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Partners


Marcia L. Page
Executive Chair
George G. Hicks
Chief Executive Officer and Co-Chief Investment Officer
Bradley P. Bauer
Partner and President
Ilfryn C. Carstairs
Partner and Co-Chief Investment Officer
Jeremy D. Hedberg
Partner and Co-Chief Investment Officer
Jon A. Fox
Partner and Global Head of Business Development and Investor Relations
Ali M. Haroon
Partner and Global Co-Head of Real Estate
Andrew P. Lenk
Partner and Global Head of Asset Management
David A. Marple
Partner and General Counsel
Timothy J. Mooney
Partner and Global Co-Head of Real Estate
Giuseppe Naglieri
Partner, Corporate and Traded Credit
Rick J. Noel
Partner and Global Head of Specialty Finance
Brian C. Schmidt
Partner and Head of Värde Mortgage Business

Investment leaders


Krzysztof Drozd
Senior Managing Director
Scott Hartman
Senior Managing Director
Elena Lieskovska
Senior Managing Director
Haseeb Malik
Senior Managing Director
Aneek Mamik
Senior Managing Director
Francisco Milone
Senior Managing Director
Jeffrey Thuringer
Senior Managing Director
Brendan Bosman
Managing Director
Erwan de Lépinay
Managing Director
James Dunbar
Managing Director
Andrew Feng
Managing Director
Anthony Iannazzo
Managing Director
Todd Jelen
Managing Director
Matt Kennedy
Managing Director
Michael Li
Managing Director
Matt Mach
Managing Director
Luca Malighetti
Managing Director
Hanli Mangun
Managing Director
Hugo Moreira
Managing Director
Agnieszka Pfeiffer
Managing Director
Craig Rydqvist
Managing Director
Carlos Sanz Esteve
Managing Director
Héctor Serrat
Managing Director
Stephen Seymour
Managing Director
Markus Specks
Managing Director
Akihito Watanabe
Managing Director

Business leaders


Brendan Albee
Chief Operating Officer
Katie Kloster
Global Chief Compliance Officer
Andrea Schilling
Global Head of Human Resources
Kirsten Voss
Senior Managing Director
Ksenia Anikina
Head of Human Resources, Europe and Asia
Ryan Atkinson
Managing Director
Fay Chang
Managing Director
Robyn Churchill
Managing Director
Tim Gallaher
Managing Director
Bruce Hendry
Managing Director
Andrew Malone
Managing Director
Kelly Menendez Holland
Managing Director
Nora McGlone
Managing Director
Deb Pederson
Managing Director
Eric Perry
Managing Director
Paula Prahl
Global Head of Communications and Public Affairs
Mark Rabogliatti
Managing Director
Michael Reimler
Managing Director
Steffanie Sanders
Managing Director
Mary Jo Sanderson
Managing Director
Carrie Seele
Managing Director
Partner

Marcia L. Page

Executive Chair

Marcia Page is Executive Chair of Värde. She co-founded the firm in 1993 and currently chairs the Partner Committee and is a member of the firm's Investment Committee. Based in Minneapolis, Marcia is a Partner of the firm.

As a founder, Marcia has overseen every aspect of the firm’s growth, ranging from the development of the original investment thesis, to the raising of each fund, to the crafting of the firm’s investor communications, to the development of the firm’s infrastructure. Marcia built the liquid investing side of the business, first focusing on all aspects of the day-to-day investing and portfolio management and then building the business on a world-wide basis, including moving to London as she built the liquid side of the business there. Marcia has played key roles in various portfolio companies owned by the Värde funds as well as serving on creditors' committees. Marcia transitioned from Co-Chief Executive Officer and Co-Chief Investment Officer to Executive Chair in 2016.

Prior to founding Värde in 1993, Marcia served as vice president of EBF & Associates, an alternative investment firm. There, she managed Merced Partners, an investment partnership. Prior to EBF & Associates, Marcia traded distressed and high-yield bonds and managed fixed-income portfolios at Cargill.

Marcia graduated from Gustavus Adolphus College, Minnesota with a B.A. in Economics, and received an M.B.A. from the University of Minnesota. Marcia serves on the Board of Trustees and as Chair of the Investment Committee of Gustavus Adolphus College. She is on the Board of Overseers of the Carlson School of Management at the University of Minnesota. She is a member of The Committee of 200.

Partner

George G. Hicks

Chief Executive Officer and Co-Chief Investment Officer

George Hicks is Chief Executive Officer and Co-Chief Investment Officer of Värde. He co-founded the firm in 1993. He currently oversees Värde’s global investment strategy and management, and serves as the chairman of its Investment Committee. Based in Minneapolis, George is a Partner of the firm.

As a founder, George was an original architect of the firm’s investment thesis and philosophy and has helped guide the application of those principles to an ever-changing, growing and dynamic investing environment. He has presided over the growth of the firm, overseeing its transition from a start-up to a global enterprise with the infrastructure required to support offices around the globe and a diverse investor base. George played a central role in developing the mandates and raising the capital for each of Värde’s funds. He has served as a lead creditor in a number of corporate restructurings and has served on the boards of a number of the portfolio companies owned by the Värde funds.

