Gramercy is comprised of 61 professionals based in the U.S., Asia, Europe and Latin America. Our Portfolio Managers, who average 26 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 thirteen credit analysts who average 16 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 28 individuals dedicated to running a transparent business platform complemented by world-class independent institutional service providers.

Partners

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 27 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 Board of Trustees for the Millbrook School and also serves 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.

Mr. Seaman has 30 years of business management experience. Mr. Seaman has executive oversight of the firm’s business areas including accounting, operations, legal, risk management, business development and investor relations, technology, human resources and administration.

Prior to joining Gramercy in June 2002, Mr. Seaman was the Chief Operating Officer and Chief Financial Officer of J.P. Morgan Fleming Asset Management’s Hedge Funds Group and Real Estate Investment Group from 2000 to 2002, where he was responsible for business growth and operational integrity. From 1998 to 2000, he was the Manager of the Emerging Markets Strategic Planning Group at J.P. Morgan Securities Inc. and responsible for building a global office network. From 1992 to 1997, Mr. Seaman was head of Emerging Markets Business Analysis and Development at J.P. Morgan Securities, Inc. where he was instrumental in building new products and managing a complex control structure. Prior to joining J.P. Morgan Securities, Inc., he was a Vice President in the J.P. Morgan & Co. Audit Group where he specialized in management consulting to new and rapidly growing sales and trading businesses. From 1984 to 1986, he was a Senior Audit Analyst at Ernst & Whinney.

Mr. Seaman received a MBA in Finance from New York University – Stern Graduate School of Business and a BS in Accounting with a minor in Economics at Long Island University – CW Post Center School of Professional Accountancy where he graduated Summa Cum Laude. Additionally, Mr. Seaman is a Certified Public Accountant in the State of New York.

Mr. Rauch has 34 years of investment experience. He serves as Co-Portfolio Manager for Gramercy Emerging Markets Fund, Gramercy Distressed Opportunity Fund, Gramercy Distressed Opportunity Fund II 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 Accel, Alestra, Arpeni, Asia Pulp and Paper, BTA Bank Kazakhstan, Dina, Durango, Essar Steel, Industrias Unidas, Iusacell, Mechala, Medefin, Metrogas, San Luis, Satmex, SIDEK, Synkro, 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.

Mr. Kauffman is a Partner of Gramercy and in charge of global trade execution of fixed income products (corporate, sovereign, credit default swaps, foreign exchange). He has 20 years of trading and investment experience in emerging markets. Additionally, Mr. Kauffman is a senior member of the Investment Committee, the Management Committee and the Asset Allocation Committee.

Prior to joining Gramercy in July 2001, Mr. Kauffman worked at Deutsche Bank as Vice President where he managed a $4 billion emerging markets repo portfolio. His work positioned Deutsche Bank as a premier player in emerging markets repo primarily in Latin American and Eastern European debt. From 1996 to 1998, Mr. Kauffman was an Associate at Lehman Brothers on the emerging markets sales and trading desk. From 1994 to 1996, Mr. Kauffman was a senior analyst in emerging markets corporate actions where he was a loan closer responsible for the Brady Plan restructuring and reconciliation of principal and interest for Panama, Peru and Ecuador.

Mr. Kauffman received a BA in Finance and Economics from Alfred University.

Mr. Lanava has 18 years of investment operations experience and a 15 year tenure at Gramercy. As Head of Operations, Mr. Lanava oversees all restructured debt exchanges, trade confirmations and settlements, systems-embedded risk management tools, prime brokerage relationships and bank counterparty relationships. As Chief Compliance Officer, Mr. Lanava is responsible for ensuring our policies and procedures are up to date and that employees are operating within the boundaries as set.

Prior to joining Gramercy in March 1999, Mr. Lanava was the Operations Manager for Van Eck Capital, Inc., a broker-dealer focused on emerging markets. At Van Eck Capital, Inc. he was responsible for daily operational duties including the settlement of trades and net capitalization computations. He was also responsible for opening new accounts and setting up lines of credit. From 1997-1998, Mr. Lanava was the Settlements Officer for NCH Capital Inc., a family of hedge funds focused on Russia and the former Soviet Union, where he was responsible for the settlement of trades and custody of positions. From 1995-1997, he was the Operations Specialist for First Cambridge Securities Corp., where he performed back office operational duties including margin and trade correction.

Mr. Lanava received a BA in Economics from Saint Anselm College.

Mr. Herzberg has 18 years of investment and research experience. He is a senior research analyst responsible for emerging markets corporate investment recommendations, a member of the Investment Committee and chairs the weekly Corporate/Distressed Credit Meeting. He has served on several creditor committees involved in the restructuring of various companies in Latin America and Eastern Europe.

Prior to joining Gramercy in October 2002, Mr. Herzberg worked at Bear Stearns and Co., Inc. as a Research Associate in its 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.