The founders of IG4 Capital have been working together since 2012.
The senior team has extensive experience executing complex transactions through restructurings and turnarounds.
- 40+ professionals worldwide
- 100+ years of combined experience as C-Suite professionals
- Global coverage
- 8 offices
- 3 continents
Paulo Mattos is Co-Founder, Chairman, CEO and Co-CIO at IG4 Capital, an alternative investments firm focused on special opportunities in Emerging Markets.
Prior to founding IG4 Capital, Paulo was a Partner at RK Partners, a leading advisory firm specialized in debt restructuring and operational turnarounds, and a Managing Director at GP Investments, a leading alternative investments firm in Latin America.
At GP Investments, Paulo was the Head of Infrastructure and Telecommunications investments and served on the Investment Committee (2012-2016). He was co-founder of BR Towers S.A., the first large independent Brazilian cellphone tower company, 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), a public telecommunications company. While at Oi he served on the Executive Committee, Financial Risk Committee and Operations Committee. 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).
He was the Chairman of Iguá Saneamento S.A. (2017-2024), one of the main private water and sanitation companies in Brazil, and Board Member of OPY Health S.A. (2019-), a healthcare company that provides infrastructure and logistics for hospitals and medical services operators, where IG4 Capital is the controlling shareholder. He is also Vice-chairman of CLI - Corredor Logísitica e Infraestrutura S.A. (2022-), one of the largest independent port terminal operators for the Brazilian agribusiness, where IG4 Capital is a co-controlling shareholder alongside the Macquarie Group.
He has been also active in venture capital investments through proprietary capital platforms in telecommunications, deep technology, and sustainable innovations.
Paulo holds a J.D. and a Ph.D. in Law from University of São Paulo (USP), was Fulbright Visiting Scholar at Yale University and is Visiting Fellow at the King’s College London. He is permanent member of the Board of Directors of the Brazilian Center for Analysis and Planning – CEBRAP and former associate professor at the Getulio Vargas Foundation – FGV, leading think tanks in public policy and business administration.
He is involved with philanthropy through the Instituto Îandé in Brazil and has been supporting non-profit organizations in education and sustainable development.
Gustavo Buffara is Co-Founder, Managing Partner, CFO and Co-CIO of IG4 Capital.
Gustavo has served as Vice Chairman of the Board of Directors, Coordinator of the Investment Committee and member of the Audit Committee of Iguá Saneamento S.A., one of the largest private platforms in the sanitation sector in Brazil, since 2017; he also coordinated the People Committee between 2017 and 2022, period of structuring and expansion of the company.
Gustavo also serves, since 2021, as Vice Chairman of the Board of Directors and member of the Investment and Strategy Committee of Aenza, a leading Concessions and Infrastructure company, listed on the Lima Stock Exchange and with ADRs on the NYSE and with presence in Peru, Chile and Colombia. Gustavo has also been a Board member of OPY Health and CLI since their founding in 2020 - both portfolio companies of IG4 Capital.
Prior to founding IG4, he served as Managing Director of RK Partners, a consulting firm specializing in debt restructuring and operational turnaround, and as Deputy Director of GP Investments. During his tenure at GP Investments, from 2012 to 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 statutory executives. Previously, he was a Senior Consultant at Bain and Company in São Paulo, leading strategy projects for multinationals in different sectors, including financial services, credit and debit cards, insurance, airlines and oil and gas. In this role, he led projects in Brazil, Chile and Africa (2010-2012). Gustavo began his career at Telefónica, where he served from 2004 to 2010 as an executive in the areas of Planning, M&A and Regulatory Strategy. Between 2008 and 2009, he also worked temporarily as part of the Group's Global COO team in Spain.
Gustavo holds an MBA from IMD in Switzerland and a BA in Public Administration from EAESP-Fundação Getúlio Vargas (FGV).
Felipe Fingerl is a Co-Founder, Managing Partner and Risk Officer 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 Partner 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. 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 formerpresident Sebastián Piñera (2006-2009).
Pablo is a founder and board member of Vector Capital, a broker in the Chilean financial market. 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.
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.