Prior to founding Värde in 1993, George served as senior vice president of Cargill Financial, the financial services subsidiary of Cargill, where he helped build and manage the company’s worldwide merchant banking department. A lawyer by training, George also served as counsel in the Cargill legal department.

George graduated from Gustavus Adolphus College, Minnesota with a B.A. in Economics and History, and received his J.D. from the University of Minnesota Law School. He currently serves on the Board of Trustees of Gustavus Adolphus College.

Partner

Bradley P. Bauer

Partner and President

Brad Bauer, a Partner of Värde, serves as the President of the firm. He is a member of the firm's Investment Committee and serves as chairman of its Risk Committee. Based in Minneapolis, he joined the firm in 2007 and was named Partner in 2013.

As President, Brad plays a central role in firm leadership and strategic direction, including global responsibility for all non-investing activities. He previously led the firm's Global Business Development and Investor Relations team. During his first six years with Värde, Brad was involved with the management of the firm's corporate credit team and related portfolios. Brad’s experience spans an array of industries and includes restructurings, liquidations and performing credit.

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 as an analyst 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 University’s Varsity Golf Team. He earned his Chartered Financial Analyst (CFA) designation.

Partner

Ilfryn C. Carstairs

Partner and Co-Chief Investment Officer

Ilfryn Carstairs, a Partner of Värde, is Co-Chief Investment Officer of the firm and leads Värde’s Investment Committee along with Jeremy Hedberg. Based in Singapore, he joined the firm in 2006, was named Partner in 2011 and Co-Chief Investment Officer in 2017.

Ilfryn 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, such as those stemming from the European financial and sovereign crisis. Prior to being named Co-Chief Investment Officer he served as Co-Head of Corporate and Traded Credit, managing Värde's liquid investing activities globally.

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.

Partner

Jeremy D. Hedberg

Partner and Co-Chief Investment Officer

Jeremy Hedberg, a Partner of Värde, is Co-Chief Investment Officer of the firm and leads the firm's Investment Committee along with Ilfryn Carstairs. Based in Minneapolis, he joined the firm in 1997, was named Partner in 2003 and Co-Chief Investment Officer in 2017.

Jeremy has played a number of roles in the firm. Prior to being named Co-Chief Investment Officer he served as Co-Head of Corporate and Traded Credit, managing Värde's liquid investing activities globally. In addition to corporate investing, he led the firm’s significant investments in the residential mortgage sector in the U.S. He has served on a number of boards of portfolio companies owned by the Värde funds. He has served on many official creditors’ committees and a number of ad-hoc committees to restructure companies in bankruptcy.

Prior to joining Värde, Jeremy worked for Goldner Hawn Johnson & Morrison, a private equity fund specializing in middle-market leveraged buyouts. He also previously worked for Wessels, Arnold & Henderson, a full-service investment bank specializing in high-growth companies.

Jeremy received his B.A. in Economics and Business Administration from the University of St. Thomas, Minnesota.

Partner

Jon A. Fox

Partner and Global Head of Business Development and Investor Relations

Jon Fox, a Partner of Värde, is the Global Head of the Business Development and Investor Relations team. He is a member of the firm’s Investment Committee. He joined the firm in 2013 and was named Partner in 2017.

Based in the London office, Jon leads the global team responsible for developing relationships with and serving investors across the Americas, Europe, the Middle East and Asia-Pacific. In addition he also leads the product development function for the firm to deliver opportunities across the firm’s platform and strategies to help investors achieve their goals. 

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 internet 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.

Partner

Ali M. Haroon

Partner and Global Co-Head of Real Estate

Ali Haroon, a Partner of Värde, is the Global Co-Head of the Real Estate team and leads the Asia-Pacific business at Värde. He is a member of the firm's Investment Committee. He joined Värde in 2005 and was named Partner in 2011.

Based in Singapore since 2010, Ali’s focus in Asia includes continuing to build the firm's growing presence in the region. His responsibilities in real estate include Värde’s commercial real estate credit and hard asset business as well as its residential land development activities. He previously worked in Värde’s London office with a focus on European real estate investments and commercial mortgage-backed securities.

Prior to joining Värde, Ali was an investment banking associate at Bear Stearns, London, and worked as an investment banking analyst at Bear Stearns, New York.

Ali graduated from the University of Pennsylvania with a B.A. in Economics and received an M.B.A. from INSEAD, France.

Partner

Andrew P. Lenk

Partner and Global Head of Asset Management

Andrew Lenk, a Partner of Värde, leads the Asset Management function, which he developed for the firm, and is member of the firm’s Investment Committee. Based in Minneapolis, he joined the firm in 2001 and was named Partner in 2008.

Under Andy’s leadership, the Asset Management team partners with Värde’s global team of investment professionals to drive value in key positions held by the Värde funds. More specifically, this team seeks to optimize investment performance through active real estate management, capital markets expertise and operational support of private equity investments. Prior to his current role, Andy oversaw the global Finance and Operations functions at Värde, and spent his first seven years focused on investing in U.S. and European corporate opportunities.

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. Prior to U.S. Bancorp, he worked in the operational and finance functions of Jostens, Inc., as well as in the business assurance practice of Coopers & Lybrand.

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).

Partner

David A. Marple

Partner and General Counsel

Dave Marple, a Partner of Värde, is General Counsel and a member of the firm's Investment Committee. Based in Minneapolis, he joined the firm in 2008 and was named Partner in 2016. Dave has global responsibility for the firm's legal, compliance, tax and audit functions.

