From early stage project identification, evaluation, feasibility analysis and valuation, to bid preparation, project development, financial structuring, and implementation; our creativity and depth of knowledge ensure that our clients receive financially sound and timely solutions for their project financing needs.
Funmi started her investment career at Citigroup Nigeria, and has subsequently worked for Stanbic IBTC in portfolio management as well as Orwell International Nigeria, where she was the Head of Research and Business Development. She managed 25% of the total assets at Stanbic IBTC.
A Nigerian national, Funmi has expertise in commodities and Africa oil and gas research. Prior to joining Silk Invest, she has also worked at Northern Trust & Barings Asset Management as a risk consultant.
Funmi obtained a BSc in Economics from the University of Lagos and an MSc degree in Finance and DIC from Imperial College. She has also completed an Investment Management Programme with London Business School.
Group General Counsel
Ms. Antonenko joined Delphos International in 2021. She is a dual qualified (England and Wales, and Russia) solicitor. Ms Antonenko holds a Diploma with Honours from Volgograd Academy of Public Administration. She obtained a Graduate Diploma in Law from BPP Law School (London, UK) in 2012, and then qualified as a solicitor in England and Wales. She has over 20 years of extensive corporate and commercial experience. Ms. Antonenko worked both in private practice and in senior legal roles in-house covering EMEA and CEE regions. In her career she advised international banks, domestic and international investors and major developers on private equity investments and disposals, mergers and acquisitions by managing structuring and negotiating of the deals with external stakeholders. She has a particular expertise in the hospitality sector, having advised hotel owners/developers, international operators (IHG, Marriott, Wyndham) and sector-focused lenders on a full range of hotel development and operating issues on their projects in EMEA and emerging countries. Ms. Antonenko provides expert and strategic legal advice to executive and senior management of Delphos.
Mr. Brown has served as President of Delphos International since 2021, where he has oversight of the growth and operations of the firm’s global advisory business. He has nearly twenty years of experience in project finance, corporate finance, and private equity in frontier markets.
Mr. Brown has additional responsibilities as Head of Global Origination, including chairing the firm’s client onboarding committee and overseeing a global network of senior transaction originators. Additionally, he originates and leads capital market transactions and has designed and led multiple landmark capital transactions. Mr. Brown has structured and raised financing for private investments in infrastructure, telecommunications, financial services, retail, and other sectors in emerging markets, utilizing development finance institutions in conjunction with commercial sources of funding. He has worked on over two dozen successful financings totaling more than US $5 billion in capital deployments. He also sits on the Board of the Company as a Director.
Mr. Brown has transacted in over 30 frontier markets – including nearly 20 African countries – with market leaders in the agribusiness, telecom, financial services, and infrastructure space. He has extensive experience advising on optimal capital structures and investment feasibility, executing capital markets transactions, and overseeing project teams. His clients have included leading corporates, international sponsors, private equity funds, governments, and government-backed lenders (e.g. DFIs).
From 2014-2016, Mr. Brown was seconded to two clients in East Africa – first serving as Acting CFO of a telecom private equity fund manager with US $140 million of assets under management and later serving as Launch CFO for a Tier III data centre.
In addition, Mr. Brown is a frequent speaker on financial structuring and capital raising at conferences globally. He sits on the Alumni Advisory Board at Ohio State University’s Fisher College of Business. He holds a Series 7 and Series 82 License from FINRA, a MA in International Trade and Investment Policy from George Washington University, a BSBA magna cum laude from Ohio State University, and is a CFA Charterholder.
Head of Strategic Partnerships
Wesley has spent 25 years in Emerging Markets Finance spanning a wide range of roles, products and geographies at Chase/JPM, Deutsche Bank, Merrill Lynch, HSBC, and Renaissance Capital. While he started as a derivatives trader, he ultimately opened up several domestic bond markets to international investors and led the acquisition and financing of new businesses in Central Asia and Africa. For the past three years, Wesley has been leading the acquisition and development financing of several large independent power projects in West Africa. Projects range from 300-1000+mw in size, and include thermal and renewable assets.
