Delphos brings extensive expertise in raising long-term, competitively-priced capital across the global emerging markets.
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.
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
Chief Executive Officer
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.
Andrew Brown, CFA
Managing 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
Managing Director
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.
Niki Doshi
Managing 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
Director
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.
Michael Roberts
Director
Mr. Roberts joined Delphos International in 2014 and contributes his expertise in support of capital raises and advisory engagements across the global emerging markets. Mr. Roberts has experience in power, financial services, education, retail, and residential real estate sectors. He also has experience working closely with private equity fund managers in support of their fund raising efforts, leverage structuring, and administration. Select financial closings include supporting a leading pan-African consumer and small business lender obtain a $250 million unsecured senior loan to help finance their expansion efforts and advising a cinema chain developer in Pakistan to secure a $9 million senior loan in support of their growing business. Prior to joining Delphos International, Mr. Roberts served as a research assistant in the Office of the U.S. Trade Representative and he worked at OPIC where he helped originate loans for SMEs developing renewable energy projects in Sub-Saharan Africa, South Asia, and Latin America. Mr. Roberts holds an MA in International Relations and Economics from the Johns Hopkins School of Advanced International Studies with specializations in American Foreign Policy and International Finance.
Alejandra Parra
Vice President
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.
Thomas Cumming
Vice President
Mr. Cumming joined Delphos International in 2018. He is a financial services professional with experience in the energy, banking, and transportation sectors in Africa, Latin America, and Asia and brings considerable experience serving projects and companies in the emerging markets. Prior to joining Delphos International, Mr. Cumming worked at Realta Shipbrokers, LTD, a maritime shipping firm based in Rio de Janeiro, Brazil. His experience also includes work in OPIC’s Structured Finance department and Novahill Partners, a boutique investment bank and financial advisory firm. Mr. Cumming holds an MBA from Georgetown University and a BFA from New School University. He is a native speaker of English and is fluent in Portuguese.
Albert Lai
Associate
Mr. Lai joined Delphos International in 2018. He is a financial services professional with expertise in energy, infrastructure, and financial services sectors in Latin America, Southeast Asia, and Sub-Saharan Africa. He leverages his analytical, research, and financial modeling skills to perform financial, economic, credit and market analysis for projects spanning different sectors. He is currently working across multiple sectors such as renewable energy, infrastructure, and financial services in global emerging markets. Prior to joining Delphos International, Mr. Lai worked as a summer investment analyst at the China-Mexico Fund, a $1.2 billion growth fund dedicated to investing in Mexico. The fund, managed by IFC Asset Management Company, makes equity, quasi-equity and mezzanine investments across all sectors. Having worked in Asia, Latin America, and North America, he is fluent in English, Spanish, and Mandarin. Mr. Lai holds an MA in International Economics with specializations in finance and Latin American studies from Johns Hopkins University.
Maxwell Jones
Associate
Mr. Jones joined Delphos International in 2019. He is a financial services professional who uses his analytical, research, and financial modeling skills to serve clients’ capital raising and advisory needs. He is currently working on transactions and engagements across a number of sectors, including renewable energy, financial services, and oil and gas. Prior to joining Delphos, Mr. Jones worked as a research consultant at the World Bank’s Public Private Infrastructure Advisory Facility and Consultative Group to Assist the Poor, focusing on infrastructure PPPs and financial inclusion respectively. Before this, he served as a Peace Corps Volunteer in Namibia. Mr. Jones holds an MA in International Economics with specializations in International Development and International Finance from the Johns Hopkins University School of Advanced International Studies. He also holds a BA with Honors in International Affairs from Lafayette College, where he graduated summa cum laude. He is a native English speaker with advanced proficiency in Portuguese.
Arfi Jayanti
Associate
Ms. Jayanti joined Delphos International in 2020 and contributes her analytical and financial modeling skills to support capital raising and transaction structuring activities. She has extensive experiences in project finance, corporate finance, power, oil and gas, and other infrastructure sectors in Indonesia and Southeast Asia. Prior to joining Delphos International, she worked as an investment manager for Indonesia Infrastructure Finance, a fund established by the government of Indonesia, IFC, ADB, SMBC, and DEG with a mandate to catalyze infrastructure developments in Indonesia through increasing private sectors participations. She holds an MBA degree with concentrations in Corporate Finance, Investment Banking, Asset Management, and Global Business from the University of Virginia Darden School of Business and a B.Eng in Industrial Engineering from Institut Teknologi Bandung. She is fluent in English and Bahasa Indonesia.
Peregrine Beckett
Associate
Mr. Beckett joined Delphos International in 2020. He is a finance professional with specific expertise in the financial services, energy, consulting and shipping industries. Mr. Beckett leverages his analytical, research and financial modelling skills to serve clients’ capital raising and advisory needs across the global emerging markets. Prior to joining Delphos, Mr. Beckett worked as a corporate finance intern for Ecolab, a sustainability conglomerate with a market capitalisation of $56 billion, as well as working on the FP&A team at energy and ship brokerage Poten & Partners. He also has experience working within both asset and wealth management having spent time at Killik & Co and St. James Place Wealth Management respectively. Mr. Beckett holds a BSc in International Economics and Finance from Bocconi University in Milan, where he secured the Bocconi International Award (a 50% scholarship). He is a native English speaker, with advanced proficiency in French, and proficiency in Italian having lived and worked in both respective places.
Nikolaos Tsontzos
Associate
Mr. Tsontzos joined Delphos International in 2020 and contributes his analytical and financial modeling skills to structure solutions for projects in emerging markets. He brings experience in the banking and oil and gas sectors in Europe and has worked in credit risk roles with extensive client-facing responsibilities. Before joining Delphos International, Mr. Tsontzos worked as a summer financial modeler on a mortgage credit program of the Department of Housing and Urban Development. Before this, he worked for Grant Thornton in Greece on a 7 billion € securitization of non-performing loans. Mr. Tsontzos holds an MS in Finance with a focus on financial mathematics from the George Washington University, where he received merit-based awards. He also holds a BS in Accounting and Finance from Athens University of Economics and Business, graduating first in his class with the highest distinction.