Capital Solutions Strategy Team

Gustavo Ferraro

Partner | head of capital solutions, Senior portfolio manager

38 Years Experience | Located in Greenwich

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Mr. Ferraro has 38 years of Latin America focused investment banking and capital markets and investment experience. As a Partner and Head of the Capital Solutions business, 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. He is Chairman of Gramercy’s Diversity Committee and is also a member of Gramercy’s Management Team. Additionally, Mr. Ferraro is a member of the Private Credit Council of the Global Private Capital Association (GPCA).

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 worked 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.

Javier Ledesma-Arocena

Partner | capital solutions portfolio manager

24 Years Experience | Located in Buenos Aires

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Mr. Ledesma-Arocena has 24 years of private investment buy side experience focused on emerging markets direct lending and private equity transactions. At Gramercy, Mr. Ledesma-Arocena focuses on the sourcing, execution and monitoring of emerging markets capital solutions and direct lending transactions globally. He is also responsible for management of Argentine public and private positions. 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 Marco Maltoni

Managing Director | capital solutions

Region: Latin America
22 Years Exp. | Located in Buenos Aires

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Mr. Maltoni has 22 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.

Tomas Serantes

Managing Director | Capital Solutions

Region: Latin America
22 Years Exp. | Located in Buenos Aires

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Mr. Serantes has 22 years of Latin American focused structured credit and investment banking experience. At Gramercy, Mr. Serantes is Managing Director, Capital Solutions 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

director | capital solutions

Region: Global
15 Years Exp. | Located in Miami

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Mr. Muller has 15 years of investment banking and emerging markets credit experience. At Gramercy, Mr. Muller is responsible for sourcing, executing and monitoring capital solutions and direct lending transactions in the Latin America and CEEMEA regions.

Prior to joining Gramercy in 2017, Mr. Muller was an Associate Director in the Latin America Special Situations and Structuring team at UBS Investment Bank in New York. In this role, Mr. Muller was responsible for the origination, execution and monitoring of high yield structured financings in Latin America. During his time at UBS, Mr. Muller executed over 10 private financings for over a $1bn. Previously, Mr. Muller spent 3 years as an Investment Banking Analyst for UBS Investment Bank based 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.

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

Felipe Alonso

director | Capital solutions

Region: Latin America
15 Years Exp. | Located in Mexico City

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Mr. Alonso has 15 plus years of legal, investment banking and emerging markets investing experience. At Gramercy, he is primarily responsible for sourcing, executing and overseeing the Firm’s investments in Mexico.

Prior to joining Gramercy in 2020, Mr. Alonso was a Principal at Ardinall Investment Management, an investment Firm focused on structured financing for energy and infrastructure projects in Mexico and the US. Beforehand, he was a Vice President at Morgan Stanley’s Investment Banking Division based in Mexico City, where he advised public-and private-sector clients on multiple debt and equity financings, project finance and M&A transactions, across different industries. Previously, Mr. Alonso spent three years as an Associate at the International Corporate and Energy Practices of Curtis, Mallet-Prevost, a NY-based Law Firm, participating in multiple structured financings, M&A transactions as well as oil & gas services contracts and international arbitrations. He started his career as a public policy analyst at the headquarters of the Organisation for Economic Co-operation and Development (OECD) in Paris.

Mr. Alonso received an MBA from The University of Chicago Booth School of Business in 2012 and a Law Degree with honors from the Universidad Iberoamericana in Mexico City.

Eduardo Garcia

associate | Capital Solutions

Region: Global
7 Years Exp. | Located in Mexico City

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Mr. Garcia has 6 years of emerging markets credit experience. At Gramercy, Mr. Garcia is responsible for the analysis, recommendation and monitoring of capital solutions and direct lending transactions.

Prior to joining Gramercy in October of 2022, Mr. Garcia was an Assistant Vice President in the Credit Risk team for Latin America at Credit Suisse. In this role, Mr. Garcia was responsible for the analysis, approval, and monitoring of lending and derivative transactions, covering financial institutions and corporates in Latin America.