Wesley has acted as Chairman of Advisory Boards and a member of The Board of Directors for several companies in Emerging Markets. He completed the Financial Times Non-Executive Directors Advanced Diploma course in autumn 2015.
Wesley holds a Masters in International Management from the American Graduate School of International Management (Thunderbird), an MBA from Arizona State University, and a BA in Economics from the University of Florida.
Founder and Special Advisor
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
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 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.
Co-Head of Technology
Arun is the co-lead of technology at Delphos International. He has extensive Venture Capital experience across two funds that he founded and deployed in 20 portfolio firms. He sits on the board of several of his investee firms. He is a managing trustee at Aram Foundation, an NGO in India focused on water conservation. Previous to becoming a VC investor, Arun spent most of his career in Barclays and PwC within data and technology.
Arun holds a Masters in finance degree from the London School of Economics and a postgraduate diploma in global business from the Said Business School, University of Oxford.
Co-Head of Execution
Tatiana is a development finance professional with over 10 years of experience in raising capital and providing transaction support for projects, corporates, funds/platforms, and sovereign clients across emerging markets. She brings extensive expertise in performing financial, economic and credit analysis for transactions across industries (financial services, fintech, sustainable tourism, real estate, agriculture, natural resources, education, logistics, power generation and distribution) and regions (Africa, Latin America, Eastern Europe, Central Asia and South-East Asia). During her career, she has helped raise over $250 mm in commitments for her clients from major bi-lateral and multi-lateral development finance institutions. She has also co-managed Delphos-led teams of multidisciplinary experts (engineering, environmental, legal) performing power sector feasibility studies and technical assistance projects for sovereign and corporate clients in Nigeria and Myanmar. As a Co-Head of Execution at Delphos, she leverages her experience with a variety of financial instruments, sectors, and geographies to oversee and manage the firm’s global capital raising transaction execution team. Tatiana provides support and guidance to transaction teams at each stage of the transaction lifecycle from onboarding and initial market soundings to disbursement of funds, to ensure timely and efficient execution. Prior to joining Delphos, Tatiana served at DFC’s Political Risk Insurance department where she assessed political risk of infrastructure and renewable energy projects in emerging economies. Tatiana holds an M.A. in International Affairs from the George Washington University’s Elliott School and is a CFA charter holder.
Head of Blended Finance & CEO of Delphos International – FMA Inc.
Christian Novak possesses 30 years of experience in development financing/impact investing and investment banking. With particular expertise in investment structuring and risk management, he has executed numerous advisory mandates for development finance institutions, governments, private impact investors, and other organizations involved in international development. Christian was IDB Invest’s Chief Risk Officer and he served numerous positions in the emerging markets while working for investments banks, including in the capital markets and risk management departments of Morgan Stanley, ING Barings and J.P. Morgan. Christian is also a Professor of Practice at McGill University’s Institute for the Study of International Development (ISID), a “think tank” in international development matters, where he focuses on development finance, particularly on the effective use of public and private capital to help achieve the 2030 Agenda for Sustainable Development. Christian graduated as a Public Accountant and holds a bachelor’s degree in Business Administration from the Catholic University of Argentina.
Co-Chief Operating Officer & Chief Financial Officer
Inderjit started his career with EDF Trading within the treasury department and worked on funding project to raise $1.1bn for the Hinkley Point power project. A short while after Inderjit moved to Trailstone, a spinoff from Deutsche Bank commodities, assisting in the creation of an award winning $200m and $400m borrow base facilities for the EU and US subsidiaries respectively. In 2018 Inderjit joined the APQ team and is looking after its accounting, treasury and finance operations. Inderjit graduated from University of Kent with a BSc (Honors) in accounting and finance and is admitted to the Association of Chartered Treasurers (ACT) and the Association of Chartered Certified Accountants (ACCA).
Co-Head of Execution
Mr. Roberts joined Delphos International in 2014 and has advised private and public clients on renewable energy, natural gas, mining and metals, residential real estate, retail, and investment vehicle and financial institution transactions. Select financial closings include assisting a permanent investment vehicle on a $25 million hybrid equity instrument to secure technology metals and minerals assets globally, advising a cinema chain developer in Pakistan on a $9 million senior loan in support of their growing business, and supporting a South African SME and consumer lending group on a $250 million unsecured senior loan to help finance their expansionary efforts across Sub-Saharan Africa. Mr. Roberts holds an MA from the Johns Hopkins School of Advanced International Studies in International Economics with specializations in American Foreign Policy and International Finance.