Prior to joining Värde, Dave was senior managing director and general counsel at Residential Capital, the global real estate business of GMAC Financial Services, where he had legal oversight of securitization, corporate finance, trading, master servicing, servicing, regulatory compliance and litigation. Prior to GMAC, Dave practiced law in the Structured Finance Department of Orrick, Herrington & Sutcliffe in New York.

Dave graduated with a B.A. from Colgate University and earned a J.D. from The New York University School of Law.

Partner

Timothy J. Mooney

Partner and Global Co-Head of Real Estate

Tim Mooney, a Partner of Värde, is the Global Co-Head of the Real Estate team and a member of the firm's Investment Committee. Based in London since 2007, he joined the firm in 2005 and was named Partner in 2016. Tim is responsible for real estate investing, including the acquisition of non-performing loans, assets and real estate-related companies.

Prior to joining Värde, Tim was an attorney at Cadwalader, Wickersham & Taft in New York where he was a member of the financial restructuring group.

Tim earned a BSFS from Georgetown University and a J.D. from the University of Chicago. He earned his Chartered Financial Analyst (CFA) designation.

Partner

Giuseppe Naglieri

Partner, Corporate and Traded Credit

Giuseppe Naglieri, a Partner of Värde, manages Värde’s European Corporate and Traded Credit investment team and plays a lead role on emerging market investments. He also is a portfolio manager of the firm’s global liquid investments. He 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.

Partner

Rick J. Noel

Partner and Global Head of Specialty Finance

Rick Noel, a Partner of Värde, is the Global Head of the Specialty Finance team and a member of the firm's Investment Committee. Based in London, he joined the firm in 1999 and was named Partner in 2006.

Rick has been actively involved with Värde's European illiquid investment portfolio since 2010. He established the firm's Singapore office in 2008, after working in Minneapolis on U.S. illiquid investments for nine years. Rick is an experienced debt and equity investor in the specialty finance, real estate and transportation sectors.

Prior to joining Värde, Rick served as a fixed income investment officer at Advantus Capital Management and an investment manager at Cargill Financial. He also formerly worked in the Audit and Business Advisory Group at Arthur Andersen.

Rick graduated from the University of Northern Iowa with a B.A. in Accounting and received his M.B.A. from the University of Minnesota. He earned his Chartered Financial Analyst (CFA) designation and is a CPA (inactive).

Partner

Brian C. Schmidt

Partner and Head of Värde Mortgage Business

Brian Schmidt, a Partner of Värde, is Head of the Mortgage Business. He is a member of the firm’s Investment Committee. Based in Minneapolis, he joined the firm in 2005 and was named Partner in 2017.

Brian manages the firm’s mortgage investments in the commercial and residential sectors. Brian’s previous roles at Värde included leadership in both Real Estate and Structured Products. He has served on a number of boards of portfolio companies owned by the Värde funds. Brian led Värde’s work to establish the Association of Mortgage Investors and serves on their Board.  He also serves on the Board of Advisors for University of Wisconsin’s Graaskamp Center for Real Estate.

Prior to joining Värde, Brian was an associate in investment banking at Piper Jaffray, focusing on merger and acquisition advisory.

Brian received a B.S. in Finance from the University of Minnesota’s Carlson School of Management and an M.S. from The London School of Economics and Political Science.

Investment leader

Krzysztof Drozd

Senior Managing Director

Krzysztof Drozd is a Senior Managing Director of Värde and leads the Portfolio Value Creation Group focused on overseeing and enhancing performance in Värde private equity investments. Based in London, he joined the firm in 2007.

Prior to joining Värde, Krzysztof was a manager at Deloitte responsible for advisory on corporate treasury and complex financial instruments. Prior to that, he worked at PricewaterhouseCoopers in Frankfurt, Germany.

Krzysztof received an M.B.A. from Frankfurt University in Germany. He earned his Chartered Financial Analyst (CFA) designation and is a CPA (inactive).

Investment leader

Scott Hartman

Senior Managing Director

Scott Hartman is a Senior Managing Director of Värde and leads the firm’s U.S. Corporate and Traded Credit investment team and related portfolios. He also serves as a portfolio manager of the firm’s global liquid investments and is a member of the Investment Committee. Based in Minneapolis, he joined the firm in 2008.

Prior to joining Värde, Scott was an associate at ShoreView Industries, a Minneapolis-based private equity firm. He also previously worked as an analyst in the Middle Market M&A group at Piper Jaffray.

Scott graduated from the University of Wisconsin-Madison with a B.B.A. in Finance, Operations and Management and he received an M.B.A. from the Kellogg School of Management at Northwestern University.

Investment leader

Elena Lieskovska

Senior Managing Director

Elena Lieskovska is a Senior Managing Director of Värde and is responsible for Värde’s European Specialty Finance business. Based in London, she joined the firm in 2008.

Prior to joining Värde, Elena served as executive director at Lehman Brothers, where she was responsible for managing all elements of principal credit/loan single name and portfolio transactions in Europe. She has also worked for Alvarez and Marsal, a financial and operational restructuring firm, and in the Investment Banking Division at Goldman Sachs & Co. London.

