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LIMIAR CAPITAL
1700 N Moore St.
Suite 1120
Arlington, VA 22209
P +1 202 839 3330
E info@limiarcapital.com - TEAM
INVESTMENT TEAM
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Carlos has some 20 years of relevant professional experience, most of it spent investing in emerging markets in various asset classes and through multiple investment cycles.
From 2008 to 2015, Carlos was a founding partner of Cartica Capital, a global emerging markets activist fund, where he was Head of Global Equity Research and Investments.
From 2006 to 2008, Carlos served as a director and senior investment analyst with Marathon Asset Management, a multi-strategy global hedge fund based in New York.
Before joining Marathon, Carlos spent almost seven years as an Investment Officer with International Finance Corporation (IFC). Prior to IFC, Carlos worked as a strategic consultant with McKinsey & Company in Europe and Latin America. In 1997, he was part of the team that advised the Brazilian Ministry of Telecommunication in its strategy and the $20 billion privatization of the national Telecom operator, Telebras.
Carlos earned his bachelor’s in economics with a concentration in finance from Universidade Nova de Lisboa in Portugal, and his MBA, majoring in finance and accounting, from the Kellogg School of Management, Northwestern University where he currently serves as a member of Kellogg’s Alumni Council. Carlos is fluent in English, Portuguese, and Spanish and is proficient in French.
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Babak is a pioneer of emerging markets investments from the early days of the asset class.
Babak was a managing director and portfolio manager at Albright Capital Management from 2007 to 2014, an emerging markets multi-strategy firm. He was responsible for the fund’s listed equities strategy, which included long/short, relative value and arbitrage trades in common stock and index-linked instruments as well as derivatives. At Albright, Babak also participated in a number of private equity transactions.
Between 2003 and 2007, Babak joined Babson Capital to manage a global EM long/short equity strategy.
Babak started his career at Emerging Markets Management (EMM) in 1988, one of the first emerging market dedicated funds, under the leadership of Antoine Van Agtmael (who coined the term emerging markets), where he was one of the first employees (now a unit of Ashmore-EMM). The firm distinguished itself for tight focus on bottom-up value investing and on the ground primary research. During his time at EMM, he moved through various responsibilities in the investment area while gaining valuable exposure to many operational aspects of the industry. In 1991, he was given the responsibility of overseeing the Southeast Asian markets for the firm. Over the next nine years he gained an intimate knowledge of the region’s economies and markets during a volatile period. In the late 1990s, he initiated the firm’s coverage of the Middle Eastern markets and in 1996, Babak and a colleague launched the Emerging Markets Convertible Bond Fund to take advantage of the inefficiencies in the under-covered asset class.
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Thomas has over 20 years of emerging markets investment experience.
From 2005 to 2016 he ran a research advisory business providing investment research services with special focus on consumer and retail sector, as well as advice for portfolio construction to leading global emerging markets hedge funds and long only funds. Clients included Artha Capital, Triogem Asset Management and Chesapeake Asset Management. Prior to that, Thomas spent 6 years as a senior equity research analyst for Robert Fleming Inc. based in New York and Sao Paulo, eventually becoming global retail sector coordinator. He spent two years as an equity analyst for Banco Mildesa based in Buenos Aires. Thomas also worked with Credit Agricole in Europe. Thomas is fluent in Spanish and proficient in Portuguese.
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Ravi, an Indian native, is an emerging markets expert with over 30 years of diverse experience in a variety of global financial institutions. From 2010 to 2016, Ravi served as the Chief Economist, Director of Economics & Sustainability in the Multilateral Investment Guarantee Agency (MIGA), the political risk & credit enhancement arm of the World Bank Group. Previously, Ravi spent 18 years in the International Finance Corporation, the private sector investment arm of the World Bank Group, where he served in a variety of senior roles including CFO in Global FIG, CIO in Global TMT, CIO in the Asia Group, and in other senior investment roles in the Latin America, Europe and Middle East Groups.
Ravi’s experiences outside of the World Bank Group include the following: President, CEO & CIO of WestLB Mellon Asset Management (USA) in New York, managing over $1 billion in private equity assets; Senior Portfolio Advisor in DuPont Capital Management in Wilmington; Director and Head of Corporate Finance for NatWest Markets in Indonesia and for ING Barings in India; Senior Systems Engineer at Mellon Bank in Philadelphia; and Senior Projects Officer at the Liberian Bank for Development and Investment in West Africa.
Ravi holds an MBA (Finance) with Distinction from the Wharton School of Business, an M.S.E. (Computer Science) from the University of Pennsylvania, a Post-Graduate Diploma in Management (Marketing) from the Indian Institute of Management, and a Bachelor of Technology (Mechanical Engineering) from the Indian Institute of Technology.
Ravi is the lead author of a book entitled "The Political, Economic and Labor Climate in India," published by the University of Pennsylvania.
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Matthew has diverse experience working at asset managers across a variety of strategies.
Prior to joining Limiar, he was the head of Investment Operations at Dyson Capital Advisors, a multi-family office in Alexandria, VA. At Dyson, he was responsible for implementing both the firm's trading and reporting platforms. Previously based in New York, he spent three years at the multi-strategy hedge fund managers BlueMountain and BlueCrest Capital where he focused on the liquidity management of their respective funds. He began his career as an Associate at Mount Kellett Capital Management (now part of Fortress Investment Group).
ADVISORY COUNCIL
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Luis Amaral is based in Warsaw Poland, where he is the CEO and controlling shareholder of Eurocash, the largest wholesaler/distributor in the country listed on the Warsaw stock exchange which he successfully turned around after acquiring it in 2003. In 1995, Luis was invited to start up Jerónimo Martin's (JM)´s retail business in Poland, at a time the country was moving away from communism, and built it into the largest retailer in the country.
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Shiv Dalvie is the founder of Cotton Tree Management Limited based in Hong Kong. He was until recently a partner with AEA Investors, a global mid-market private equity firm with $6 billion under management. Shiv joined AEA in New York in 1997 and relocated to Hong Kong in late 2006 to establish and lead the firm’s Asian private equity business across China, India, Korea and Southeast Asia. Prior to AEA, Shiv was in the mergers and acquisitions group of Credit Suisse First Boston where he advised clients in a diverse set of industries including industrials, chemicals and pharmaceuticals. Shiv received a B.S. in computer science and economics with honors from Yale University and an M.B.A. from Stanford University’s Graduate School of Business.
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Pawel Swiatek, a Polish and US national, is based in Washington DC. He is an active angel investor and advisor to a number of startups in education technology, marketing technology, consumer goods, and social networking. Pawel spent 10 years as a senior executive at Bridgewater Associates, a global macro hedge fund and one of the world's top institutional investment firms, where he helped grow the company from 150 to nearly 1500 employees. He started his career at McKinsey & Company’s office in Warsaw, Poland, serving banking, insurance and telecommunications clients. Pawel holds a B.A. from Harvard College and an MBA from Harvard Business School.