Head of Structured Finance
Tal started his career in finance at SanPaolo IMI in 1997. Based on an exceptional quantitative skill set, he quickly developed in-depth knowledge of complex equity and fixed-income derivatives strategies in European markets. During his time at San Paolo IMI and subsequently at Banca Intesa, he was responsible for managing complex cross-asset class correlation trading books.
In February 2006, Tal joined the emerging markets trading desk at Morgan Stanley with responsibility for managing the firm’s complex products risk in emerging markets credit, currency and interest rate products. He subsequently left with other core members of the team to GLG Partners where he focused on managing the firm’s equity and fixed income derivatives risk in emerging markets portfolios. Tal obtained a BSc in Economics and Business Finance from Brunel University and an MSc in Economics and Finance from the University of Warwick.
Head of Transaction Advisory
Mr. Tarmey joined Delphos International in 2007 and leads the firm’s Hong Kong office. 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 large-scale energy sector feasibility studies with combined project costs exceeding $20 billion. In addition to his experience in the energy sector, he has advised clients in the manufacturing, telecom, agribusiness, retail and hospitality sectors in Asia, Latin America, 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.
Co-Head of Technology
John focuses on opportunities for investing in Digital Assets and Distributed Ledger Technology.
John is an independent consultant specialising in cryptocurrency, blockchain and distributed ledger technology. He recently graduated from the inaugural Oxford Blockchain Strategy Programme, at the Said Business School, University of Oxford.
Prior to his interest in blockchain, John had a career spanning more than 15 years with the HSBC Group, where he gained significant expertise in traded markets and financial structuring, with a focus on emerging markets. Amongst the senior roles he held at the bank, John was Head of Emerging Markets Structuring for Europe Middle East and Africa, where he played a lead role in developing and executing structured products in a range of jurisdictions including Kazakhstan, Ukraine, Russia, Turkey and Nigeria. Latterly, John was a senior member of the team that built HSBC’s energy commodity derivative trading desk.
John holds an Economics degree from The University of Sydney, Australia and he further graduated with a diploma in Applied Finance and Investment from The Securities Institute of Australia.
Bart is the Chairman of Delphos International Limited. He started his career at the International Monetary Fund where he published extensively on international monetary policy, including ground-breaking research on interest rate liberalization in Africa and the interaction between tax collection and monetary policy in Brazil.
Bart joined Deutsche Bank’s emerging market group in January 1998 where he worked on benchmark transactions in Argentina, the Philippines and Russia. Bart joined Morgan Stanley’s emerging markets group in 2004, leading to his appointment as global co-head of emerging markets sales and trading in 2006 and head of Morgan Stanley’s Emerging Markets Capital Market Group in Europe. Leading a team of one hundred professionals based in Asia, Latin America and Europe, he built the group into one of Wall Street’s pre-eminent proprietary emerging markets trading groups.
On 15 September 2008, Bart and a core team of Morgan Stanley professionals joined GLG Partners to lead its emerging markets practice. In early 2013, Bart co-led GLG’s team move to APQ Partners, a London-based emerging markets asset manager where he served as Managing Partner and Chief Investment Officer. Bart currently serves as CEO of APQ Global Limited whish is listed on the LSE AIM market and The International Stock Exchange.
During his career, Bart has worked on ground-breaking transactions in emerging markets, including the first transaction involving Russian Paris-Club debt, the issuance of the largest Eurobond denominated in Mexican Peso, ground-breaking currency hedging transactions in Turkey and multi-billion USD lending facilities in the CIS.
Bart obtained his PhD in Economics at Columbia University. He has obtained various academic awards including fellowships from The Brookings Institution and the Belgian National Science Foundation. He currently serves as a Senior Fellow at the School of Advanced International Studies at Johns Hopkins University.