Ilfryn Carstairs is a Partner, Chief Executive Officer and Co-Chief Investment Officer. Based in Singapore, he chairs the firm’s Investment Committee and leads the firm’s global business and investment strategy.
Ilfryn joined the firm in 2006 in London, where he played a key role in building Värde’s team and business in the European region. Through his career with the firm he has invested across a wide spectrum of financial assets ranging from corporate restructurings and liquidations to more actively traded opportunities. Ilfryn was named Partner in 2011 and served as Co-Head of Corporate and Traded Credit managing Värde’s liquid investing activities globally before being named Co-Chief Investment Officer in 2017 along with his move to Singapore. He was named Co-Chief Executive Officer in 2020 before becoming Chief Executive Officer in 2022.
Before joining Värde, Ilfryn worked for Deutsche Bank London in the Financial Sponsors Group, and Pacific Equity Partners, an Australian leveraged buyout firm.
Ilfryn received a B.C. with First Class Honours from the University of Queensland, Australia and an M.B.A. from INSEAD, France.
Brad Bauer is a Partner and Co-Chief Investment Officer. He oversees private markets investing activity and is a member of the firm’s Investment Committee. Based in London, he joined the firm in Minneapolis in 2007, was named Partner in 2013, and has led the firm’s London office since 2019.
Brad has held numerous leadership positions throughout his time at Värde, including oversight of all non-investing functions. Prior to that, he was involved in managing the firm’s Corporate and Traded Credit team. Brad’s experience spans an array of industries and spectrum of credit markets.
Prior to joining Värde, Brad held senior investing and portfolio management roles focused on distressed debt and credit trading at both Deephaven Capital Management and Ameriprise Financial, Inc. Prior to Ameriprise, he worked for U.S. Bancorp Piper Jaffray in the Middle-Market Mergers and Acquisitions group.
Brad received a B.S. in Finance from Iowa State University, where he also competed on the varsity golf team. He earned his Chartered Financial Analyst (CFA) designation.
Giuseppe Naglieri is a Partner and Co-Chief Investment Officer. He oversees public markets investing activity and is a member of the firm’s Investment Committee. Based in London, he joined the firm in 2009 and was named Partner in 2016.
Prior to joining Värde, Giuseppe worked for Goldman Sachs as an Associate in Fundamental Strategies. Prior to Goldman Sachs, he worked at JP Morgan in Investment Banking, focusing on telecom, media and technology.
Giuseppe graduated from Bocconi University with a B.A. in Business and Finance.
Jon Fox is a Partner and President. He is a member of the firm’s Investment Committee. Based in New York, he joined Värde in London in 2013, was named Partner in 2017, and has led the firm’s New York office since 2019.
In addition to his role in global firm leadership, Jon oversees Business Development and Investor Relations, product development, and Communications & Public Affairs.
Prior to joining Värde, Jon was Managing Director and Co-Head of International Capital Formation at Fortress Investment Group. He was previously a Director at Lehman Brothers in Senior Relationship Management in London after serving in corporate strategy roles for the firm’s Investment Management Division in New York. He previously held roles in technology companies including Yahoo and started his investment management career at Lazard.
Jon received a B.A. in Political Science from the University of Colorado and an M.B.A. from Columbia Business School. He serves on the boards of trustees of the Fire Department of New York (FDNY) Foundation and Oliver Scholars and on the Business Council of the Asia Society.
Andy Lenk is a Partner and Deputy Chief Executive Officer. He is a member of the firm’s Investment Committee. Based in Minneapolis, he joined the firm in 2001 and was named Partner in 2009.
Andy works closely with the CEO in the overall management of the firm. This encompasses strategic planning, corporate development and the firm’s broader business, financial and talent management activities.
Andy has held a number of leadership positions during his time at Värde, including overseeing the development of Värde’s Capital Markets and Asset Management functions and managing the firm’s global Finance and Operations functions. Andy began his career at Värde in the investing teams in both the U.S. and Europe.
Prior to joining Värde, Andy worked in U.S. Bancorp’s Leveraged Lending division, providing financing to private equity backed companies in connection with acquisitions and recapitalizations across a variety of industries.
Andy received a B.B.A. in Accounting from the University of Wisconsin-Madison and an M.B.A. from the University of Michigan. He is a CPA (inactive).