The founders of IG4 Capital have been working together since 2012.
The team has executed complex private equity and private credit restructuring transactions and turnarounds incorporating best ESG practices.
IG4 Operations Team is the operations arm of IG4 Capital, formed by highly skilled and experienced senior executives
IG4 Operations provides services exclusively to IG4 Capital and its invested companies, including but not limited to: due diligence, designing of new business plans and turnaround strategies, industry expertise and execution
Our professionals may serve as board and committee members of invested companies. In addition, they may serve as C-Level executives at invested companies
IG4 Capital’s executives have more than 100 years of combined experience as C-Suit professionals turning around companies
- 25 professionals wordwide
- 100+ years of combined experience as C-Suite professionals
- Emerging markets coverage
Paulo Mattos is a Co-Founder, Managing Partner and CEO at IG4 Capital and is one of the founders of the firm. Paulo is currently the Chairman of Iguá Saneamento S.A., one of the largest private water and sanitation concession operators in Brazil. Prior to founding IG4, Paulo was a Partner at RK Partners (2016-2017), a leading advisory firm specialized in debt restructuring and operational turnarounds, and before that, a Managing Director at GP Investments (2012-2016), a leading alternative investment firm in Latin America.
At GP Investments, Paulo was Head of the Infrastructure and Telecommunications group and served on the Investment Committee. He was the founder of BR Towers, where he served as Chairman (2012-2014). Before joining GP Investments, Paulo was an Executive Vice President of Business Strategy, Wholesale and Regulatory, at Oi S.A (2009-2012), the largest telecommunications company in Brazil at the time. While at Oi, he worked on the company’s turnaround and served on the Executive, Financial Risk and Operations Committees. Paulo also worked at the Brazilian Development Bank, BNDES, as a Superintendent-Director, in addition to being a member of the Credit & Investment Committee and Head of the Managerial Committee (2007-2009).
Paulo is also a venture capitalist through Capital Lab, a seed and venture proprietary capital investment platform focused on telecommunications, media and technology in emerging markets.
Paulo holds a J.D. and a Ph.D. in Law from the University of São Paulo, was a Visiting Fulbright Scholar at Yale University, is a permanent member of the Board of Directors of the Brazilian Center for Analysis and Planning (CEBRAP), and a member of the Getúlio Vargas Foundation, leading think tanks specializing in public policy and business administration.
Gustavo Buffara is a Co-Founder, Managing Partner and CFO at IG4 Capital. Prior to founding IG4, he served as Managing Director at RK Partners, an advisory firm specialized in debt restructuring and operational turnarounds, and as a Deputy Director at GP Investments.
He has served on the Board of Iguá Saneamento S.A. since 2017, in addition to being a member of the Audit and Investments Committees and serving as coordinator of the People Committee. Gustavo has also been a member of the Board of OPY Health since its inception.
During his tenure at GP Investments, from 2012-2016, Gustavo was responsible for investments in the infrastructure and telecommunications sectors in Brazil. He was also part of the initial GP Investments team involved in the BR Towers transaction, responsible for structuring and executing the 100-day plan with C-level executives.
Previously, he was a Senior Consultant at Bain and Company in São Paulo, conducting strategy projects for multinationals across different industries/sectors including financial services, credit and debit cards, insurance, airlines, and oil & gas. In this role, he led projects in Brazil, Chile, and Africa (2010-2012).
Gustavo began his career at Telefónica, where he worked from 2004-2010, and where he served as an executive in the Planning, M&A and Regulatory Strategy areas. He also served temporarily as a Competitive Intelligence Strategist, as part of the staff to the Global COO in Spain (2008–2009).
Gustavo has an MBA from IMD in Switzerland and a Bachelor’s degree in Public Administration from EAESP-Fundação Getúlio Vargas (FGV).
Felipe Fingerl is a Co-Founder and Managing Partner at IG4 Capital. He is currently serving as CFO of Iguá Saneamento S.A. Prior to founding IG4, Felipe was a Director at RK Partners, an advisory firm specialized in debt restructuring and operational turnarounds, where he analyzed investment opportunities (2016-2017).