Helio Novaes is a Managing Partner and Chief Commercial Officer at IG4 Capital, where he has been for four years now. He has over ten years of experience in Banking (in Brazil and abroad), eighteen years as a C-Level professional of large companies and five years as a Managing Director of Restructuring, Financial Advisory and Special Situations. Throughout his career, he has been responsible for numerous debt and equity deals, capital raising, IPO’s, mergers and acquisitions, project financing, trade finance transactions, restructuring and renegotiations, in various sectors and businesses.
At IG4, Mr. Novaes has been leading the fundraising process, coordinating interaction and relationship with investors, funds, family offices and banks. He has also been a key person in supporting the deal sourcing and structuring (specially with banks), in representing IG4 institutionally and in helping the monitoring of invested companies.
Before joining IG4, Mr. Novaes was a partner at an international consulting firm, leading Restructuring, Financial Advisory initiatives and Special Situations. Prior to that, he was a CFO in large companies, in sectors such as commodities, mining, pulp, sugar and ethanol, real estate, petrochemicals, cosmetics and media. He led companies’ strategies and initiatives, inside and outside of Brazil, in connection with fundraising, capital structure, M&A’s, operations and processes, in negotiations with investors, banks, law firms, auditors and advisors.
Mr. Novaes played a relevant role in the combination of businesses in the Brazilian petrochemical sector (through the merger of five different companies) and in the sugar and ethanol sector (combining the operations of two large companies). He also led the growth and expansion strategies of two companies in the real estate sector. Additionally, Mr. Novaes was responsible for the financial and administrative teams in a large cosmetics company, in a metal transformation company, in a large pulp producer and in a media conglomerate, coordinating debt, equity, renegotiation, acquisitions and performance improvement in these companies.
Mr. Novaes has a degree in Civil Engineering from the Federal University of Minas Gerais (UFMG), with postgraduate degrees in Finance from Fundação Dom Cabral and Advanced Management from Insead. He is fluent in Portuguese, English, Spanish and French. Mr. Novaes is also a professor of Finance at Insper (a renowned business school in São Paulo).
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.
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.
Walter Susini is a senior advisor at IG4 Capital. He has been for the last 6 years SVP of Marketing for Europe, Africa and Middle East. With more than 26 years of experience in building winning consumer brands across the world – both from a company, consultancy and communication perspective, Walter proved to be uniquely qualified in leading transformation and innovation agendas in 4 different continents. After leaving The Coca-Cola company on June 30th 2023, he joined McKinsey as senior advisor, he became Professor of practice at the SDA-Bocconi business school in the master program and he is senior advisor for several start-ups. He also runs his consultant company SAMARCANDA that has been hired by several global and regional clients such as Pfizer, Spring studios, and Corporate Hangar.
Walter has an extensive strategy and marketing background. He started in strategic planning with J. Walter Thompson in different markets around the world. Later, he joined Coca-Cola Latin America, where he was instrumental in the revival of the Coca-Cola brand in the region and globally. Following his time in Coca-Cola, Walter has been an entrepreneur, founding his own branding, sustainability & innovation company consulting clients like Natura, Unilever, Nestle’, Diageo and J&J among others with offices in Latin America and Europe working on disruptive innovation projects around the globe; he then led the global creative strategy, content & design function for Unilever as VP of Global Marketing; and was most recently President of two advertising and digital agencies in Brazil, owned by the Dentsu Aegis Network Group.
Walter got a business degree from Bocconi University in Milan, he did an exchange program at Georgetown University and he has an AMP from Harvard University.
Graciema Bertoletti is a Managing Director of the IG4 Operations Team and Chief Growth Officer of Opy Health. Prior to joining Opy Health, Graciema was the Medical Network Director and Dental and Medical Product Director at Amil Internacional/United Health.
Before joining the health care sector in 2016, Graciema worked almost 20 years in Investment Banking (M&A, Capital Markets, Debt Restructuring) in leading institutions such as ABN Amro, Morgan Stanley, Credit Lyonnais, and Evercore. Graciema worked advising both large multinational companies and family-owned companies in strategic transactions. She led several milestone transactions including: USD63 Bi Follow-on Offer from Petrobras in 2010, USD11.5 Bi Follow On Offer from Vale in 2008– 1st transaction in Brazil to be distributed to FGTS retail investors, merger of Ipiranga Petroquímica and Braskem assets, divestiture of Lafarge Chile assets, among others. Graciema worked in a variety of industries, supporting sectorial teams in origination and leading local teams in execution efforts.
