Our team

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Partners


Marcia L. Page
Co-Founder and Executive Chair
George G. Hicks
Co-Founder and Chief Executive Officer
Brad Bauer
Partner, President and Global Head of Private Debt
Ilfryn Carstairs
Partner and Co-Chief Investment Officer
Jeremy Hedberg
Partner and Co-Chief Investment Officer
Giuseppe Naglieri
Partner, Deputy Chief Investment Officer and Global Co-Head of Corporate and Traded Credit
Jon Fox
Partner and Global Head of Business Development and Investor Relations
Ali Haroon
Partner and Head of Real Estate – North America and Asia
Scott Hartman
Partner and Global Co-Head of Corporate and Traded Credit
Andy Lenk
Partner and Global Head, Strategy and Value Creation
Dave Marple
Partner and General Counsel
Francisco Milone
Partner and Head of Real Estate – Europe
Tim Mooney
Partner and Global Head of Real Estate
Rick Noel
Partner and Global Head of Specialty Finance
Brian Schmidt
Partner and Head of Värde Mortgage Business

Investment leaders


Krzysztof Drozd
Senior Managing Director
James Dunbar
Senior Managing Director
Anthony Iannazzo
Senior Managing Director
Todd Jelen
Senior Managing Director
Elena Lieskovska
Senior Managing Director
Haseeb Malik
Senior Managing Director
Aneek Mamik
Senior Managing Director
Craig Rydqvist
Senior Managing Director
Jeffrey Thuringer
Senior Managing Director
Brendan Bosman
Managing Director
Sandeep Chandak
Managing Director
Thomas Connelly
Managing Director
Erwan de Lépinay
Managing Director
Matt Kennedy
Managing Director
Vishal Kumar
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
Carlos Sanz Esteve
Managing Director
Héctor Serrat
Managing Director
Stephen Seymour
Managing Director
Markus Specks
Managing Director
Kevin Tham
Managing Director
Akihito Watanabe
Managing Director
Nick Winter
Managing Director

Business leaders


Brendan Albee
Chief Operating Officer
Katie Kloster
Global Chief Compliance Officer
Andrea Schilling
Senior Managing Director
Carrie Seele
Senior Managing Director
Kirsten Voss
Senior Managing Director
Ksenia Anikina
Global Head of Human Resources
Ryan Atkinson
Managing Director
Fay Chang
Managing Director
Robyn Churchill
Managing Director
Shannon Gallagher
Managing Director
Tim Gallaher
Managing Director
Bruce Hendry
Managing Director
Jeff Kurpiel
Managing Director
Andrew Malone
Managing Director
Kelly Menendez Holland
Managing Director
Nora McGlone
Managing Director
Ria Nova
Managing Director
Deb Pederson
Managing Director
Eric Perry
Managing Director
Mark Rabogliatti
Managing Director
Andrea Raphael
Managing Director
Michael Reimler
Managing Director
Steffanie Sanders
Managing Director
Mary Jo Sanderson
Managing Director
Steve Stryker
Chief Technology Officer
Partner

Marcia L. Page

Co-Founder and Executive Chair

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

As a founder, Marcia has overseen every aspect of the firm’s growth, ranging from the development of the original investment thesis, to raising capital for Värde's funds, 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, 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

Co-Founder and Chief Executive Officer

George Hicks is a Co-Founder and Chief Executive Officer. He is a member of the firm’s Investment Committee. Based in Minneapolis, George co-founded the firm in 1993.

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 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, 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. 

Partner

Brad Bauer

Partner, President and Global Head of Private Debt

Brad Bauer is a Partner, President and Global Head of Private Debt. He is responsible for oversight of the firm’s private debt activities in addition to investment activities in transportation and energy. He is a member of the firm's Investment Committee. Based in Minneapolis, he joined the firm in 2007.

Brad plays a central role in the leadership and strategic direction of the firm. Brad has held numerous leadership positions 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.

Partner

Ilfryn Carstairs

Partner and Co-Chief Investment Officer

Ilfryn Carstairs is a Partner and Co-Chief Investment Officer overseeing the global investment strategy for Värde. He co-chairs the firm’s Investment Committee. Based in Singapore, he joined the firm in 2006.

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 Hedberg

Partner and Co-Chief Investment Officer

Jeremy Hedberg is a Partner and Co-Chief Investment Officer overseeing the global investment strategy for Värde. He co-chairs the firm's Investment Committee. Based in Minneapolis, he joined the firm in 1997.