Prior to RK, he was an Associate at GP Investments (2012-2016), conducting analyses for investments in the infrastructure and telecom sectors. Before joining GP Investments, Felipe was part of the Latin America Equity Capital Markets division of J.P. Morgan in Brazil and NY. Prior to that, he was part of the Investment Banking team at Banco Modal, where he participated in M&A and capital markets transactions.
Felipe holds a Bachelor’s degree in Economics from the Pontifical Catholic University of Rio de Janeiro.
Pablo Kuhlenthal is a Managing Director and Head of IG4 Capital's Santiago office, overseeing sourcing and investments for Latin America ex-Brazil. Previously, Pablo was the founder and CEO of BauMax SpA, the first fully automated circulation plant for the precast industry in Latin America, and he continues to serve as a board member. Prior to founding BauMax, Pablo worked in private equity at Corso (2012-2014), the family office of Teresa Solari, where he managed US$80 million in retail, agribusiness, energy and infrastructure investments. Pablo has also worked as a Professor of Private Equity & Venture Capital at Pontificia Universidad Católica de Chile (2013-2014), as a consultant at McKinsey & Company (based in Santiago), where he worked on projects in the financial services, tourism, mining and airline industries, among others (2010-2012), and as VP of Finance at Bancard Inversiones, the family office of Chilean president Sebastián Piñera (2006-2009).
Pablo is a partner and board member of Capitaria Group, a leading fintech project based in London and with operations in Chile, Peru, Uruguay and Colombia. He is also a board member of Sixbell, a regional IT Integrator in the data and communications sectors serving the leading telecom operators, banks and retailers in Latin America
Pablo holds an MBA from IMD in Switzerland and a Bachelor's degree in Industrial Engineering from the Pontificia Universidad Católica de Chile.
Helcio Tokeshi is a Managing Director and Chief Economist, as well as a member of the Investment Committee of IG4 Capital Private Equity Fund II. Prior to joining IG4, he served as Secretary of Finance for the State of São Paulo (2016-2018). Prior to this, he was a Partner at GP Investments (2014-2016), where he focused on investments in the infrastructure space.
Before GP Investments, he was a Managing Director at EBP (Brazilian Project Structuring), a company dedicated to the design, structure and implementation of infrastructure projects in partnership with BNDES and the Brazilian government (2009-2013). Prior to EBP, Helcio worked at McKinsey, starting as an Associate and progressing to Associate Principal (1999-2004 & 2006-2008). Additionally, he also served as Secretary for Economic Monitoring at the Ministry of Finance (2004-2006) and worked as an Economist at the World Bank, based in Washington, D.C. (1997-1999).
Helcio has a Bachelor’s degree in Economics from the University of São Paulo, a Master’s degree in Economics from the University of Campinas (UNICAMP), and doctoral studies in Economics at the University of California, Berkeley.
Loy Pires is a Managing Director and member of the Investment Committee of IG4 Capital Investment Committee. Before joining IG4, Loy was an IFC executive having served as Global Client Head in Washington DC, where he reported directly to IFC Chief Operating Officer & Vice President and, prior to that, as IFC Brazil Country Head. Loy also served other senior positions within the organization as IFC Asia Regional Manager, Head of IFC in Mumbai, and IFC Eastern Europe CIO, totaling 23 years of experience in the emerging markets. Before IFC, Loy held positions in strategic consulting, business development and audit.
Mr. Pires holds a Bachelor degree from the University of Mumbai, an MBA from the University of Michigan and is a UK Chartered Accountant.
Flávia Andraus is Managing Director, General Counsel and Compliance Officer at IG4 Capital. Before joining IG4 Capital, Flávia was a partner at Sergio Spinelli Sociedade de Advogados, a Brazilian boutique corporate law firm focused on special situations, distressed assets, structured finance, M&A, capital markets and private equity transactions, in addition to corporate governance and corporate disputes (2018-2019).
Prior to this, Flávia was the General Counsel of Urbplan Desenvolvimento Urbano S.A. (2014-2017), a real estate development company which was then a portfolio company of The Carlyle Group and which was in distress when she joined, which gave her the opportunity to support and sustain the company’s turnaround. Before Urbplan, Flávia served briefly as General Counsel of Eldorado Brasil Celulose S.A., the largest and most modern pulp mill in the world, and as General Counsel of San Antonio International (2009-2012), a Latin American oil and gas services company which was then a portfolio company of GP Investments and which was also in distress when she joined. Prior to Eldorado, Flávia served as the Financial Legal Manager of Companhia Siderúrgica Nacional (CSN) (2005-2007), one of the most efficient integrated steel-producers in the world.
