Our Team

William A. Delphos, Founder and Managing Director
Under Mr. Delphos’ leadership, Delphos International has grown to serve over 1,000 clients in more than 75 emerging markets worldwide. His extensive network and experience in both the public and private sectors make him an invaluable negotiator, facilitator, and creator of partnerships. Prior to founding the company in 1987, Mr. Delphos was Senior Vice President of the Overseas Private Investment Corporation. He also held a number of positions with Gould Inc., including Managing Director of International Operations. He is a nationally recognized speaker on the use of government resources for international business and has published numerous books on the subject. He received his MBA from Northwestern University and a Bachelor of Science from Worcester Polytechnic Institute, where he is an Emeritus Trustee.

Linda S. Habgood, Managing Director
Ms. Habgood has spent her entire career in credit and finance. Based on her experience as a banker, advisor and principal, her forte lies in underwriting and structuring transactions to meet the needs and requirements of strategic and financial investors and lenders. Ms. Habgood has worked with a diverse domestic and international client base to design and arrange innovative financial solutions. She has arranged hundreds of millions of dollars in long-term, limited recourse debt financing and equity for private investors, and has visited, performed due diligence and worked on financings in over 70 countries. Previously, Ms. Habgood was a senior project finance officer at the Overseas Private Investment Corporation and a corporate finance banker specializing in secured lending and leveraged leasing for Chase Manhattan Bank, NA.  She received her MBA from the Wharton School of the University of Pennsylvania. Ms. Habgood is a registered representative and holds a FINRA Series 7 Securities License.

Svetoslav Gatchev, Managing Director
Mr. Gatchev has been with Delphos International since 1997 and has worked on many high-profile power, telecom, and other financings in the global emerging markets, including the $1.3 billion AES Maritza East 1. More recently, Mr. Gatchev has led Delphos International’s advisory work with the Botswana Power Corporation (BPC) and the Government of Botswana, including advisory work on the financing of the $1.6 billion 600 MW Morupule B coal-fired power project near Palapye in eastern Botswana, which received the Project Finance International magazine’s “African Power Deal of the Year” award in 2009. Mr. Gatchev has advised the governments of Cameroon and Morocco on energy development and financings. He has also worked on a number of successful photovoltaic solar and other renewable energy projects. A native of Bulgaria, Mr. Gatchev is fluent in Bulgarian and English. He received his MBA at New York University's Stern School of Business (class valedictorian) and graduated summa cum laude from Washington College. Mr. Gatchev is a registered representative and holds a FINRA Series 7 and Series 63 Securities Licenses.

Andrew Brown, CFA, Director
Mr. Brown joined Delphos International in 2006. He has worked on more than twenty successful financings across Africa, Latin America and Asia, representing over $950 million in commitments.  He has worked for clients in the telecom, retail, financial services, and power sectors and has had a number of recent engagements focused in East Africa or Brazil.  Mr. Brown holds the Chartered Financial Analyst (CFA) charterholder designation from the CFA Institute. He holds an MA in International Trade and Investment Policy from the George Washington University and a BSBA magna cum laude from the Ohio State University. Mr. Brown also studied at Yonsei University in Seoul, Korea. Mr. Brown holds a FINRA Series 82 Securities License.

Brian Tarmey, Director
Mr. Tarmey joined Delphos International in 2007. He brings extensive experience in energy financings having worked on hydro, wind, solar, biomass, nuclear, gas and geothermal transactions. His recent work includes advising a hybrid solar solutions provider in India on a $150 million OPIC loan and leading multiple USTDA-funded feasibility studies with combined project costs exceeding $1.6 billion. In addition to his experience in the energy sector, he has advised clients in the manufacturing, telecom, agribusiness, retail and hospitality sectors in Latin America, Asia, and Africa. Prior to joining Delphos International, he worked at AV Concept Holdings, a publicly traded technology firm in Hong Kong and at OPIC. Mr. Tarmey holds an MA in International Economic Affairs from the George Washington University and a BA in International Relations from Tufts University. Mr. Tarmey holds a FINRA Series 79 Securities License.

