Delphos brings extensive expertise in raising long-term, competitively-priced capital across 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.
Chair of Investment Committee
Ms. Akinluyi joined Delphos in 2020 as Chair of Investment Committee, supporting the firm’s business development She is an investment professional and CFA charter holder with over 19 years of experience managing sustainable funds and a strong focus on ESG implementation and integration. She is a generalist with extensive multi-country and multi-sector exposure, particularly across emerging and frontier markets. A Nigerian national, Ms. Akinluyi has expertise in commodities and Africa oil and gas research. She started her investment career at CitiGroup Nigeria, and subsequently worked for Stanbic IBTC in portfolio management as well as Orqell International Nigeria, where she was the Head of Research and Business Development. She managed 25% of the total assets at Stanbic IBTC. Ms. Akinluyi obtained a BSc in Economics form 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.
Ms. Antonenko joined Delphos as General Counsel in 2021, providing expert and strategic legal advice to executive and senior management. She is a dual qualified solicitor (England and Wales, and Russia) with over 20 years of extensive corporate and commercial experience. Ms. Antonenko has worked in both private practice and in senior in-house legal roles advising international banks, domestic and international investors, and major developers on private equity investments and disposals, mergers and acquisitions, and structuring and negotiating deals with external stakeholders. Prior to joining Delphos, she gained particular expertise in the hospitality sector, having advised hotel owners/developers, international operators, and sector-focused lenders on a full range of hotel development and operating issues on their projects in EMEA and emerging countries. Ms. Antonenko holds a Diploma with Honours from Volgograd Academy of Public Administration and a Graduate Diploma in Law from BPP Law School (London, UK) in 2012.
Andrew Brown, CFA
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 and manages a global network of senior transaction originators. He has nearly 20 years of experience leading capital market transactions worth more than USD 5B, advising on optimal capital structures and investment feasibility, executing capital markets transactions, and overseeing project teams. 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 USD 140M of assets under management and later serving as Launch CFO for a Tier III data centre. Mr. Brown 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.
President Delphos Impact
Jennifer Cuccaro is the President of Delphos Impact. She is a seasoned executive and international business leader with 25 years of experience in global structured corporate finance and investment management. She has +10 years of experience leading ESG, Sustainability, Impact focused Climate transition strategies and is a sector specialist in Infrastructure, Energy, Technology, and Transportation.
Head of Strategic Partnerships
Mr. Davis joined Delphos in 2020 as the Global Head of Strategic Partnerships, securing engagements with financial firms and national governments around the world. He has spent 25 years in Emerging Markets Investment Banking, starting as a derivatives trader, opening up several domestic bond markets to international investors and leading the acquisition and financing of new businesses in Central Asia and Africa. Prior to joining Delphos, Mr. Davis served in a wide range of roles, products and geographies at Chase/JPM, Deutsche Bank, Merrill Lynch, HSBC, and Renaissance Capital. During a period of three years, he led the acquisition and development financing of several large independent power projects in West Africa, ranging in size from 300-1000 MW and including thermal and renewable assets. Mr. Davis holds a Masters in International Management from the American Graduate School of International Management, an MBA from Arizona State University, and a BA in Economics from the University of Florida.
Tatiana Nikiforova, CFA
Managing Director & Board Member
As Managing Director at Delphos, Ms. Nikiforova oversees and manages the capital raising execution team, providing 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. She has over 10 years of experience in raising capital and providing transaction support for projects, corporates, funds/platforms, and sovereign clients across emerging markets. Ms. Nikiforova has helped raise over USD 250M in commitments for her clients from major bi-lateral and multi-lateral development finance institutions. Prior to joining Delphos, she served at DFC’s Political Risk Insurance department where she assessed political risk of infrastructure and renewable energy projects in emerging economies. Ms. Nikiforova holds an MA in International Affairs from the George Washington University’s Elliot School and is a CFA charter holder.
Head of Blended Finance & CEO of Delphos International – FMA Inc.
Mr. Novak is CEO of Delphos – FMA and Head of Blended Finance since 2021. He leads Delphos’ Financial Services Transaction Advisory consulting services. With over 30 years of experience in development finance/impact investing and investment banking, he possesses particular expertise in investment structuring and risk management. He has executed numerous advisory mandates for impact investment funds, multilateral organizations, governments, and other development organizations. Mr. Novak was IDB Invest’s Chief Risk Officer and 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. He is also a Professor of Practice at McGill University’s Institute for the Study of International Development (ISID), a “think tank” focused on international development matters. Mr. Novak graduated as a Public Accountant and holds a bachelor’s degree in Business Administration from the Catholic University of Argentina.
Amb. Roya Rahmani
Vice Chair for Public Policy
Ambassador Rahmani joins Delphos as Vice Chair of Public Policy and is a senior advisor at the Atlantic Council’s South Asia Center. She also serves as a distinguished fellow at the Georgetown Institute for Women, Peace, and Security, as well as a senior fellow for international security at the New America Foundation.