Prior to CSN, Flávia served as Senior Counsel at Tauil & Chequer Advogados Associados a Thompson & Knight LLP (2008-2009), as a Senior Associate at both Navarro Advogados (2007) and at Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados, (2000-2005, and 1997-1998), as an international associate at Simpson Thacher & Bartlett in New York, (1999-2000), and as an associate at Clyde & Co Consultores S.C. Ltda., the then Brazilian branch of the British law firm (1996). Additionally, Flávia also worked as an Associate at the International Trade Center – UNCTAD/WTO, the commercial branch of the WTO for developing countries, in Geneva, and at Gide, Loyrette & Nouel, in France (2005).
Flávia holds an MBA in corporate finance from IBMEC, a LL.M. from Université de Droit Panthéon-Assas (Paris II) and a J.D. in Law from the University of São Paulo.
Otavio Silveira is a Managing Director of the IG4 Operations Team. Previously, he served as CEO of Iguá Saneamento S.A. (2013-2017) and was instrumental in the successful transaction executed by IG4 Capital as well as the transition to a new management team. Otavio is also a member of the Analysis, Risk & Environmental Planning and Operations Committees at Iguá Saneamento. Before Iguá Saneamento, Otavio was CEO of Dreen Brasil Investimentos (2005-2014), a renewable energy company in which Otavio had been involved since its inception. The company developed greenfield wind and hydro projects, participating in successful auctions for the sale of energy to the grid; during this period, Otavio was chosen to serve as Chairman of Abeeólica, the Brazilian Wind Association. Previously, Otavio was a Director of Planning at Intervias (1999-2004), a highway concession company in São Paulo.
Otavio has an MBA in Business Administration from Getúlio Vargas Foundation, an MBA in Economic Engineering from Dom Cabral Foundation and a Bachelor’s degree in Engineering from the Federal University of Minas Gerais. He is also a member of IBGC (Instituto Brasileiro de Governança Corporativa) as of January 2018.
Carlos Brandão is a Managing Director of the IG4 Operations Team. Throughout his career, he has had experience in different industries, such as utilities (generation, transmission, and distribution), retail and telecommunications companies, always acting in key and strategic roles.
His last professional role was as Oi’s (one of the biggest telecommunications companies in Brazil) CFO, where he was the leader of the company’s restructuring process in the largest and most complex cross-border debt restructuring in Latin America at that point. The results of this project include the rebalancing of its capital structure, the implementation of a capital increase and new governance through a dispersed shareholder base due to the conversion of debt into equity and an independent professional board, the construction of a new strategic plan and the sale of a problematic asset in Angola. He was also a member of the Management, Risk, Cost and Quality Committees. From 2015-16 he was responsible for managing the company’s international asset portfolio, dealing with partners and stakeholders from different countries in Africa and Asia. Prior to that, from 2011-2014, he was the chief strategy officer where he coordinated the company’s bid strategy for the spectrum auctions. At that time, he was also responsible for the design of the company’s corporate strategy.
With diversified experience in mergers and acquisitions, debt and operational restructuring and corporate strategy, Carlos also worked on projects of this nature during his time at Energisa, Furnas and Sendas (2001-2004).
Carlos holds a business administration degree from the Federal University of Juiz de Fora, Specialization in statistics also from UFJF and an MBA from IBMEC.
Juan Revilla is a Managing Director and Head of IG4 Investments South Europe. Juan is an experienced international CEO, with a track record of success spanning over 24 years as a C-level executive in the complex and highly competitive telecom business primarily in Europe and Latin America, mainly Spain, Italy, Germany, England, Brazil, Mexico, Colombia, Peru, Chile, Argentina and Central America. Juan is a strong manager accustomed to large and geographically split teams and possesses excellent knowledge of the information, communications and technology sectors in Europe and Latin America.