Niki Doshi, Director
Ms. Doshi joined Delphos International in 2009. She brings extensive experience in project financing having worked in power, telecom, retail, logistics, housing, and financial services transactions in emerging markets representing over $750 million in capital commitments. Her recent works include advising a leading logistics company on a $350 million loan to support the first private oil transshipment terminal in Brazil and a pan-African small business lender on a $250 million loan to fund expansion efforts. Ms. Doshi’s prior works include raising capital for a trade finance fund in Latin America, utility-scale solar projects in Asia and Sub-Saharan Africa, and an up-scale supermarket chain in Brazil. She has also advocated on behalf of a US publicly traded company to reduce past due receivables from Angola’s state oil company resulting in $50 million of collections. Prior to joining Delphos, Ms. Doshi worked at Capitol Partners, LLC, Taylor-DeJongh, Reuters, and Swiss Re Asset Management. She holds a MSc. in Finance from Johns Hopkins University and a BSc. in Electrical Engineering from Michigan State University.

Eric Shumway, Associate Director
Mr. Shumway joined Delphos International in 2015 after 17 years at London Economics International, where he was a Director. Mr. Shumway has expertise in the regulatory reform of power markets, power project development and finance, wholesale price forecasting, wholesale market integration issues, cost-benefit analysis, PPA and FSA negotiation, plus power procurement processes. Mr. Shumway has worked throughout the Americas, the Caribbean, Africa, the Middle East and Asia. Currently, he is the Project Manager for a major USTDA-financed project in Myanmar, where he is based. He has worked on numerous conventional thermal, large hydro and renewable power projects; co-developed, owned and was COO of a pair of biomass plants in California; and, developed solar PV projects in Latin America. Prior to London Economics International, Mr. Shumway served in the Peace Corps in Nepal, and spent several years in the publishing industry. Mr. Shumway holds an MA in International Affairs (International Economic Policy) from Colombia University. He speaks Spanish fluently.

Tatiana Nikiforova, CFA, Vice President
Ms. Nikiforova joined Delphos International in 2012. She leverages substantial experience in infrastructure finance in emerging markets having worked on multiple financings and advisory engagements in Africa, South-East Asia, and Eastern Europe. Ms. Nikiforova has been serving on two USTDA-funded engagements led by Delphos International: (i) modernization feasibility study for two electricity distribution companies in Lagos, Nigeria and (ii) technical assistance for Myanmar’s Ministry of Electricity and Energy, aiming to streamline the process of evaluation, selection, and development of independent power projects (IPPs) in Myanmar. On both engagements Ms. Nikiforova is leading the financial and economic portions of the scope. Additionally, Ms. Nikiforova has worked on several financings across multiple industries and geographies, including real estate in Myanmar, fin-tech in Senegal, mining in Azerbaijan, renewable energy in India, and agriculture in Ukraine. Prior to joining Delphos, Ms. Nikiforova served at OPIC’s Office of Political Risk Insurance and US-Russia Business Council. Ms. Nikiforova holds the Chartered Financial Analyst (CFA) charterholder designation from the CFA Institute. Ms. Nikiforova holds an M.A. in International Affairs from the George Washington University and a B.A. in Linguistics from the Linguistic University of Nizhniy Novgorod, Russia. Ms. Nikiforova is a native speaker of Russian.

Varun Hallikeri, Vice President
Mr. Hallikeri joined Delphos International in 2016. He is a trained lawyer and financial consultant focusing on infrastructure finance and public-private partnerships (PPPs), and has experience working in Asia, Africa, Europe, and North America. Prior to joining Delphos International, he worked with RebelGroup, where he advised on financing of toll concessions and transit projects in the United States. He has assisted in the financial closing of approximately $1.3 billion in debt. Mr. Hallikeri also has significant policy experience having advised public agencies in the United States and the World Bank Group on PPPs. Previously, he worked as a management consultant with The Boston Consulting Group in India and legal advisor at Clifford Chance LLP in the United Kingdom. Mr. Hallikeri has a master’s degree from The Fletcher School at Tufts University with a focus on international finance and development. He secured his legal education at National Law School of India University in Bangalore. He is a native of India, and speaks English, Hindi, and Kannada.