Elena received a B.S. in Finance from Louisiana State University and an M.B.A. from Harvard Business School.

Investment leader

Haseeb Malik

Senior Managing Director

Haseeb Malik is a Senior Managing Director at Värde and serves as Head of Asia Corporate & Traded Credit. He joined the firm in 2006 and relocated to Singapore in 2008 to assist in opening that office.

Prior to joining Värde, Haseeb worked as an associate at Ripplewood Holdings LLC, a global private equity fund focusing on leveraged buyouts in the U.S. and Japan. Prior to that, Haseeb was an investment banking analyst at Salomon Smith Barney, where he provided mergers and acquisitions and corporate finance advisory services.

Haseeb received his B.S. in Finance and Accounting from the Wharton School of Business at the University of Pennsylvania followed by an M.B.A. from the Kellogg School of Management at Northwestern University.

Investment leader

Aneek Mamik

Senior Managing Director

Aneek Mamik is a Senior Managing Director of Värde and serves as North America Head of Specialty Finance. Based in New York, he joined the firm in 2016.

Prior to joining Värde, Aneek spent 15 years at General Electric where he most recently served as head of mergers and acquisitions for GE Capital Headquarters. He started as an associate in GE Capital’s Australian consumer finance platform (acquired by Värde in 2015 and re-branded Latitude Financial Services) before joining the mergers and acquisitions group where he pursued acquisitions globally as part of GE Capital’s expansion.

Aneek received a Bachelor’s degree in Accounting and a Master’s in Business from Monash University in Australia. He is a member of the Institute of Chartered Accountants in Australia.

Investment leader

Francisco Milone

Senior Managing Director

Francisco Milone is a Senior Managing Director of Värde on the European public investment team. Based in London, he joined the firm in 2008.

Prior to joining Värde, Francisco worked for Goldman Sachs International as an associate in Bank Loans Distressed Investing. Prior to Goldman Sachs, Francisco worked for Meliorbanca S.p.A. as an associate in the Mergers and Acquisitions Middle Capitalization Group.

Francisco graduated with a B.A. in Finance & Economics from University L.U.I.S.S. Guido Carli and received an M.B.A. from Columbia Business School.

Investment leader

Jeffrey Thuringer

Senior Managing Director

Jeff Thuringer is a Senior Managing Director of Värde and a senior member of the firm’s U.S. private investment team. He is responsible for managing Värde's Scratch and Dent Fund. Based in Minneapolis, he joined the firm in 2003.

Prior to joining Värde, Jeff was a corporate banking officer within US Bank’s Corporate Bank.

Jeff received a B.S. in Business Administration with a concentration in Finance from the University of South Dakota and an M.B.A. from the University of Minnesota. He earned his Chartered Financial Analyst (CFA) designation and is a CPA (inactive).

Investment leader

Brendan Bosman

Managing Director

Brendan Bosman is a Managing Director of Värde and leads the private equity real estate business in the U.S. with a current focus on residential development and homebuilding investments. Based in Minneapolis, he joined the firm in 2008.

Prior to joining Värde, Brendan was an analyst at Bank of America Securities in the Global Structured Products group, where he focused on structuring residential mortgage backed securities and asset backed securities.

Brendan graduated from Macalester College in Minnesota with a B.A. in Economics. He holds Series 7 and Series 63 certifications.

Investment leader

Erwan de Lépinay

Managing Director

Erwan de Lépinay is a Managing Director of Värde on the European Corporate investment team. Erwan is focused on traded credits and restructuring in Europe as well as global commodities. Based in London, he joined the firm in 2011.

Prior to joining Värde, Erwan worked for Goldman Sachs as an associate in leveraged finance where he was involved in debt origination and advisory for corporate and private equity firms.

Erwan graduated from the Ecole Polytechnique in France and received a MSc in Finance from Stanford University.

Investment leader

James Dunbar

Managing Director

Jim Dunbar is a Managing Director of Värde and is responsible for real estate credit and equity investments focused in North America, including non-performing and sub-performing real estate loans, commercial real estate and hospitality assets and real estate operating companies. Based in Minneapolis, he joined the firm in 2010.

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 investment banking. Prior to Macquarie, Jim worked for Salomon Smith Barney/Citigroup within their investment banking division in New York and Sydney.

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

Investment leader

Andrew Feng

Managing Director

Andrew Feng is a Managing Director of Värde and is head of the U.S. Portfolio Value Creation Group. Based in Minneapolis, he joined the firm in 2014.

Prior to joining Värde, Andrew was with KKR Capstone as a senior principal with operations management and value creation responsibilities for portfolio companies in Asia. Andrew also has 15 years of progressive executive experiences with GE, Danaher, UnitedHealth Group and Summit Global Group in various leadership capacities.

Andrew received his B.A. in Business Administration from Beloit College and his M.B.A. from Harvard Business School.

Investment leader

Anthony Iannazzo

Managing Director

Tony Iannazzo is a Managing Director of Värde focused on commercial real estate investment in Europe. Based in London, he joined the firm in 2008.

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.

Investment leader

Todd Jelen

Managing Director

Todd Jelen is a Managing Director of Värde and is responsible for managing the U.S. Corporate investment team. Todd's investing experience spans a wide range of industries and asset classes, and includes restructurings, liquidations, corporate credit and equity. Based in Minneapolis, he joined the firm in 2004.