Graciema has an MBA from Harvard Business School and a bachelor’s degree in economics from the Federal University of Rio de Janeiro. She is a certified board member of IBGC (Instituto Brasileiro de Governança Corporativa) and a member of the Women Corporate Directors organization. Graciema is fluent in Portuguese (native), English, French and Spanish.
Talita Caliman is Managing Director at the IG4 Operations Team and Executive Director of Regulatory and Institutional Affairs at Iguá Saneamento.
Talita Caliman has had a solid career in strategic regulatory affairs. She joined Telefônica in 2006, as a regulation analyst with a focus on economic and financial themes. In 2007, she was transferred, already as a consultant, to the area of Strategic Planning where, in addition to the Regulatory Strategy, she performed with other strategic themes, such as M&A. In 2009, she took over the Management of Planning in the Directorate of Regulatory Strategy, under the challenge of handling structuring themes of the sector, as well as the incorporations of Vivo and GVT into the Group. In January 2016, she took over the Directorate of Regulatory Strategy, whilst being in charge of the negotiation the Terms of Conduct Adjustment with the Anatel, as well as the Review of the Regulatory Model with the Agency and the Ministry. She joined Iguá as the Executive Director of Regulatory and Institutional Affairs in April, 2020.
She graduated in Public Administration at the Fundação Getúlio Vargas (EAESP), in 2005. Before her tenure at Telefonica | Vivo, she performed as a financial risk advisor and at Endeavor, where she started her career in the search and selection of entrepreneurs.
As a senior advisor for IG4, based in Colombia and overseeing opportunities in Colombia and Central America, Juan Antonio brings a wealth of business ownership, strategic planning, analytics, and economic insight as a senior executive in private equity fund management with an international reach. His 22+ years’ experience in corporate finance and investments has been made noteworthy by tenaciously seeking opportunities to improve businesses in realizing substantial improvements in financial wherewithal and enhanced brand messaging.
As the Co-Founder of Teka Private Equity Fund, -a $144MM multi-sector private equity fund based in Colombia- he sourced and negotiated investment prospects for mid-sized companies in Colombia, Chile, and Peru.
As part of his professional experience, Juan Antonio served as Director of Investments for Valorem – a Santo Domingo Family investment holding of non-brewery assets in Colombia. He participated in managing a portfolio of 16 companies representing $3.1B and 22,000 direct jobs under considerable distressed conditions, with an unsustainable amount of debt, significant recurring losses, negative operating cash flow, and continuous capital requirements.
With a collaboration, goal-driven personality, and approachable manner, Juan has a robust reputation for developing and maintaining mutually beneficial working relationships with C-suite executives, opinion drivers, government entities, and key stakeholders. Juan Antonio serves as Board Member in Bodytech Colombia, Americana de Colchones, Fabricato S.A, Fiduciaria SURA, TIGO Colombia, Cinecolombia, Reforestadora de la Costa, and Banco Amibank in Ecuador.
Eduardo Barco is a senior advisor at IG4 Capital and a Founding Partner of IBS Capital Advisors, a holding company investing in Venture Capital, Real Estate, and Private Equity. Mr Barco is a Partner in BigSur Partners, a multi-family office based in Brickell Avenue, Miami. Mr Barco is a Founding Partner of LabVentures, a Venture-Builder creating disruptive new digital businesses in partnership with corporations, based in Wynwood, Miami. Mr Barco organized a buyer group to buy Carbocoque, a coking coal mining operation in Colombia. Negotiated investment of US$ 50 Million investment from Quantek, a Special Situations Fund. Grew the company to become the 3rd largest exporter in the country. Group sold controlling stake to AMCI, a global mining group, for an equity value of UD$160M. Mr Barco is on the Board of Carbocoque SA, (Colombia). Mr Barco organized a buyer group to buy Sociedad Portuaria de Barranquilla. Grew the port and negotiated the extension of the concession. Group sold to Southern Cross, a Private Equity Fund, for an Equity value of US$ 170M. Mr Barco organized a buyer group to buy San Agustin Oil company. Bought 4 Marginal fields in Colombia from Pacific Rubiales. Today is in the process of growing and consolidating the acquisition. Mr Barco is a member of the Global Advisory Board of Babson College. Mr. Barco worked for Morgan Grenfell-London, Deutsche Bank, and IBS-Morgan Stanley, doing M&A, Privatization and Asset Manangement in Latin America. Mr. Barco has a Bachelor’s degree in Business Administration from Babson College, a Masters in Latin-American Politics from Stanford University and a Masters in Development Economics from Stanford University.