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

Giuseppe Naglieri

Partner, Deputy Chief Investment Officer and Global Co-Head of Corporate and Traded Credit

Giuseppe Naglieri is a Partner, Deputy Chief Investment Officer and Global Co-Head of Corporate and Traded Credit. He serves as a portfolio manager of the firm’s global liquid investments, plays a lead role on emerging market investments and is a member of the firm's Investment Committee. Based in Minneapolis, he joined the firm in 2009.

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

Jon Fox

Partner and Global Head of Business Development and Investor Relations

Jon Fox is a Partner and Global Head of Business Development and Investor Relations. He is a member of the firm’s Investment Committee. Based in London, he joined the firm in 2013.

Jon leads the global team responsible for developing relationships with and serving investors across the Americas, Europe, the Middle East and Asia Pacific. He also leads the product development function for the firm to deliver opportunities across Värde’s platform and strategies in order to help investors achieve their goals. In addition, Jon oversees communications and public affairs for the firm.

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 Haroon

Partner and Head of Real Estate – North America and Asia

Ali Haroon is a Partner and Head of Real Estate in North America and Asia. He is a member of the firm's Investment Committee. Based in New York, he joined the firm in 2005.

Prior to moving to New York, Ali was based in Singapore where he led Värde’s business in Asia and helped grow the firm’s 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. Before moving to Asia, 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

Scott Hartman

Partner and Global Co-Head of Corporate and Traded Credit

Scott Hartman is a Partner and Global Co-Head of Corporate and Traded Credit. He serves as a portfolio manager of the firm’s global liquid investments and is a member of the firm’s 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.

Partner

Andy Lenk

Partner and Global Head, Strategy and Value Creation

Andy Lenk is a Partner and Global Head, Strategy and Value Creation. He oversees the firm's Portfolio Operations and Strategy functions. In addition, Andy provides leadership on broader principal activities of the firm, including strategic investments across its global platform. Based in Minneapolis, he joined the firm in 2001.

Prior to his current role, Andy held multiple roles across the firm, including leading the development of Värde's Capital Markets and Asset Management functions and oversight of 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).

Partner

Dave Marple

Partner and General Counsel

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

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

Francisco Milone

Partner and Head of Real Estate – Europe

Francisco Milone is a Partner and Head of Real Estate in Europe. He is a member of the firm's Investment Committee. 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.

Partner

Tim Mooney

Partner and Global Head of Real Estate

Tim Mooney is a Partner and Global Head of Real Estate. Tim is responsible for real estate investments across all markets, including the acquisition of non-performing loans, assets and real estate-related companies. He is a member of the firm’s Investment Committee. Based in London since 2007, he joined the firm in 2005.

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, a J.D. from the University of Chicago and Chartered Financial Analyst (CFA) designation.

Partner

Rick Noel

Partner and Global Head of Specialty Finance

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

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 Schmidt

Partner and Head of Värde Mortgage Business

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

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 its Board.  He also serves on the Board of Advisors for the 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 Global Head of Portfolio Operations focused on value creation 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

James Dunbar

Senior Managing Director

Jim Dunbar is a Senior Managing Director 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

Anthony Iannazzo

Senior Managing Director

Tony Iannazzo is Global Chief Operating Officer of Real Estate. 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

Senior Managing Director

Todd Jelen is a Senior Managing Director 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

Elena Lieskovska

Senior Managing Director

Elena Lieskovska is Head of European Specialty Finance. 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 Head of Asia Corporate and Traded Credit. Based in Singapore, he joined the firm in 2006 and relocated to Singapore in 2008 to assist in opening the 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 and attended the M.B.A. program at the Kellogg School of Management at Northwestern University.

Investment leader

Aneek Mamik

Senior Managing Director

Aneek Mamik is Head of North American 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

Craig Rydqvist

Senior Managing Director

Craig Rydqvist is Global 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

Jeffrey Thuringer

Senior Managing Director

Jeff Thuringer is a Senior Managing Director and a senior member of the firm’s U.S. private investment team. 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 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

Sandeep Chandak

Managing Director

Sandeep Chandak is a Managing Director on the Asia Corporate and Traded Credit team. Based in Singapore, he joined the firm in 2016.

Prior to joining Värde, Sandeep worked at Deutsche Bank Hong Kong as a Trader in Distressed and Illiquids, covering Asia Pacific stressed loans and bonds. Prior to Deutsche Bank, he was at Ernst & Young India in Transaction Advisory Services, providing corporate valuation, acquisition and fundraising advisory to clients.