Prior to joining Värde, Todd was an investment banking analyst/associate at Lehman Brothers in New York and Houston.

Todd graduated with a B.A. in Economics from Dartmouth College in Hanover, New Hampshire.

Investment leader

Matt Kennedy

Managing Director

Matt Kennedy is a Managing Director of Värde and is responsible for managing investments in residential and commercial mortgage assets, inclusive of mortgage backed securities and whole loans. Matt also leads investments in specialty finance companies with a focus on residential lending. Based in Minneapolis, he joined the firm in 2009.

Prior to joining Värde, Matt was a trader and portfolio manager at GMAC-RFC and was responsible for managing positions in RMBS, ABS, and residential whole loans. He also previously worked as an associate/analyst for Deloitte.

Matt graduated from the University of Iowa with a B.B.A. in Finance and Management Information Systems.

Investment leader

Michael Li

Managing Director

Michael Li is a Managing Director of Värde and is responsible for real estate related investments in Asia Pacific. Based in Singapore, he joined the firm in 2008.

Prior to joining Värde, Michael worked as an analyst in the investment banking division at Lehman Brothers.

Michael graduated from Stanford University with a B.A. in International Relations.

Investment leader

Matt Mach

Managing Director

Matt Mach is a Managing Director of Värde on the U.S. Corporate investment team and the emerging markets team. Based in Minneapolis, he joined the firm in 2008.

Prior to joining Värde, Matt was on the Fixed Income Trade Support desk at Piper Jaffray. Prior to Piper Jaffray, he founded and ran a skateboard company.

Matt graduated from the University of Minnesota in 2007 with a Bachelor of Science in Economics and a Minor in Mathematics.

Investment leader

Luca Malighetti

Managing Director

Luca Malighetti is a Managing Director of Värde, with primary responsibility for real estate investing in Italy. Based in Milan, he joined the firm in 2014.

Prior to joining Värde, Luca spent 11 years at The Carlyle Group, in the pan European real estate department.

Luca earned a B.S. in Economics from University of Bergamo, Italy.

Investment leader

Hanli Mangun

Managing Director

Hanli Mangun is a Managing Director of Värde’s Asia-Pacific team, with a focus on Corporate and Traded Credit. Based in Singapore, he joined the firm in 2011.

Prior to joining Värde, Hanli worked as a research analyst at King Street Capital Management and as an associate at Ripplewood Holdings, a global private equity fund focusing on leveraged buyouts in the U.S. and Japan. Prior to that, Hanli was an investment banking analyst at Goldman Sachs and Merrill Lynch, where he provided M&A and corporate finance advisory services.

Hanli received a B.S. in Systems Engineering and a B.S. in Finance from the University of Pennsylvania, and an M.B.A. from Harvard Business School.

Investment leader

Hugo Moreira

Managing Director

Hugo Moreira is a Managing Director of Värde, serving as a member of the European liquid investment team focusing in the Iberia distressed market. Based in London, he joined the firm in 2011.

Prior to joining Värde, Hugo worked for Arrowgrass as an investment analyst on the Distressed and High Yield desk. Prior to Arrowgrass, he worked for Bank of America as an associate in the Special Situations Group covering Iberia.

Hugo graduated from the Portuguese Catholic University with a B.S. in Business Administration and received a Master of Science degree in Financial Derivatives from London Guildhall University. Hugo earned his Chartered Financial Analyst (CFA) designation.

Investment leader

Agnieszka Pfeiffer

Managing Director

Agnieszka Pfeiffer is a Managing Director of Värde, serving as the Head of Asia for Värde’s Portfolio Value Creation Group. Based in Sydney, she joined the firm in 2016.

Prior to joining Värde, Agnieszka was a group general manager at Wesfarmers Industrial and Safety responsible for the operations of a portfolio of safety related businesses. Prior to that role, she held other senior positions at Gresham Private Equity, David Jones, Virgin Money and the Boston Consulting Group.

Agnieszka graduated with a Bachelor of Commerce and Law from the University of Auckland.

Investment leader

Craig Rydqvist

Managing Director

Craig Rydqvist is a Managing Director of Värde and the Head of Capital Markets, maintaining relationships with lenders and providing debt advisory and execution support globally. Based in London, he joined the firm in 2014 to establish the Capital Markets function.

Prior to joining Värde, Craig ran Structured Finance Origination and Structuring for the U.K. at the Royal Bank of Scotland where he established the bank and capital markets financing for SAV Credit/NewDay, a Värde investment. Prior to RBS, Craig worked in the Emerging Markets business of Barclays Capital and he began his career training as a Chartered Accountant in the Financial Sector practice at KPMG in London.

Craig graduated from the Masters in Finance Programme (MSc) at London Business School. He also holds a First Class undergraduate degree in Business and Management Studies (BSc) from the University of Bradford. Craig is a Chartered Accountant (ACA) with the Institute of Chartered Accountants in England and Wales.

Investment leader

Carlos Sanz Esteve

Managing Director

Carlos Sanz Esteve is a Managing Director of Värde on the European Corporate investment team. Based in London, he joined the firm in 2011.

Prior to joining Värde, Carlos worked for Deutsche Bank as an analyst on their 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 Masters in Management from the London Business School.