Gema Esteban Garrido is Global Head of Sustainability at IG4 Capital, where she is responsible for fully embedding sustainability criteria into its fund’s investments as well as driving transformation of its portfolio companies, avoiding major risks and pursuing value generation. She is a member of the Investment Committee and is chair of the Sustainability Committees of the portfolio companies. She was also a member of the board of AENZA Corp. During her tenure, she positioned IG4 as the top-ranked B Corp among its peers in the region and triggered numerous excellence awards for IG4’s portfolio companies.
Prior to joining IG4 Capital, she spent several years at Telefónica, most recently as Global ESG Director, where she revamped Telefónica’s sustainability strategy and positioned the company as a leader amongst the most influential ratings. Previously, she held different executive roles at Telefónica, ranging from Corporate Strategy, Chairman & CEO Office, Global Operations Strategy, and Strategic Business Planning. Before these roles, she held senior positions at British Telecom and in the software industry.
Gema has an Advanced Management degree from IESE Business School, an Investment Management degree from the Universitá of Geneva, and a bachelor’s degree in computer science from Universidad Pontificia de Salamanca in Madrid. She is also certified in ESG Investing by the CFA Institute UK. She is a Senior Fellow of the Corporate Governance Center of ESADE and an Advisor of the Private Equity Committee at PRI.
Jean-Paul Veiga da Rocha is Senior Advisor. 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.
Felipe Tonetti is a Director at IG4, where he is responsible for identifying and structuring new investments as well as overseeing the fund’s investments in OPY Health and CLI, where he serves on committees and as a Board Member of CLI Sul. At IG4, Tonetti has led equity transactions totaling over USD 800 million and contributed to the issuance of around USD 260 million in credit facilities for the portfolio companies.
Before joining IG4, Tonetti worked in M&A at BRF, a leading global food company, where he was responsible for developing new business opportunities worldwide. Tonetti also worked in Private Equity at GP Investments, focusing on investment opportunities in the real estate, consumer services and logistics sectors.
Felipe Tonetti holds a Bachelor’s degree in Business Management from the University of São Paulo (USP).
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.
Rafael Machado is a Director at IG4, responsible for overseeing the fund’s investments in Latin America and structuring new investment opportunities. Since IG4’s inception, Rafael has executed five equity transactions and played a key role in raising over US$1.2 billion in equity and debt issuances, while spearheading numerous investment opportunities.
Rafael has also been the CEO and CFO of an IG4 Capital portfolio company in Chile, leading a team of 700+ professionals and the company’s financial and operational turnaround, implementing a company-wide digital transformation.
Previously, Rafael worked as an Investment Professional at RK Partners, contributing to private equity transactions, in a partnership with Cerberus Capital Management. Before that, he has worked at Itaú BBA and Caterpillar Inc.
Rafael holds a B.S. in Industrial Engineering from the University of Campinas (UNICAMP) and studied Finance and Business at the Missouri University of Science and Technology and at the Polytechnic University of Madrid.
Paula Pinho Belenki is a Director at IG4 Capital. Before joining IG4, Paula was an Engagement Manager at Dalberg Advisors, and later Guidehouse Inc., where she led strategy consulting projects for both public and private organizations, including the development of investment strategies for a variety of investor types, and formulating economic development and infrastructure investment strategies for state and local governments across the United States.
Prior to her tenure in strategy consulting, Paula worked as an Associate Investment Officer at the International Finance Corporation (IFC) in Washington D.C. where she was part of IFC’s Infrastructure Latin America team, covering both new debt and equity investments in the region across all infrastructure sectors. Prior to IFC, Paula worked for five years at GP Investments, where she was responsible for analyzing opportunities in infrastructure and telecommunications sectors in Brazil.
Paula holds an MPA from Columbia University and a Bachelor’s degree in Economics from Insper.
Vinícius Cunha is a Director of Finance and Operations 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 and is certified by ANBIMA (CGA and CGE) for managing third-party portfolios.
Mateus Renault is a Principal 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).
