
Susan Wermcrantz Davis is an Investment Officer in the Structured & Corporate Finance Department (SCF) of the Inter-American Development Bank (IDB) in Washington, DC. SCF provides loans and guarantees to private and subnational entities and public private partnerships that are developing projects in Latin America. Susan focuses on the financing of infrastructure projects, with an emphasis on the water and renewable energy sectors. Before joining the IDB in 2003, Susan worked in investment banking in Argentina and as a Project Finance Manager for Thames Water International in Brazil. Susan graduated from Northwestern University and has an MBA from the Wharton School of the University of Pennsylvania.
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Managing Director,
Hydro Capital Corp
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