Brad Bauer

Brad Bauer is a Partner, Co-Chief Executive Officer and Co-Chief Investment Officer. Based in New York, he co-chairs the firm’s Investment Committee and leads the firm’s global business and investment strategy.

Brad joined the firm in 2007 and was named Partner in 2013. He has held a variety of both business and investing leadership roles working out of the firm’s U.S. and U.K. offices. From beginning his career at Värde on the Corporate and Traded Credit team to later leading the firm’s private credit strategies, Brad’s extensive investing experience spans numerous industries in public and private markets. Brad has served in a CIO role since 2019 and was named Co-CEO in 2023.

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.

Ilfryn Carstairs

Ilfryn Carstairs is a Partner, Co-Chief Executive Officer and Co-Chief Investment Officer. Based in Singapore, he co-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-CIO in 2017 along with his move to Singapore. He was named Co-CEO in 2020.

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.

James Dunbar

Jim Dunbar is a Partner and Head of Real Estate Lending. He oversees commercial real estate debt strategies, including loan originations and loan trading. He has also led investments in real estate operating companies, hospitality assets and non-performing CRE loans. He is a member of the firm’s Investment Committee. Based in Minneapolis, he joined the firm in 2010 and was named Partner in 2022.

Prior to joining Värde, Jim was a Senior Vice President at Macquarie based in Chicago. He had multiple roles within its real estate business including commercial real estate investments with joint ventures partners, developing new business initiatives and forming real estate investment trusts. Prior to Macquarie, Jim worked for Salomon Smith Barney/Citigroup within its investment banking division in New York and Sydney.

Jim graduated from Boston College with a B.S. in Finance.

Carlos Sanz Esteve

Carlos Sanz Esteve is a Partner and Head of European Corporate and Traded Credit. Throughout his time at Värde, Carlos has been critical in driving the firm’s research and investing across high yield bonds, leveraged loans and distressed securities in Europe and has expanded the firm’s expertise around European financial and sovereign debt, as well as in Emerging Market credit. He is a member of the firm’s Investment Committee. Based in London, he joined the firm in 2011 and was named Partner in 2022.

Prior to joining Värde, Carlos worked for Deutsche Bank as an analyst in the M&A division.

Carlos graduated from the University of Valencia with a B.S. in Business Administration and a B.S. in Law. He received a Master’s in Management from London Business School.

Shannon Gallagher

Shannon Gallagher is a Partner and Global Head of Business Development and Investor Relations. Prior to leading the firm’s Business Development and Investor Relations function on a global basis, she was responsible for business development in Europe, the Middle East, and Asia Pacific. She is a member of the firm’s Investment Committee. Based in London, Shannon joined the firm in 2018 and was named Partner in 2024.

Prior to joining Värde, Shannon was Head of EMEA Client Development at Magnetar Capital. Previously, Shannon was a Principal at Park Hill Group in London providing alternative asset advisory and fundraising services to global alternative asset managers. She began her investment career at FORT Investment Management.

Shannon received a B.A. in Economics from the University of Virginia and is a CFA Charterholder.

Anthony Iannazzo

Tony Iannazzo is a Partner and Chief Operating Officer. In addition to overseeing Värde’s finance, technology, and operations functions, he also leads the firm’s global real estate asset management. Tony has held numerous leadership positions during his time at Värde, including serving as Head of European Real Estate. He is a member of the firm’s Investment Committee. Based in London, he joined the firm in 2008 and was named Partner in 2024.

Prior to joining Värde, Tony was an Associate at Lazard, focusing on middle-market M&A advisory work. Prior to Lazard, he practiced securities and M&A law at Skadden, Arps, Slate, Meagher & Flom LLP in their Chicago office, and corporate law at Sullivan & Cromwell LLP in New York.

Tony graduated from St. John’s University in Minnesota with a B.A. in Political Science and received a J.D. from Harvard Law School.