She is a former diplomat with nearly two decades of experience working with governments, nongovernmental organizations, and multilateral institutions. Amb. Rahmani was the first woman to serve as Afghanistan’s ambassador to the United States, first Afghan woman ambassador to Indonesia, and served as the first director general for regional cooperation at the Afghan Ministry of Foreign Affairs. In 2007, she received the Best Human Rights Activist Award by the Afghanistan Independent Human Rights Commission. In 2017, Indonesia Tatler named her the “People’s Ambassador,” and in 2019, she was featured on Time Magazine’s “100 Next List” as a “fierce advocate of peace on Afghan terms.”
She holds a bachelor’s degree in software engineering from McGill University and a master’s degree in public administration and international law from Columbia University.
Co-Chief Operating Officer & Chief Financial Officer
Mr. Randhawa is the Co-Chief Operating Officer & Chief Financial Officer for Delphos, overseeing the company’s HR, technology, systems, accounting, treasury, and finance operations. He started his career with EDF Trading within the treasury department, working on a funding project to raise USD 1.1B for the Hinkley Point power project. Mr. Randhawa then moved to Trailstone, a spinoff from Deutsche Bank commodities, assisting in the creation of an award winning USD 200M and USD 400M borrow base facilities for the EU and US subsidiaries, respectively. He graduated from University of Kent with a BSc in accounting and finance and is admitted to the Association of Chartered Treasurers (ACT) and the Association of Chartered Certified Accountants (ACCA).
As Managing Director at Delphos, Mr. Roberts oversees and manages the capital raising execution team, providing 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. He has advised private and public clients in support of their capital raising efforts in the renewable energy, natural resources, residential real estate, healthcare and financial services sectors across the global emerging markets. Prior to joining Delphos, Mr. Roberts served as a research assistant with the Office of the U.S. Trade Representative and as a financial analyst with the Overseas Private Investment Corporation, predecessor to the US International Development Finance Corporation. Mr. Roberts holds an MA in International Economics and International Relations from the Johns Hopkins University School of Advanced International Studies.
Chair of the International Advisory Board
Ms. Rodell joined Delphos as Chair of the International Advisory Board as of July 2022. She is an experienced CEO with a demonstrated history of working in the investment management industry. She has also received global recognition as a top four of 100 significant, resilient and impactful asset owner from the Sovereign Wealth Fund Institute.
Previously, Ms. Rodell was the CEO of the Alaska Permanent Fund Corporation, having been selected in October of 2015 by APFC’s Board of Trustees. During her term, the Fund grew by more than 23 percent and won numerous awards in 2017 including ‘North American Private Equity Institutional Limited Partner of the Year’ from Private Equity International and ‘Institutional Investor’s 2017 Sovereign Wealth Fund of the Year for Hedge Fund Investments’.
Ms. Rodell has a Bachelor of Arts degree in Economics and Politics from Marquette University and a Masters degree in Public Administration from the University of Kentucky.
Head of Structured Finance
As the Head of Structured Finance, Mr. Sandhu manages Delphos’ work supporting DFIs and other clients on hedging and asset management-related advisory mandates. Through his 25 year career in finance, he has developed in-depth knowledge of complex equity and fixed-income derivatives strategies. Mr. Sandhu started his career at San Paolo IMI and Banca Intesa, where he was responsible for managing cross-asset trading books. In 2006, he joined the emerging markets trading desk at Morgan Stanley, managing the firm’s emerging markets credit, currency and interest rate correlation products. He subsequently joined GLG Partners, where he focused on managing the firm’s equity and fixed income derivatives risk in emerging markets portfolios. Mr. Sandhu 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 in 2007 and leads the firm’s Energy and Infrastructure Advisory Team. He brings extensive experience in energy financings, having worked on wind, solar, hydro, geothermal, storage, biomass, nuclear, gas, distributed renewables, transmission and distribution transactions. He has led feasibility studies for large-scale power projects with total costs exceeding $20 billion. His clients have included IFC, World Bank, AfDB, USTDA, USAID, U.S. Ex-Im Bank, Globeleq, Meridiam, AES, Rockefeller Foundation, Smart Power Myanmar, BTE Renewables, RMI, PECC2, Applied Solar Technologies, and others. Prior to joining Delphos, he worked at AV Concept Holdings, a publicly traded technology firm in Hong Kong, and at US DFC. Mr. Tarmey holds an MA in International Economic Affairs from the George Washington University and a BA in International Relations from Tufts University.
Mr. Turtelboom is the Chair of the Board of Delphos, leading the company’s strategic vision and decision making. During his career, he has worked on several 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. Mr. Turtelboom 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. He later joined Deutsche Bank’s emerging market group and later Morgan Stanley’s emerging markets group, leading to his appointment as global co-head of emerging markets sales and trading and head of MS’s Emerging Markets Capital Market Group in Europe. Mr. Turtelboom obtained his PhD in Economics at Columbia University and currently serves as a Senior Fellow at the School of Advanced International Studies at Johns Hopkins University.