Investment leader

Héctor Serrat

Managing Director

Héctor Serrat is a Managing Director at Värde and is responsible for real estate investments in Spain. Based in Barcelona, he joined the Firm in 2013.

Prior to joining Värde, Héctor worked for seven years at Patron Capital Partners, where he was involved in the acquisition and asset management of the firm’s Spanish investments. Prior to that, he worked in the Investment Banking division of Merrill Lynch in Madrid and London.

Héctor earned a degree in Civil Engineering from Universidad Politécnica de Cataluña and an MSc from HEC Business School, Paris.

Investment leader

Stephen Seymour

Managing Director

Stephen Seymour is a Managing Director of Värde and is responsible for Värde's investments in Transportation. Based in London, he joined the firm in 2009.

Prior to joining Värde, Stephen worked for Terra Firma Capital Partners as an associate director overseeing numerous functions. Prior to Terra Firma, Stephen worked for EMP (Europe) Ltd. as a senior investment officer.

Stephen graduated with a B.A. in Political Science from Yale University and received a J.D. from Columbia University School of Law.

Investment leader

Markus Specks

Managing Director

Markus Specks is a Managing Director of Värde on the U.S. Corporate investment team. Markus leads the firm’s oil and gas business, focusing on credit, equity, and structured asset-level investments. Based in Minneapolis, he joined the firm in 2008 and will be opening Värde’s Houston office in 2017.

Prior to joining Värde, Markus worked in investment banking at Lazard, focusing on middle-market M&A advisory.

Markus graduated from Lawrence University in Wisconsin with a B.A. in Government.

Investment leader

Akihito Watanabe

Managing Director

Akihito Watanabe is a Managing Director of Värde and is responsible for real estate related investments in Asia-Pacific, primarily focused on the Japanese market. Based in Tokyo, he joined the firm in 2009.

Prior to joining Värde, Akihito spent five years at Lehman Brothers as an associate responsible for distressed real estate related credit and equity investments, as well as advising on capital markets and M&A transactions for REITs, funds and companies across the real estate sector.

Akihito graduated from Johns Hopkins University in Baltimore, Maryland with a B.S. in Mechanical Engineering and received his Master of International Affairs in International Finance and Business from Columbia University, School of International and Public Affairs.

Business leader

Brendan Albee

Chief Operating Officer

Brendan Albee is the Chief Operating Officer with global responsibility for the firm's accounting, treasury, operations and technology functions. He is a member of the firm’s Investment Committee, Valuation Committee and Senior Executive Committee. Based in Minneapolis, he joined the firm in 2014.

Prior to joining Värde, Brendan served as global COO for the Alternative Asset Management, Equities, Structured Products, Asset Servicing and Securities Operations teams at Barclays Bank, as well as regional COO for its Americas operations. Prior to Barclays, Brendan spent more than a decade with JPMorgan Chase, where he started his career in the Audit Plus Analyst Program, then worked as an investment banker in its Syndicated and Leveraged Finance department. He also worked in strategy at JPMorgan Chase, leading efforts to build its global infrastructure footprint.

Brendan graduated with a B.S. in Accounting from Fordham University and received an M.B.A. in 2007 from the Duke University Fuqua School of Business. He currently sits on the Board of Advisors for the Fordham University Gabelli School of Business.

Business leader

Katie Kloster

Global Chief Compliance Officer

Katie Kloster is the Global Chief Compliance Officer of Värde. Her primary responsibilities are to execute the firm’s compliance and audit programs and to manage compliance and regulatory risk. Based in Minneapolis, she joined the firm in 2010.

Prior to joining Värde, Katie was with Thrivent Financial in a variety of compliance, accounting and management positions within the organization, including controller and CCO.

Katie earned a B.A. from Concordia College in Moorhead, Minnesota. She is a CPA (inactive) and has completed the FINRA Institute-Wharton Certificate Program for Regulatory and Compliance professionals. She has also completed the National Association of Securities Series 27 – Financial and Operations Principal exam, as well as the Series 7 – General Securities exam and the Series 24 – General Securities Principal exam.

Business leader

Andrea Schilling

Global Head of Human Resources

Andrea Schilling is the Global Head of Human Resources. Based in Minneapolis, she joined the firm in 2007 to build Värde’s HR function. The department now provides all critical HR functions on a global basis, with a primary focus on recruiting, retaining and rewarding top financial services talent.

Prior to joining Värde, Andrea spent 10 years as chief human resource officer for a large public accounting firm. In that role, she was a frequent speaker on the topics of flexibility/work-life balance and advancing women in the workforce. Andrea began her career in public accounting and is a licensed CPA.

Andrea holds a B.A. degree in finance and marketing from Bethel University in St. Paul, MN. She has served on the board of directors as an HR resource for several non-profit organizations and is currently a member of the Board of Governors for the Bethel University Foundation.

Business leader

Kirsten Voss

Senior Managing Director

Kirsten Voss is a Senior Managing Director of Värde and a key leader of its Business Development and Investor Relations team. Based in Minneapolis, she joined the firm in 2001.

Prior to joining Värde, Kirsten was an executive recruiter at Andcor Companies. She also served as an associate in the corporate finance group at John G. Kinnard & Company. She started her career at Cargill Financial, where she held a number of roles, including investment manager within the Corporate Capital Group.