Work with us
Please send your cv, a brief introduction and area of interest to [email protected] or access IG4 Capital LinkedIn
Work with us
Please send your cv, a brief introduction and area of interest to [email protected] or access IG4 Capital LinkedIn
Paulo Mattos is Co-Founder, Managing Partner and CEO at IG4 Capital, an alternative investments firm focused on special opportunities in Emerging Markets.
Prior to founding IG4 Capital, Paulo was a Partner at RK Partners, a leading advisory firm specialized in debt restructuring and operational turnarounds, and a Managing Director at GP Investments, a leading alternative investments firm in Latin America.
At GP Investments, Paulo was the Head of Infrastructure and Telecommunications investments and served on the Investment Committee (2012-2016). He was co-founder of BR Towers S.A., the first large independent Brazilian cellphone tower company, 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), a public telecommunications company. While at Oi he served on the Executive Committee, Financial Risk Committee and Operations Committee. 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).
He was the Chairman of Iguá Saneamento S.A. (2017-2024), one of the main private water and sanitation companies in Brazil, and Board Member of OPY Health S.A. (2019-), a healthcare company that provides infrastructure and logistics for hospitals and medical services operators, where IG4 Capital is the controlling shareholder. He is also Vice-chairman of CLI - Corredor Logísitica e Infraestrutura S.A. (2022-), one of the largest independent port terminal operators for the Brazilian agribusiness, where IG4 Capital is a co-controlling shareholder alongside the Macquarie Group.
He has been also active in venture capital investments through proprietary capital platforms in telecommunications, deep technology, and sustainable innovations.
Paulo holds a J.D. and a Ph.D. in Law from University of São Paulo (USP), was Fulbright Visiting Scholar at Yale University and is Visiting Fellow at the King’s College London. He is permanent member of the Board of Directors of the Brazilian Center for Analysis and Planning – CEBRAP and former associate professor at the Getulio Vargas Foundation – FGV, leading think tanks in public policy and business administration.
He is involved with philanthropy through the Instituto Îandé in Brazil and has been supporting non-profit organizations in education and sustainable development.
Gustavo Buffara is Co-Founder, Managing Partner, CFO and Co-CIO of IG4 Capital.
Gustavo has served as Vice Chairman of the Board of Directors, Coordinator of the Investment Committee and member of the Audit Committee of Iguá Saneamento S.A., one of the largest private platforms in the sanitation sector in Brazil, since 2017; he also coordinated the People Committee between 2017 and 2022, period of structuring and expansion of the company.
Gustavo also serves, since 2021, as Vice Chairman of the Board of Directors and member of the Investment and Strategy Committee of Aenza, a leading Concessions and Infrastructure company, listed on the Lima Stock Exchange and with ADRs on the NYSE and with presence in Peru, Chile and Colombia. Gustavo has also been a Board member of OPY Health and CLI since their founding in 2020 - both portfolio companies of IG4 Capital.
Prior to founding IG4, he served as Managing Director of RK Partners, a consulting firm specializing in debt restructuring and operational turnaround, and as Deputy Director of GP Investments. During his tenure at GP Investments, from 2012 to 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 statutory executives. Previously, he was a Senior Consultant at Bain and Company in São Paulo, leading strategy projects for multinationals in different sectors, including financial services, credit and debit cards, insurance, airlines and oil and gas. In this role, he led projects in Brazil, Chile and Africa (2010-2012). Gustavo began his career at Telefónica, where he served from 2004 to 2010 as an executive in the areas of Planning, M&A and Regulatory Strategy. Between 2008 and 2009, he also worked temporarily as part of the Group's Global COO team in Spain.
Gustavo holds an MBA from IMD in Switzerland and a BA in Public Administration from EAESP-Fundação Getúlio Vargas (FGV).
Felipe Fingerl is a Co-Founder, Managing Partner and Risk Officer 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 Partner 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. 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 formerpresident Sebastián Piñera (2006-2009).
Pablo is a founder and board member of Vector Capital, a broker in the Chilean financial market. 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.
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.
Hélio Novaes is Managing Director and Head of Credit Solutions. He has 11 years of experience in banking (both in Brazil as well as abroad), 19 years of experience as a Chief Financial Officer of large companies and 4 years as a Managing Director focused on financial advisory and special situations. Throughout his career, he has been responsible for numerous capital-raising, IPO, M&A, project financing, trade finance, restructuring and renegotiation transactions across various sectors and businesses.
