London 21 December 2016 - The unique emerging markets currency guarantee firm GuarantCo announces management reshuffle which will coincide with an office opening in Singapore.
GuarantCo, which is part of the Private Infrastructure Development Group (PIDG), is making the management changes as Chief Executive Officer Chris Vermont prepares for retirement at the end of the year.
The new management team will be led by Lasitha Perera, Douglas Bennet and Dale Petrie, respectively
Chief Executive Officer, Chief Operating Officer and Head of Finance, who have been an integral part
of GuarantCo’s development to date. "The Board and I are delighted to see Lasitha, Douglas and Dale
step up to lead the business in its next phase of growth. The ability to make such appointments from
existing management provides great continuity, as well as showing the strength in depth that Chris
has built." Stated Andrew Bainbridge, Chairman of GuarantCo.
GuarantCo, which is funded by the governments of Australia, the Netherlands, Sweden, Switzerland
and the UK, was established to help address and overcome constraints in the supply of local financing
for infrastructure projects and to help the development of local financial markets in lower income
Under Chris’s vision and leadership, GuarantCo has grown from a small start-up into a leading
development finance institution focussed on mobilising private sector investment from local capital
markets with an investment capacity of USD 1 billion. Since Chris’s appointment in 2007 GuarantCo
has grown its headcount and revenues five times, and is now supported by offices in Singapore and
Nairobi in addition to the main team in London. Chris has also played a leading role in the
establishment of InfraCredit, Nigeria’s first guarantee company, where he will continue to be a NonExecutive
Having reached viable scale and on a solid growth track, Chris now hands over to an established senior
management team tasked with continuing the delivery of GuarantCo’s ambitious growth strategy and
with a target portfolio of USD 1 billion by the end of 2020.
Lasitha Perera joined GuarantCo in 2009 and is currently Chief Investment Officer with responsibility
for origination activities globally. He replaces Chris as Chief Executive Officer and will be Chairman of
GMC’s Executive Committee.
Douglas (Pug) Bennet joined GuarantCo in 2006 and has responsibility for GuarantCo’s regulatory,
fund-raising and investor relations activities. As Chief Operating Officer he will also assume
responsibility for building a syndication capability for GuarantCo and will be Chairman of GMC’s
Dale Petrie joined GuarantCo in 2014 and as Head of Finance has responsibility for all financial aspects
of company strategy and will be Chairman of GMC’s Finance Committee.
“I am delighted that I leave GuarantCo in such capable hands. GuarantCo has developed a problem
solving and entrepreneurial style which helps projects solve immediate problems, also transforming
markets in the longer term. I would like to thank the team for their dedication and the GuarantCo
Board for their consistent support and advice over the years.” said Chris.
Joost Zuidberg, CEO of GMC’s parent Cardano Development, said “Since the start of our involvement
as the manager of GuarantCo earlier this year, we have been very impressed by the professionalism
and energy of the team. Lasitha, Douglas and Dale are very capable managers and we are very
confident of their ability to drive GuarantCo’s mission forward aggressively. We congratulate Chris on
having created a world class organisation.”
NOTES TO EDITORS:
For biographies, photographs and interviews please contact Maria-Pia on the contact details below.
GuarantCo is part-of the Private Infrastructure Development Group (PIDG), and provides local
currency solutions to local or regional financial institutions and bond investors, to help infrastructure
projects raise debt finance.
Primarily, this is through guarantees denominated in local currency, although GuarantCo can provide
dollar-denominated guarantees in fragile and conflict-affected states and provided the business case
supports such financing
GuarantCo is one-of-a-kind – the only local currency guarantee facility in the world targeting
infrastructure in frontier markets.
GuarantCo is funded by the UK (DFID), Switzerland (SECO), Sweden (Sida), the Netherlands (DGIS
through FMO) and Australia (DFAT).
The Private Infrastructure Development Group (PIDG) encourages and mobilises private investment
in infrastructure in the frontier markets of sub-Saharan Africa, south and south-east Asia, to help
promote economic development and combat poverty. Since 2002, PIDG has supported 133
infrastructure projects to financial close and provided 265 million people with access to new or
improved infrastructure. PIDG is a multilateral organisation, funded by donors from seven countries
(UK, Switzerland, Australia, Norway, Sweden, Netherlands, Germany) and the World Bank Group.
For GuarantCo and Cardano Development
Direct Dial +31 20 530 0978
Mobile +31 6 2117 89 64
Senior Communications Manager
Direct Dial: +44 20 3058 3182
Office: +44 20 3058 3160
Unique Public - Private partnership model combines equity from four European Governments, private sector management, and credit enhancement from Barclays Bank Plc and KfW
In late 2009, GuarantCo joined FMO, Deutsche Bank and Cordiant Capital in a $US65m equivalent facility in rupees for Ackruti City Limited (ACL), to rehabilitate up to 30,000 families currently living in Mumbai slums. GuarantCo’s share was just over 30%.
In September 2010 GuarantCo joined Investec, FMO and the Infrastructure Crisis Facility (ICF) in providing a ZAR 760m facility to a South African Finance Company (SAFCO) (names and other details withheld due to confidentiality reasons).