Mr. Garcia holds a BS degree in Actuarial Science from Universidad Anahuac Mexico, where he graduated with honors.

Gabriela Rivera

associate | capital solutions

Region: Global
7 Years Exp. | Located in Mexico

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Ms. Rivera joined Gramercy in 2024 as an Associate with the Capital Solutions team. Her responsibilities are assisting with originating and sourcing transactions in various EM regions, due diligence and underwriting of investment targets, preparing investment memos and assisting with monitoring portfolio companies.

Prior to Gramercy, Ms. Rivera worked as an Investment Associate at Lottus Education and Prudential Private Capital.

Ms. Rivera earned a Bachelor’s in Economics from ITESM in Monterrey, Mexico.

Micaela Vargas

associate | capital solutions

Region: Global
5 Years Exp. | Located in Mexico City

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Ms. Vargas joined Gramercy in June 2022 as an Analyst for the Capital Solutions team with 5 years of investment banking and private credit experience. At Gramercy, Ms. Vargas is responsible for assisting the capital solutions team with originating transactions, performing due diligence on investment targets and monitoring portfolio companies.

Prior to Gramercy, Ms. Vargas worked at Andino Capital in Lima, focusing on asset-backed lending and secured medium-term loans for small and medium enterprises across all industries in Peru. Previously, Ms. Vargas worked at Bank of America in the Investment Banking Latin American Group in New York. Ms. Vargas worked in the Mergers and Acquisitions group, analyzing cross border transactions for large corporates in Latin America.

Ms. Vargas received a Bachelor of Science from Wake Forest University where she majored in Finance and graduated Magna cum laude.

Santiago Caicedo

Associate | capital solutions

Region: Global
6 Years Exp. | Located in Buenos Aires

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Mr. Caicedo joined Gramercy in September 2023 as an Analyst for the Capital Solutions team with 6 years of investment banking and private credit experience. At Gramercy, Mr. Caicedo is responsible for assisting the capital solutions team with originating transactions, performing due diligence on investment targets, and monitoring portfolio companies.

Prior to Gramercy, Mr. Caicedo worked in the investment banking division of Credit Suisse in Colombia, focusing on M&A, capital markets, and structured finance.

Mr. Caicedo earned a bachelor’s in Civil Engineering & Management from Universidad de los Andes in 2019 and a Masters in BIM Infrastructure from Zigurat, Universitat de Barcelona in 2020.

Sebastian Diaz

Associate | Capital Solutions

Region: Global
4 Years Exp. | Located in Miami

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Mr. Diaz joined Gramercy in 2024 as an Associate with the Capital Solutions team. His responsibilities consist of assisting in the sourcing, due diligence, structuring and monitoring of private credit transactions across selected emerging markets.

Prior to Gramercy, Mr. Diaz worked in the Latin America Debt Capital Markets (“DCM”) team at BBVA based in New York.

Mr. Diaz earned a Bachelor’s in Economics from University of Miami.

Maud Kalborg

senior capital solutions ic member

Region: Global
36 Years Exp. | Located in Greenwich

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Ms. Kalborg has 36 years of Latin America focused structured credit, syndicated loans and capital markets experience. She is an independent member of the Capital Solutions Investment Committee.

Prior to joining Gramercy in 2021, Ms. Kalborg worked at Itaú BBA in Brazil for 18 years where she was Head of the Loan Syndications and Official Agencies teams within the Fixed Income Department and responsible for structuring and distributing domestic and international loan syndication transactions for the bank’s clients in Brazil. In that role she worked on variety of corporate financing structures as well as project finance transactions across different industries. From 1989 to 2000 and from 1984 to 1987, Ms. Kalborg worked at Citigroup in New York and Brazil in various capacities such as responsible for international capital markets origination and structuring for the Brazilian sovereign, corporates and financial institutions in Brazil, Head of capital markets transaction management for Latin America, origination and structuring of international securitization transactions in Latin America and corporate finance in Brazil.

Ms. Kalborg has an Masters in International Affairs with specialization in International Business from Columbia University a Bachelor of Arts with major in Economics from Brown University.