Before joining IG4, Hélio was a partner at an international consulting firm, leading financial advisory initiatives and special situations. Prior to that, he was CFO of several large companies in Brazil, leading financial and administrative teams in sectors such as commodities, pulp, sugar and ethanol, real estate, petrochemicals, cosmetics and media. He focused on restructuring operations, processes, capital structure and debt portfolios, leading negotiations with banks, law firms, advisors and investors.
Throughout his career, Hélio has been responsible for several debt, equity and M&A transactions at the banks and companies at which he worked, raising funds from various sources, both within Brazil as well as externally. He played a relevant role in the combination of businesses in the Brazilian petrochemical sector (through the merger of five different companies) and in the sugar and ethanol sector (combining the operations of two large companies). He also led the growth and expansion strategies of two companies in the real estate sector. Additionally, Hélio was responsible for the financial and administrative teams at a large cosmetics company and at a media conglomerate, coordinating equity, debt, renegotiation, acquisitions and performance improvement at these companies. Hélio currently sits on the board of a Brazilian real estate company, leading its initiatives for insertion into the capital markets.
Hélio has a Bachelor’s degree in Civil Engineering from the Federal University of Minas Gerais (UFMG), with a postgraduate degree in Finance from Fundação Dom Cabral and a specialization in Advanced Management from Insead. Hélio also taught Finance classes at Insper (a renowned business school in São Paulo) and was a member of the Board of Instituto Ayrton Senna (a non-profit organization dedicated to the development of public education initiatives in Brazil).
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.
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.
Walter Susini is a senior advisor at IG4 Capital. He has been for the last 6 years SVP of Marketing for Europe, Africa and Middle East. With more than 26 years of experience in building winning consumer brands across the world – both from a company, consultancy and communication perspective, Walter proved to be uniquely qualified in leading transformation and innovation agendas in 4 different continents. After leaving The Coca-Cola company on June 30th 2023, he joined McKinsey as senior advisor, he became Professor of practice at the SDA-Bocconi business school in the master program and he is senior advisor for several start-ups. He also runs his consultant company SAMARCANDA that has been hired by several global and regional clients such as Pfizer, Spring studios, and Corporate Hangar.
Walter has an extensive strategy and marketing background. He started in strategic planning with J. Walter Thompson in different markets around the world. Later, he joined Coca-Cola Latin America, where he was instrumental in the revival of the Coca-Cola brand in the region and globally. Following his time in Coca-Cola, Walter has been an entrepreneur, founding his own branding, sustainability & innovation company consulting clients like Natura, Unilever, Nestle’, Diageo and J&J among others with offices in Latin America and Europe working on disruptive innovation projects around the globe; he then led the global creative strategy, content & design function for Unilever as VP of Global Marketing; and was most recently President of two advertising and digital agencies in Brazil, owned by the Dentsu Aegis Network Group.
Walter got a business degree from Bocconi University in Milan, he did an exchange program at Georgetown University and he has an AMP from Harvard University.
Graciema Bertoletti is a Managing Director of the IG4 Operations Team and Chief Growth Officer of Opy Health. Prior to joining Opy Health, Graciema was the Medical Network Director and Dental and Medical Product Director at Amil Internacional/United Health.
Before joining the health care sector in 2016, Graciema worked almost 20 years in Investment Banking (M&A, Capital Markets, Debt Restructuring) in leading institutions such as ABN Amro, Morgan Stanley, Credit Lyonnais, and Evercore. Graciema worked advising both large multinational companies and family-owned companies in strategic transactions. She led several milestone transactions including: USD63 Bi Follow-on Offer from Petrobras in 2010, USD11.5 Bi Follow On Offer from Vale in 2008– 1st transaction in Brazil to be distributed to FGTS retail investors, merger of Ipiranga Petroquímica and Braskem assets, divestiture of Lafarge Chile assets, among others. Graciema worked in a variety of industries, supporting sectorial teams in origination and leading local teams in execution efforts.
Graciema has an MBA from Harvard Business School and a bachelor’s degree in economics from the Federal University of Rio de Janeiro. She is a certified board member of IBGC (Instituto Brasileiro de Governança Corporativa) and a member of the Women Corporate Directors organization. Graciema is fluent in Portuguese (native), English, French and Spanish.