Prior to joining IG4, Juan held several roles at Telefónica, the largest telecommunications operator in Latin America, including CEO of Telefónica Business Solutions (2014-2017), VP of Resources for Telefonica Brasil (2012-2013), Chief Global Shared Services Officer (2010-2012), CEO of Wireline Operations LatAm (2008-2010), CIO and CTO LatAm (2006-2008) and CEO of Telefónica Perú (2003-2006), amongst others. After leaving Telefónica, Juan began researching and development infrastructure business opportunities, taking advantage of his personal experience and relationships in the information, communications, and technology sectors.
Juan has a Bachelor’s degree in Business Administration from Universidad del Pacífico.
André Salcedo is a Managing Director of the IG4 Operations Team and currently Chief Business Development Officer at Iguá Saneamento. André is also an Independent Consultant to the Climate Bonds Initiative (2019-Present), where he was the lead author of “Unlocking Brazil’s Green Investment Potential for Agriculture”, a report that was supported by the Brazil Green Finance Initiative (BGFI) and endorsed by the Brazilian Ministry of Agriculture, and which demonstrates how green finance can be applied to agriculture and focuses on helping investors and issuers understand how to attract green capital.
Prior jo joining IG4, he worked for several years in the Brazilian Development Bank (BNDES) (2003-2019), where he occupied the positions of Head of the Capital Markets Institutional Relationship Department (2017-2019), Head of the Capital Markets Development Department (2016-2017), Chief of staff and senior advisor to the BNDES Managing Director responsible for capital markets (2013-2016) and Equity Portfolio Manager (2008-2013) focused on the agribusiness, retail, and food & beverage sectors, where he also served as the BNDESPAR representative on various committees on both publicly-traded and private portfolio companies. Prior to this, André was also a Risk Analyst at Banco do Brasil (2002-2003), responsible for the modeling and quantification of securities and capital market risks.
André holds an MBA in PPPS and Concessions from Fundação Escola de Sociologia e Política os São Paulo (FESPSP), a Master of Science degree in Electrical Engineering from Pontifícia Universidade Católica of Rio de Janeiro (PUC-RIO), and a Bachelor’s degree in Electrical Engineering from Pontifícia Universidade Católica of Rio de Janeiro (PUC-RIO).
Jean-Paul Veiga da Rocha is the Chief Regulatory Officer of the IG4 Operations Team. He is also a Professor at the Law School of the University of São Paulo (USP) and a Legal Consultant at Portugal Ribeiro Advogados. He served as General Counsel and Chief Regulatory Officer at Iguá Saneamento S.A. (2017-2019). Prior to that role, Jean-Paul was an Associate General Counsel for Regulatory and Antitrust Law at Brasil Telecom S.A. (2006-2009). He also worked in the launching of the new São Paulo Law School of Fundação Getúlio Vargas (FGV-SP), where he worked as Academic Coordinator and Professor of Economic Law (2002-2006).
Jean-Paul holds an LLB and a Ph.D. in Economic Law from the University of São Paulo and was a Visiting Scholar at Yale Law School as well as a Visiting Fellow at the London School of Economics and Political Science.
Gema Esteban Garrido is Global ESG Advisor at IG4 Capital. Gema has more than 20 years of experience in different sectors and executive positions, always in forward looking areas, and she is an expert in sustainability & ESG, with an ability to develop future strategic insights balancing risks and opportunities.
Prior to joining IG4 Capital, she spent several years at Telefónica, most recently as ESG Investor Director (2018-2020), where she revamped Telefónica’s ESG strategy in order to attract ESG investors and positioned the company as a leader amongst the most influential ESG ratings, where Telefónica consistently achieved a top 5 ranking. Previously she occupied different executive roles at Telefónica ranging from Digital Strategy, Industry Analyst Relations, Global Operations Strategy or Strategic Business planning. Prior to these roles she worked at British Telcom and in the Software Industry. She is also a board member of the "Global Women Telecommunications Network" and a co-founder of "Women For Good", in addition to supporting and advising young entrepreneurs.
Gema has an Advanced Management degree from ESIC Business & Marketing School, an Investment Management degree from IESE Business School, a certification in ESG investing byfrom the CFA Society and a Bachelor’s degree in Computer Science from Universidad Pontificia de Salamanca in Madrid.