Daniel Pugliese, Vice President
Mr. Pugliese joined Delphos International in 2013. He has supported financing efforts in Sub-Saharan Africa and Latin America, representing over $400 million in commitments. Mr. Pugliese has experience in the oil and gas, telecommunications, residential real estate, retail, and education sectors. Prior to joining Delphos International, he spent five years working in the financial services industry with The Vanguard Group, where he specialized in corporate actions accounting. He also worked in the Overseas Private Investment Corporation’s (“OPIC”) Credit Policy Department underwriting project finance loans in the energy and infrastructure sectors. Mr. Pugliese holds an MBA from the George Washington University and a B.S. in Finance and International Business from the Smith School of Business at the University of Maryland.

Patrick Van Grinsven, Vice President
Mr. Van Grinsven joined Delphos International in 2014 following his graduation from Johns Hopkins University School of Advanced International Studies (SAIS). At SAIS he earned an M.A. in International Relations and Economics with specializations in finance and energy. During his graduate studies, Mr. Van Grinsven worked in the Office of International Monetary Policy at the Treasury Department, as well as in equity research for Height Analytics. Prior to attending SAIS, he worked on Capitol Hill as a legislative assistant for Rep. Mike Quigley. Mr. Van Grinsven holds a B.A. in World Politics from Hamilton College.

Michael Roberts, Vice President
Mr. Roberts joined Delphos International in 2014 and has supported financing efforts in the power, oil and gas, residential real estate, retail, and financial services sectors in emerging markets. His most recent works include advising a cinema chain developer in Pakistan on a $9 million loan in support of their growing business and supporting a leading financial services group secure a $250 million loan to help finance their expansion efforts in Sub-Saharan Africa and Latin America. Prior to joining Delphos International and during his graduate studies, Mr. Roberts worked at the Overseas Private Investment Corporation (OPIC) where he reviewed and analyzed loan proposals from small- and medium-sized enterprises (SMEs) developing renewable energy projects in Sub-Saharan Africa, South Asia, and Latin America. In addition, he also served as a research assistant in the offices of the U.S. Trade Representative (USTR). Mr. Roberts holds an MA from the Johns Hopkins University in International Relations and Economics with specializations in finance and American foreign policy.

Alejandra Parra, Associate
Ms. Parra joined Delphos International in 2016. She leverages her analytical, research and financial modelling skills to perform financial, economic, credit and market analysis on a variety of projects. Ms. Parra has worked on multiple financings in Latin America and Sub-Saharan Africa, across several industries such as agribusiness, oil and gas, and hospitality services. Prior to joining Delphos, she worked at Capitol Partners LLC, a private equity firm focused on the healthcare, technology and energy markets. Before this, Ms. Parra worked at the Embassy of Colombia in Washington DC, where she supported the Economic Affairs section. Ms. Parra holds an MBA from the George Washington University with a concentration in Finance and Business Analytics. During her studies, she participated in an agricultural consulting project in Rwanda. Ms. Parra also holds a B.A in Economics from the University of the Andes in Bogota, Colombia. A native of Colombia, she is fluent in Spanish.

Eric Huet, Associate
Mr. Huet joined Delphos International in 2016. Previously, Mr. Huet worked in M&T Bank’s Asset Based Lending group as an Analyst and Field Examiner where he leveraged his financial analysis skills to perform collateral audits and provide structuring recommendations to mitigate lending risks. Mr. Huet holds an MBA from the George Washington University with a concentration in Finance. During his graduate studies, Mr. Huet worked in Duff & Phelps’ Disputes and Investigations division and participated on a consulting project in Argentina to increase a local bank’s lending to small and medium enterprises. He also holds a B.S. in Accounting from Juniata College.

Todd Morath, Senior Advisor
Based in Kuala Lumpur, Mr. Morath advises Delphos International on projects in Asia and sub-Saharan Africa. He has 13 years of experience in project and structured trade finance in emerging markets, and has acted as a principal transactor on many large-scale project financings, feasibility studies and bids in the power, oil & gas, ICT, agribusiness and manufacturing sectors. Mr. Morath provides financial structuring advice and support to clients throughout the project cycle.  This includes creating aggressive but achievable capital and risk allocation structures geared to the project and country risk profile, informally vetting concepts with prospective lenders, and pursuing mandates with optimal lender combinations based on an understanding of their unique policy limitations.  Mr. Morath speaks Czech, Spanish, Russian, and French and holds an MA in International Economics and Russian Area/East European Studies from SAIS (Johns Hopkins University) and a BA with Honors from Brown University.