Talita Caliman is Managing Director at the IG4 Operations Team and Executive Director of Regulatory and Institutional Affairs at Iguá Saneamento.
Talita Caliman has had a solid career in strategic regulatory affairs. She joined Telefônica in 2006, as a regulation analyst with a focus on economic and financial themes. In 2007, she was transferred, already as a consultant, to the area of Strategic Planning where, in addition to the Regulatory Strategy, she performed with other strategic themes, such as M&A. In 2009, she took over the Management of Planning in the Directorate of Regulatory Strategy, under the challenge of handling structuring themes of the sector, as well as the incorporations of Vivo and GVT into the Group. In January 2016, she took over the Directorate of Regulatory Strategy, whilst being in charge of the negotiation the Terms of Conduct Adjustment with the Anatel, as well as the Review of the Regulatory Model with the Agency and the Ministry. She joined Iguá as the Executive Director of Regulatory and Institutional Affairs in April, 2020.
She graduated in Public Administration at the Fundação Getúlio Vargas (EAESP), in 2005. Before her tenure at Telefonica | Vivo, she performed as a financial risk advisor and at Endeavor, where she started her career in the search and selection of entrepreneurs.
Eduardo Dantas is the Managing Director of Iguá Saneamento in Rio de Janeiro, leading the company's operations and expansion project in the state. The concession encompasses the neighborhoods of Barra da Tijuca, Recreio, and Jacarepaguá in the metropolitan region of Rio, as well as the municipalities of Miguel Pereira and Paty do Alferes.
Prior to joining Iguá, Dantas served as Vice President of Highways and Vice President of New Business at Grupo Invepar. He also worked as Director of Business Development in Logistics at VALE and held executive positions in sales and operations at MRS, Coca-Cola, and AmBev (formerly Brahma). Additionally, he was an associate at the strategic consulting firm Booz-Allen & Hamilton.
Throughout his career, Dantas has served as President and board member of various concessionaires, including GRUPAR - Guarulhos Participações, MetroRio, MetroBarra, VLT Carioca, ViaRio, Concessionária Rota do Atlântico, Concessionária Bahia Norte, Concessionária Rio Teresópolis, as well as Passe Expresso SA and Quadrem Holding International. He has also held the position of CEO at LAMSA – Linha Amarela, Via040, CART – Raposo Tavares, and CLN – Litoral Norte.
With over 25 years of experience in leadership positions and the infrastructure sector, Dantas has expertise in management, operations, business development, mergers and acquisitions, strategic planning, logistics, supply chain, and strategic consulting.
Dantas holds a degree in Production Engineering from the Federal University of Rio de Janeiro, a master’s in business administration from COPPEAD/UFRJ, leadership and management courses from IMD/Switzerland and MIT/USA, as well as a board member certification from IBGC – Brazilian Institute of Corporate Governance.
Eduardo Barco is a senior advisor at IG4 Capital and a Founding Partner of IBS Capital Advisors, a holding company investing in Venture Capital, Real Estate, and Private Equity. Mr Barco is a Partner in BigSur Partners, a multi-family office based in Brickell Avenue, Miami. Mr Barco is a Founding Partner of LabVentures, a Venture-Builder creating disruptive new digital businesses in partnership with corporations, based in Wynwood, Miami. Mr Barco organized a buyer group to buy Carbocoque, a coking coal mining operation in Colombia. Negotiated investment of US$ 50 Million investment from Quantek, a Special Situations Fund. Grew the company to become the 3rd largest exporter in the country. Group sold controlling stake to AMCI, a global mining group, for an equity value of UD$160M. Mr Barco is on the Board of Carbocoque SA, (Colombia). Mr Barco organized a buyer group to buy Sociedad Portuaria de Barranquilla. Grew the port and negotiated the extension of the concession. Group sold to Southern Cross, a Private Equity Fund, for an Equity value of US$ 170M. Mr Barco organized a buyer group to buy San Agustin Oil company. Bought 4 Marginal fields in Colombia from Pacific Rubiales. Today is in the process of growing and consolidating the acquisition. Mr Barco is a member of the Global Advisory Board of Babson College. Mr. Barco worked for Morgan Grenfell-London, Deutsche Bank, and IBS-Morgan Stanley, doing M&A, Privatization and Asset Manangement in Latin America. Mr. Barco has a Bachelor’s degree in Business Administration from Babson College, a Masters in Latin-American Politics from Stanford University and a Masters in Development Economics from Stanford University.