Rogério Bolzani Caldas is a Director of the IG4 Operations Team and currently CFO of Opy Health, an IG4 Capital portfolio company. Throughout his career, Rogério has held executive roles in finance, strategy and business development at a range of companies, including multinational, family, publicly traded and private companies, and across a range of sectors including retail, media and telecommunications.
Prior to IG4 Operations, Rogério was the CFO of Shoulder (2018-2019), a fashion retail company, where he spearheaded the company’s financial and operational turnarounds, and was responsible for expanding profit margins and cash flow.
Prior to Shoulder, Rogério worked for Casa Pernambucanas (2013-2018), where he occupied roles as Controller, Head of Strategy and Senior Advisor to the Bard. Previously, Rogério served as Strategy and Business Development Manager at Grupo Abril (2012-2013). During this period, he led workstreams focused on M&A, financial restructuring and expansion, conducted internal consulting projects and was responsible for structuring the 5-year strategic plan.
Rogério began his career at Grupo Telefonica (2006-2012), where he was an executive in Strategic Planning and Regulatory Strategy and served on the staff of the Vice-President of the Corporate segment.
Rogério holds an MBA from Fundação Getúlio Vargas and a Bachelor’s Degree in Electric Engineering from the University of São Paulo.
Felipe Tonetti is a Principal at IG4 Capital. Before joining IG4, Felipe worked in M&A at BRF (2016-2017), one of the largest food companies in the world. Prior to that, he worked in Strategic & Financial Planning at Beleza Natural (2014-2016), a beauty products and services company as well as a GP Investments portfolio company. Previously, Felipe also was a member of the Private Equity team at GP Investments (2012-2014), where he worked on investment opportunities in the real estate, consumer services, education sectors, among others.
Felipe holds a Bachelor’s degree in Business Administration from the University of São Paulo.
Rafael Machado is a Principal at IG4 Capital. Prior to joining IG4, he was an Analyst at RK Partners, an advisory firm specializing in debt restructuring and operational turnarounds (2015-2017).
Prior to that, Rafael was an Engineering Trainee at Caterpillar Inc. (2013-2014), participating in cost efficiency projects. He was also a Summer Trainee at Itaú BBA, conducting projects within the Corporate Banking Division.
Rafael holds a Bachelor’s degree in Production Engineering from the University of Campinas (UNICAMP) and studied Finance and Business at Missouri University of Science and Technology and Polytechnic University of Madrid, as part of the Engineering degree.
Fernando Rodrigo is a Senior Associate at IG4 Capital. Prior to joining IG4, Fernando worked at Ambev (2016-2018), most recently as Cash Flow & Capex Manager for Latin America North (Brazil & the Caribbean).
Previously, Fernando worked in private equity, first as an Associate at Enfoca (2013-2014), a leading Peruvian investment firm, and then as a Senior Associate at Arlon Group (2015-2016), a firm focused on mid-market investments in the food & agriculture sector. Prior to this, Fernando worked as an investment banker in the United States, first as an Analyst at Credit Suisse (2007-2009) and then as an Associate at Pan American Finance (2010-2011). He began his career as an Analyst on the International Equities Sales Trading desk at Goldman Sachs in New York City (2006-2007).
Fernando holds an MBA from the Kellogg School of Management and a Bachelor’s degree in Government from Harvard College.
Mateus Renault is a Senior Associate at IG4 Capital and is currently seconded to Iguá Saneamento S.A. Prior to joining IG4, Mateus was a Summer Associate at Somos Educação, a Tarpon Investimentos portfolio company (2017).
Prior to that, Mateus worked as a Turnaround Specialist at Banco Votorantim (2014-2016), as an Investment Banking Analyst at Goldman Sachs (2013-2014) and as an Equity Research Analyst at Espirito Santo Investment Bank (2011-2013).
Mateus holds an MBA from the Yale School of Management and a Bachelor’s degree in Economics from the University of Brasilia (UnB).
Beatriz Dauzacker is an Analyst at IG4 Capital and is currently seconded to Iguá Saneamento S.A. Prior to joining IG4, she was an Analyst at New York Bay Capital, an M&A advisory boutique for small and mid-sized companies (2017). Previously, she worked in the commercial department at Citibank Corporate Bank, providing support to large companies with regards to their financing demands (2015-2016).