Sandeep received a Bachelor of Commerce (Honors) from the University of Delhi, India. He is also a Chartered Accountant with the Institute of Chartered Accountants of India.

Investment leader

Thomas Connelly

Managing Director

Thomas Connelly is a Managing Director focused on specialty finance investments in North America. Based in Minneapolis, he joined the firm in 2012. 

Prior to joining Värde, Thomas was a Vice President in the Financial Institutions Group of Goldman Sachs where he advised financial services companies on financing and M&A transactions. Prior to that, Thomas was a Bond Trader in the Fixed Income, Currencies and Commodities (FICC) division of Goldman Sachs.

Thomas received a B.A. in Government and Legal Studies from Bowdoin College and an M.B.A. from Harvard Business School.

Investment leader

Erwan de Lépinay

Managing Director

Erwan de Lépinay is a Managing Director 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

Matt Kennedy

Managing Director

Matt Kennedy is a Managing Director 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

Vishal Kumar

Managing Director

Vishal Kumar is a Managing Director on the Asia Real Estate investment team. Based in Singapore, he joined the firm in 2018.

Prior to joining Värde, Vishal was a Managing Director, Private Investments for The Xander Group where he focused on real estate investments and asset management in India. Prior to that, he was a Senior Consultant at Deloitte.

Vishal received a Bachelor in Commerce from Shri Ram College of Commerce, University of Delhi and a Post Graduate Diploma in Management from Institute of Management Technology, Ghaziabad. He is a Chartered Accountant with the Institute of Chartered Accounts of India.

Investment leader

Michael Li

Managing Director

Michael Li is a Managing Director focused on real estate related investments in Asia Pacific. Based in Sydney, 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 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 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 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 serving as Head of Asia Portfolio Operations. 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

Carlos Sanz Esteve

Managing Director

Carlos Sanz Esteve is a Managing Director 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 responsible for real estate investments in Spain. Based in Madrid, 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 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 and Head of Värde’s Houston office. Markus leads the firm’s energy business, focusing on credit, equity, and structured asset-level investments across the energy sector. Based in Houston, he joined the firm in 2008.

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

Kevin Tham

Managing Director

Kevin Tham is a Managing Director on the Asia Corporate & Traded Credit investment team. Based in Singapore, he joined the firm in 2017.

Prior to joining Värde, Kevin was a Managing Director at Bank of America Merrill Lynch, based in Singapore and Hong Kong, where he established their Asian distressed debt and par loan trading business in 2005. Prior to that, Kevin led the Asian syndicated loans business for ABN AMRO Bank N.V..

Kevin received a B.Sc. (Econs) in Accounting and Finance from the London School of Economics and Political Science.

Investment leader

Akihito Watanabe

Managing Director

Akihito Watanabe is a Managing Director focused on real estate related investments in Asia Pacific, primarily 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.

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Nick Winter

Managing Director

Nick Winter is a Managing Director and North American Head of Portfolio Operations focused on value creation in Värde private equity investments. Based in New York, he joined the firm in 2018.

Prior to Värde, Nick spent seven years at JPMorgan Chase in senior operations and technology transformation roles, most recently as a Managing Director and Global Head of Financial Reference Data Operations. Previously, he worked on bank turnarounds, and in private equity portfolio operations roles at Organic Growth Partners, Millennium Partners and Ameriquest Capital Group with a focus on financial services and real estate related businesses. Nick started his career with Mercer Management Consulting, ultimately as a Partner in the Financial Services practice and as Co-Leader of the North American Private Equity Group.

Nick received an M.A. in Electrical Engineering and Information Services from the University of Cambridge, England.

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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. 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.

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Katie Kloster

Global Chief Compliance Officer

Katie Kloster is the Global Chief Compliance Officer. 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.

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Andrea Schilling

Senior Managing Director

Andrea Schilling is a Senior Managing Director. Based in Minneapolis, she joined the firm in 2007 and led the development of the firm’s HR function as Global Head of Human Resources for more than a decade before transitioning into a role focused on internal communications.

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.

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Carrie Seele

Senior Managing Director

Carrie Seele is the Chief Counsel – Global Investments responsible for overseeing legal investment transaction activity globally. 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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Kirsten Voss

Senior Managing Director

Kirsten Voss is a Senior Managing Director. 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.