As a senior advisor for IG4, based in Colombia and overseeing opportunities in Colombia and Central America, Juan Antonio brings a wealth of business ownership, strategic planning, analytics, and economic insight as a senior executive in private equity fund management with an international reach. His 22+ years’ experience in corporate finance and investments has been made noteworthy by tenaciously seeking opportunities to improve businesses in realizing substantial improvements in financial wherewithal and enhanced brand messaging.
As the Co-Founder of Teka Private Equity Fund, -a $144MM multi-sector private equity fund based in Colombia- he sourced and negotiated investment prospects for mid-sized companies in Colombia, Chile, and Peru.
As part of his professional experience, Juan Antonio served as Director of Investments for Valorem – a Santo Domingo Family investment holding of non-brewery assets in Colombia. He participated in managing a portfolio of 16 companies representing $3.1B and 22,000 direct jobs under considerable distressed conditions, with an unsustainable amount of debt, significant recurring losses, negative operating cash flow, and continuous capital requirements.
With a collaboration, goal-driven personality, and approachable manner, Juan has a robust reputation for developing and maintaining mutually beneficial working relationships with C-suite executives, opinion drivers, government entities, and key stakeholders. Juan Antonio serves as Board Member in Bodytech Colombia, Americana de Colchones, Fabricato S.A, Fiduciaria SURA, TIGO Colombia, Cinecolombia, Reforestadora de la Costa, and Banco Amibank in Ecuador.
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 Head of ESG at IG4 Capital. Gema has more than 25 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 IESE Business School (PDG), an Investment Management degree from Universitá of Geneva, a certification in ESG investing from 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 Director at IG4, where he is responsible for identifying and structuring new investments as well as overseeing the fund’s investments in OPY Health and CLI, where he serves on committees and as a Board Member of CLI Sul. At IG4, Tonetti has led equity transactions totaling over USD 800 million and contributed to the issuance of around USD 260 million in credit facilities for the portfolio companies.
Before joining IG4, Tonetti worked in M&A at BRF, a leading global food company, where he was responsible for developing new business opportunities worldwide. Tonetti also worked in Private Equity at GP Investments, focusing on investment opportunities in the real estate, consumer services and logistics sectors.
Felipe Tonetti holds a Bachelor’s degree in Business Management from the University of São Paulo (USP).
Paula Pinho Belenki is a Director at IG4 Capital. Before joining IG4, Paula was an Engagement Manager at Dalberg Advisors, and later Guidehouse Inc., where she led strategy consulting projects for both public and private organizations, including the development of investment strategies for a variety of investor types, and formulating economic development and infrastructure investment strategies for state and local governments across the United States.
Prior to her tenure in strategy consulting, Paula worked as an Associate Investment Officer at the International Finance Corporation (IFC) in Washington D.C. where she was part of IFC’s Infrastructure Latin America team, covering both new debt and equity investments in the region across all infrastructure sectors. Prior to IFC, Paula worked for five years at GP Investments, where she was responsible for analyzing opportunities in infrastructure and telecommunications sectors in Brazil.
Paula holds an MPA from Columbia University and a Bachelor’s degree in Economics from Insper.
Rafael Machado is a Director at IG4, responsible for overseeing the fund’s investments in Latin America and structuring new investment opportunities. Since IG4’s inception, Rafael has executed five equity transactions and played a key role in raising over US$1.2 billion in equity and debt issuances, while spearheading numerous investment opportunities.
Rafael has also been the CEO and CFO of an IG4 Capital portfolio company in Chile, leading a team of 700+ professionals and the company’s financial and operational turnaround, implementing a company-wide digital transformation.
Previously, Rafael worked as an Investment Professional at RK Partners, contributing to private equity transactions, in a partnership with Cerberus Capital Management. Before that, he has worked at Itaú BBA and Caterpillar Inc.
Rafael holds a B.S. in Industrial Engineering from the University of Campinas (UNICAMP) and studied Finance and Business at the Missouri University of Science and Technology and at the Polytechnic University of Madrid.
Mateus Renault is a Principal 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).
Vinícius Cunha is a Director of Finance and Operations 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 and is certified by ANBIMA (CGA and CGE) for managing third-party portfolios.