Beatriz has a Bachelor’s degree in Production Engineering from PUC-Rio, having studied part of her major at the University of Darmstadt, Germany.
Vítor Marques is an Analyst at IG4 Capital. Prior to joining IG4 Capital, Vitor worked at the International Finance Corporation (IFC), a member of the World Bank Group, one of the world’s largest investors in emerging market corporations. Vítor was member of the Manufacturing, Agribusiness and Services team between 2017 and 2019, providing support to the portfolio and new business teams.
Vítor holds a Bachelor’s degree in Business Administration from Fundação Getulio Vargas (FGV-EAESP) with a dual concentration area in Corporate Finance and Strategy and Management.
Luana Senedese is an Analyst at IG4 Capital. Prior to joining IG4, she worked at Cypress Associates (2018), a leading M&A advisory firm in São Paulo, where she participated in deals in the health care, consumer goods, and financial services sectors.
Luana holds a Bachelor's degree in Economics from Fundação Getulio Vargas (FGV-EESP).
Vinícius Cunha is the Controller of IG4 Capital. Prior to IG4 capital, Vinícius was Controller and Supply Manager at Shoulder (2018-2019), a fashion retail company. He actively participated in the company's financial and operational turnaround, contributing to increasing operational efficiency, restructuring how working capital was managed, and raising the company's management and governance standards.
Previously, he worked at Casas Pernambucanas (2016-2018) in Planning, Control and Strategy, and in the structuring of the Supply area. During this period, he contributed to the renegotiation of several contracts, the implementation of a strategic sourcing philosophy, the structuring of the supply area and in conducting forecasting / budgeting processes.
Vinícius holds a Bachelor’s degree in Mechanical Engineering from the Federal University of Viçosa (UFV), and studied sustainability and aerodynamics at the Royal Melbourne Institute of Technology (RMIT), as part of his Engineering degree. Vinícius also has a graduate degree in the Advanced Program in Finance from Insper.
Beatriz Sotto Maior Guimarães is an Associate Lawyer at IG4 Capital. Prior to joining IG4, she was a Legal Specialist at Aeroportos do Sudeste do Brasil S.A. (2019-2020), where she mostly provided support regarding the regulatory matters necessary for the transition of the Vitória and Macaé Airports to the control of Zurich Airports group, in addition to supporting the Corporate Governance and Compliance areas.
Prior to that, Beatriz worked at INVEPAR S.A. (2017-2019), a Brazilian company focused on the infrastructure transport sector, in which she worked closely with many public services providers, such as Linha Amarela S.A., MetrôRio, GRU and others. Before INVEPAR, Beatriz worked at the law offices Brandão Couto, Wigderowitz & Pessoa Advogados Associados and Fontes Tarso Ribeiro Advogados Associados.
Beatriz holds an LL.B. from the Federal University of the State of Rio de Janeiro and an MBA from Dom Cabral Foundation, as well as specialization courses in Public Law from FGV/RJ
Marina Helena is an intern at IG4 Capital. During her undergraduate career, she participated in the implementation of FGV Ventures, the first Brazilian university acceleration program. She was a participant in FIS (Integrated Formation in Sustainability program) and was a member of ENACTUS Global, a project to incentive entrepreneurism with amongst female ex-inmates. During her childhood, she has given over 200 lectures about sustainability. Prior to joining IG4, Marina was an intern on the investment team of asset manager Magnetis.
Marina Helena is currently studying Business Administration at Fundação Getulio Vargas (FGV-EAESP).
Natasha is an intern at IG4 Capital. During high school, she founded the Lions Investment Club, a student entity focused on investing on the Bovespa stock exchange. She also participated in the Wharton High School Investment Competition and in the Brazilian edition organized by BTG, reaching second place in both editions. Natasha was a member of A Roof for My Country (an NGO) and participates annually in the Natal for All Campaign editions. Before joining IG4 Capital, Natasha worked as a summer intern at Capital Investimentos.
Natasha is currently studying Business Administration at Fundação Getulio Vargas (FGV-EAESP)