Kirsten has a B.S. in Accounting from Minnesota State University, Mankato and an M.B.A. from the University of Minnesota.

Business leader

Ksenia Anikina

Head of Human Resources, Europe and Asia

Ksenia Anikina is a Managing Director of Värde and is Head of Human Resources for the Non-US offices. Based in London, Ksenia joined the firm in 2009 to develop the function’s presence in Europe and Asia.

Prior to joining Värde, Ksenia was part of the human resources team at the Royal Bank of Scotland. Previously, Ksenia spent a number of years working in the Oil & Gas sector, including Shell where she started her Human Resources career in Russia and the Middle East.

Ksenia has a MA in Philology & Psychology from the Russian Universities and holds a CIPD designation through the MOL, Manchester College (UK).

Business leader

Ryan Atkinson

Managing Director

Ryan Atkinson is the Global Head of Värde’s Operations, Deal Support and Valuation group. Based in London, he joined Värde in 2009.

Prior to joining Värde, Ryan was at European Capital, where he led a team responsible for the due diligence, portfolio management and valuation of European Capital’s private equity, mezzanine and senior debt investments. Before that, he spent over 5 years in the Corporate Finance and Transaction Advisory practice of Ernst & Young.

Ryan holds an Honours degree in Accounting Science from the University of South Africa. He is a member of the South African Institute of Chartered Accountants.

Business leader

Fay Chang

Managing Director

Fay Chang is a Managing Director of Värde and Head of Asia-Pacific Business Development and Investor Relations. Based in Hong Kong, Fay joined the firm in 2016.

Prior to joining Värde, Fay was managing director and head of Asia-Pacific investor relations and marketing at Och-Ziff. Prior to that, she was a member of the global fixed-income strategy group at Lehman Brothers in New York.

Fay received a B.A. in International Relations from Wellesley College.

Business leader

Robyn Churchill

Managing Director

Robyn Churchill is a Managing Director of Värde and is responsible for Business Development and Investor Relations in the U.S. Based in Minneapolis, she joined the firm in 2006.

Prior to joining Värde, Robyn was an associate at Ernst & Young with a primary focus on the audits of asset management firms.

Robyn received a B.A. in Accounting from the University of St. Thomas. She is a CPA (inactive).

Business leader

Tim Gallaher

Managing Director

Tim Gallaher is Treasurer of Värde. Based in Minneapolis, he joined the firm in 2010.

Prior to joining Värde, Tim was treasurer and director of investor relations for Imation Corp. Prior to that, Tim was treasurer and vice president, investor relations for MoneyGram International. He has over 20 years of experience in the financial services industry.

Tim holds a B.A. in Accounting from the University of St. Thomas and an M.B.A. from the University of Minnesota. He is a CPA (inactive).

Business leader

Bruce Hendry

Managing Director

Bruce Hendry is the Chief Legal Counsel for Värde Partners Europe responsible for its legal and compliance functions. Based in London, he joined the firm in 2013.

Prior to joining Värde, Bruce was European general counsel and partner at WCAS Fraser Sullivan where he had responsibility for the legal function and was a founding co-partner of their London office. Prior to WCAS Fraser Sullivan, Bruce held a number of senior legal roles at Lehman Brothers and practiced law in the Finance Department of Shearman & Sterling in London.

Bruce graduated from Edinburgh University with an LLB and received a Master’s in Law also from Edinburgh University.

Business leader

Andrew Malone

Managing Director

Andrew Malone is the Chief Counsel – Global Funds at Värde and is responsible for legal matters related to the formation and operation of the firm’s investment funds. Based in Minneapolis, he joined the firm in 2014.

Prior to joining Värde, Andrew was managing counsel at the State of Wisconsin Investment Board, where he designed and oversaw the legal diligence program for the hedge fund portfolio that was launched in 2010. Prior to that, Andrew was a member of the legal team at Black River Asset Management and he started his career as an associate in the tax group at the law firm Godfrey & Kahn.   

Andrew received a B.A. from Valparaiso University and a J.D. from the University of Michigan Law School.

Business leader

Kelly Menendez Holland

Managing Director

Kelly Menendez Holland is a Managing Director of Värde and a Portfolio Specialist on the Business Development and Investor Relations team. Based in London, she joined the firm in 2015.

Prior to joining Värde, Kelly was a vice president in Business Development at Alcentra where she focused on developing relationships with investors in western and southern Europe. Prior to that, Kelly worked at Goldman Sachs as an executive director within the Principal Strategies group and then Emerging Markets Equity sales trading, and earlier as a director, European Equity execution sales at Deutsche Bank. 

Kelly holds a B.A. in Economics & Political Science from Vanderbilt University.

Business leader

Nora McGlone

Managing Director

Nora McGlone is a Managing Director of Värde in the tax department. Based in London, she joined the firm in 2005. Nora has held numerous leadership positions during her tenure at Värde, including managing the firm’s global tax function as well as operations and accounting functions in Europe and Asia-Pacific.

Prior to joining Värde, Nora worked for Cargill for nine years, in various areas of their financial markets division both in London and Singapore.

Nora earned a B.Sc. in Psychology from The University of Birmingham, U.K. and obtained her ACMA qualification.