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Ksenia Anikina

Global Head of Human Resources

Ksenia Anikina is the Global Head of Human Resources. Based in London, Ksenia joined Värde in 2009 to develop the firm’s HR function in Europe and Asia before assuming responsibility for leading the team globally.

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).

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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.

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Fay Chang

Managing Director

Fay Chang is a Managing Director 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.

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Robyn Churchill

Managing Director

Robyn Churchill is the Chief Operating Officer of Business Development and Investor Relations. 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).

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Shannon Gallagher

Managing Director

Shannon Gallagher is Head of EMEA Business Development and Investor Relations. Based in London, Shannon joined the firm in 2018.

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. 

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Tim Gallaher

Managing Director

Tim Gallaher is Treasurer for 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).

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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.

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Jeff Kurpiel

Managing Director

Jeff Kurpiel is the Global Head of Tax. Based in New York, he joined the firm in 2018.

Prior to joining Värde, Jeff held a number of leadership positions including Global Head of Tax at Cantor Fitzgerald and Director of Tax at AllianceBernstein. Prior to that, he worked in the credit mortgage group and tax department at asset management firm TCW.

Jeff earned a B.B.A. in Finance, B.A. in Economics and M.B.A. from Loyola Marymount University, as well as a J.D. from Loyola Law School.

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Andrew Malone

Managing Director

Andrew Malone is the Chief Counsel – Global Funds 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.

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Kelly Menendez Holland

Managing Director

Kelly Menendez Holland is a Managing Director and Product 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.

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Nora McGlone

Managing Director

Nora McGlone is a Managing Director 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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Ria Nova

Managing Director

Ria Nova is a Managing Director and Head of Americas Business Development and Investor Relations. Based in New York, she joined the firm in 2017.

Prior to joining Värde, Ria served in various leadership roles at Neuberger Berman across alternative investments, most recently as Head of Broker Dealer National Accounts and, prior to that, Head of Business Development and COO of China investments based in Hong Kong. She also held roles as Strategic Marketing Associate at ING Barings Furman Selz’s Prime Brokerage Services Division and as Banking Officer, Eastern Regional Marketing Director at M&T Bank Corporation.

Ria received a B.A. in Political Science from the University of Rochester and an M.B.A. from Harvard Business School.

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Deb Pederson

Managing Director

Deb Pederson is a Managing Director and Product 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.

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Eric Perry

Managing Director

Eric Perry is a Managing Director 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.

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Mark Rabogliatti

Managing Director

Mark Rabogliatti is the Chief Counsel – Americas 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. 

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Andrea Raphael

Managing Director

Andrea Raphael is the Global Head of Communications and Public Affairs responsible for public relations, content and branding. Andrea serves as the primary media spokesperson for Värde, working with senior leaders and businesses in the firm as well as advising companies in the investment portfolios. Based in New York, she joined the firm in 2018. 

Prior to joining Värde, Andrea spent 17 years with Goldman Sachs serving in various senior communications roles, most recently as Managing Director in Corporate Communications. With more than 20 years of industry experience, Andrea has led communications efforts across a wide range of investing disciplines, including all asset classes in asset management, wealth management, private equity, hedge funds and real estate.

Andrea received a B.S. in Communication from Boston University.

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Michael Reimler

Managing Director

Michael Reimler is the Global Controller 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).

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Steffanie Sanders

Managing Director

Steffanie Sanders is Head of Operations for Legal, Compliance, Audit and Tax. Steffanie has held numerous leadership positions during her tenure, including Head of Fund Formation, 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.

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Mary Jo Sanderson

Managing Director

Mary Jo Sanderson is a Managing Director 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.

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Steve Stryker

Chief Technology Officer

Steve Stryker is the Chief Technology Officer leading Värde’s global application development and infrastructure teams. Steve is responsible for the firm’s technology strategy and execution. Based in Minneapolis, he joined the firm in 2017.

Prior to joining Värde, Steve was a Senior Manager in Ernst & Young’s Financial Service Organization Wealth and Asset Management Advisory Practice. Prior to E&Y, he spent 14 years with the Carlyle Group where he headed Enterprise Solutions for the Information Technology organization. Steve led and managed teams responsible for delivering a portfolio of creative solutions to support the Front Office, Middle Office and Back Office.

Steve earned a B.S. in Accounting from Villanova University.

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Founded in 1993, Värde is now in its 3rd decade of investing.