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Business leader

Deb Pederson

Managing Director

Deb Pederson is a Managing Director of Värde and a Portfolio Specialist on the Business Development and Investor Relations team. Based in Minneapolis, she joined the firm in 2013.

Prior to joining Värde, Deb worked in fixed income institutional sales at Stifel Nicolaus, Inc. and as a product manager for RBC Capital Markets. Prior to that, Deb held senior investing and portfolio management roles focused on high yield and structured credit at Ameriprise Financial, Inc. and Black River Asset Management.  

Deb graduated from the University of Minnesota with a B.A. in Political Science, and received an M.B.A. from the Yale School of Management. She earned her Chartered Financial Analyst (CFA) designation and has completed the National Association of Securities Dealers (NASD) Series 7, 63 and 24 certifications.

Business leader

Eric Perry

Managing Director

Eric Perry is a Managing Director of Värde in the Business Development and Investor Relations department. Based in Minneapolis, he joined the firm in 2012.

Prior to joining Värde, Eric spent two years in the Middle East leading business development efforts in a joint venture between Mesirow Financial and Mubadala. Prior to that, Eric was a senior vice president at Mesirow Financial in Chicago. Previously, Eric held several roles at UBS including, associate director at UBS Global Asset Management and a fixed income salesperson for the Regional Institutional Sales team at UBS Financial Services.

Eric received his B.A. from St. Cloud State University.

Business leader

Paula Prahl

Global Head of Communications and Public Affairs

Paula Prahl is the Global Head of Communications and Public Affairs at Värde, overseeing corporate branding and reputation, public affairs and communications for the firm. Based in Minneapolis, she joined the firm in 2015 to build the function.

Prior to joining Värde, Paula held similar global roles at publicly traded companies including Best Buy where she was senior vice president of Communications, Public Affairs and Corporate Responsibility and at Honeywell, where she was vice president of Public Affairs. Prior to those roles she led policy development for the Minnesota Business Partnership.

Paula holds an A.B. degree from Smith College and an M.A. degree from the University of Minnesota’s H. H. Humphrey School of Public Affairs, where she serves on the advisory board.

Business leader

Mark Rabogliatti

Managing Director

Mark Rabogliatti is the Chief Counsel – Americas of Värde and is responsible for legal matters related to the firm’s investment activities in the region. Based in Minneapolis, he joined the firm in 2016.

Prior to joining Värde, Mark was a senior attorney – Emerging Markets at Black River Asset Management, working most directly on emerging market credit transactions. During his tenure at Black River, Mark also served as chief legal officer for more than four years. Prior to Black River, Mark was a partner in the Finance and Restructuring Group of Faegre & Benson LLP in Minneapolis.

Mark is a graduate of the Notre Dame Law School and received his undergraduate degree from the University of Notre Dame. 

Business leader

Michael Reimler

Managing Director

Michael Reimler is the Global Controller of Vӓrde and is responsible for leading and managing the accounting and financial reporting for Vӓrde’s investment funds and related general partner entities. Based in Minneapolis, he joined the firm in 2010.

Prior to joining Vӓrde, Michael was director of financial reporting for RBC Capital Markets Corporation. In this role, Michael managed the financial and regulatory reporting, accounting policy, corporate tax and commission accounting functions. Michael was also a senior audit manager with PwC in Minneapolis.

Michael received a B.A. in Accounting from the University of Northern Iowa and is a CPA (inactive).

Business leader

Steffanie Sanders

Managing Director

Steffanie Sanders is a Managing Director of Värde and is responsible for leading operational due diligence and fund formation for the firm. Steffanie has held numerous leadership positions during her tenure, including Head of Investor Services and Chief Financial Officer, when she had overall responsibility for the U.S. accounting, operations, treasury and technology functions. Prior to that, Steffanie held roles as Director of Operations and manager of the accounting and administration, including audit and tax work, for Värde’s illiquid investments. Based in Minneapolis, she joined the firm in 1996.

Prior to joining Värde, Steffanie worked as an audit senior at KPMG, LLP in the real estate and brokerage industries, with an emphasis in back office operations.

Steffanie earned a B.S. in Accounting from St. Cloud State University.

Business leader

Mary Jo Sanderson

Managing Director

Mary Jo Sanderson is a Managing Director of Värde focused on portfolio risk management and analytics. She is responsible for managing allocations, liquidity and performance analytics across the Värde Funds. Based in Minneapolis, she joined the firm in 2009.

Prior to joining Värde, Mary Jo was the senior finance officer for Homecomings Financial, a division of GMAC Financial Services where she was responsible for mergers and acquisitions, financial analytics and risk management. Prior to GMAC, Mary Jo was a vice president at Piper Jaffray in the mergers and acquisitions group and an analyst at Goldman Sachs.

Mary Jo graduated from Duke University in North Carolina with a B.A. in Public Policy Studies and received an M.B.A. from Stanford University.

Business leader

Carrie Seele

Managing Director

Carrie Seele is the Chief Legal & Administrative Officer in the Asia-Pacific region. She is responsible for legal and transactional support in the region. Based in Singapore, she joined the firm in 2011 and has also worked in Värde’s Minneapolis and London offices.

Prior to joining Värde, Carrie was a shareholder at Fredrikson & Byron, P.A. practicing in the areas of finance, and mergers and acquisition.

Carrie graduated with a B.A. and a law degree from the University of Iowa.

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