Project team

Avnish Gungadurdoss
Co-Founder and Managing Partner
Avnish leads and coordinates Instiglio’s global strategy and RBF Practice, and provides technical direction and support in key projects. He also developed and now steers the Performance Management practice. Avnish formerly worked for MIT's Poverty Action Lab (J-PAL), for the World Bank, and as a consultant to a DFID challenge fund. Gungadurdoss holds a MPA/ID from the Harvard Kennedy School, a diploma in performance management for non-profits from Harvard Business School, and a BA in economics and math from Dartmouth College. He was awarded the Echoing Green Fellowship and was elected as one of the top "30 under 30" social entrepreneurs globally for his work with Instiglio. He can be reached at [email protected]
Listen to Avnish speak about Instiglio's work and his personal journey to it in this podcast!
Siegrid Holler
Junior Partner
Siegrid leads the Service Delivery Unit at Instiglio, which seeks to improve the efficiency and effectiveness of our project work and the value added for our stakeholders. She also manages a range of projects in Instiglio's Latin American and African portfolio. Siegrid formerly worked at the IFC, the World Bank’s investment arm, at the Superintendency of Banking, Insurance and Private Pension Funds in Peru, and as an economic consultant for the World Bank and the Ministry of Education of Peru. She holds an MS in Development Management from the London School of Economics and Political Science. She can be reached at [email protected]
Gonzalo San Martin
Latin American Regional Manager
Gonzalo’s work focuses on leading the development and implementation of Instiglio´s strategy in Latin America. He is responsible for engaging with key stakeholders in the public sector, investor community and civil society, coordinating the Latin America project team and identifying new opportunities in the region. Gonzalo has formerly worked at NESsT as Enterprise Development Director for Latin America, and has experience in the food and chemical industries. He holds an MBA from The University of Edinburgh Management School and a Bachelor’s degree in Engineering/Food Technology from the Universidad Católica de Valparaíso. He is based in Chile and can be reached at [email protected]
Mariana Sarasti
Colombia Country Director
Mariana leads strategy, business development, and market growth in Colombia. She is responsible for managing client relationships with the government and other stakeholders in the country and supports the analytical and technical work of our Results-Based Financing projects in Latin America. Mariana served as Vice Minister of International Trade for the Government of Colombia and worked as an Advisor to the Peace Negotiation Team. Previously, she worked for the National Planning Department, among other entities. She holds an MPA from the Kennedy School of Government and a BA in economics from The University of Chicago. She can be reached at [email protected]
Maria Del Mar Garza
Project Manager
Mar manages a range of RBF and Performance Management projects from our global portfolio. She is engaged in the first Development Impact Bond in India, the design of a Girls Education Impact Bond in Zimbabwe, she is managing Instiglio's project in Maternal and Child Health in Uganda, as well as the design and implementation of a Performance Management system for Hope and Homes in South Africa. She also contributes to the development of Instiglio’s Performance Management practice. Mar brings 7 years of experience in the field of development in Latin America, Asia and Africa. She holds a Masters in Public Policy from the National University of Singapore. She can be reached at [email protected]
Milena Castellnou
Project Manager
Milena is currently managing the workforce development Social Impact Bond in Colombia, after managing the workforce development project in Morocco, and is involved in the work of Instiglio's Service Delivery Unit. Milena formerly worked as a Research Manager at BDRC Continental in London, as a legal advocate at Asylum Access Ecuador and as a Research Associate in the Human Rights Law Centre of the University of Nottingham. She holds an LLM in Public International Law from the University of Nottingham, a Master's degree in Latin American Studies and a BA in Politics & International Relations from Science Po Grenoble, France. She can be reached at [email protected]
Nazly Frias
Project Manager
Nazly manages a range of RBF projects from our global portfolio and also supports Instiglio´s Service Delivery Unit. Having worked with multi-stakeholder engagement, handling business clients and non-corporate partners in complex multicultural environments, Nazly brings a fresh view to Instiglio with the aim of encouraging Governments around the world to develop RBF projects. Nazly formerly worked at the Ministry of Planning of Colombia as the main advisor on the development of the Social Innovation Policy and the design and implementation of the first Public Innovation Unit. Nazly has over seven years of managerial and consultancy experience across diverse governmental and third-sector organizations in Latin America, Europe and Asia. She holds a MSc in Public Policy and Administration from the London School of Economics and Political Science. She can be reached at [email protected]
Nicole Pflock
Senior Associate
Nicole provides analytical and technical support in the design of Results-Based Financing models. Before joining Instiglio she worked with Innovations for Poverty Action (IPA) in Colombia, supporting project development and focusing on a randomized control trial that rigorously tests the impact of introducing flexible features in microfinance loans. Formerly, Nicole worked as a consultant at PricewaterhouseCoopers and Ernst & Young, where she focused on the execution of structured evaluations of the risk management system and trading processes of financial institutions. She holds a Masters in Development Economics from Tor Vergata University and a BA in Business Administration from Baden-Wuerttemberg Cooperative State University. She can be reached at [email protected]
Ana María García
Ana Maria supports project work. She contributes to our work in the workforce development project in Colombia and Morocco, as well as the outcomes clearinghouse development in sub-Saharan Africa. She is also supporting our project in Maternal and Child Health in Uganda. She formerly was a research intern at Cornell University and was the Director of Revista Supuestos, the student magazine of the Economics Department at Universidad de los Andes. She holds a BS in Economics and a BA in Political Science from Universidad de los Andes. She can be reached at [email protected]
Douglas Emeott
Douglas provides technical support and project management as an Associate at Instiglio. Formerly, Douglas was an Analyst at the World Bank, developing and managing Disaster Risk Management projects and Bank lending across Latin America and the Caribbean. Previous experiences also include USAID contractor management in Washington D.C., project management with Habitat for Humanity in Guatemala, and internship work with the US State Department in Guatemala. Douglas holds a Master's Degree in International Relations & International Economics from Johns Hopkins University (SAIS) and is a graduate of the University of Michigan with studies in Economics and Political Science. He can be reached at [email protected]
Sophie Gardiner
Sophie conducts analysis to determine the feasibility and inform the design of our Results-Based Financing instruments. She is currently supporting our project in Maternal and Child Health in Uganda. Prior to joining Instiglio, Sophie carried out research on the use of Results-Based Financing and Impact Bonds worldwide at the Brookings Institution, with a particular focus on applications in the Early Childhood Development and Education sectors. She has also worked on an RCT impact evaluation of the Ultra Poor Graduation pilot in Peru with Innovations for Poverty Action and on Early Childhood Development policy at the Inter-American Development Bank. Sophie holds a BA in International Politics and Economics from Middlebury College. She can be reached at [email protected]
Juan Camilo Villalobos
Juan Camilo's work is focused on Instiglio's Performance Management projects with service providers and foundations, and he also supports our RBF Practice. Previously, Juan Camilo worked as a research assistant at the School of Government Alberto Lleras Camargo, where his experience focused on database management for a project in education. He is currently completing his studies in Government and Public Affairs at the University de los Andes and he holds a BS in Economics from the same university. He can be reached at [email protected]
Alejandro Rueda
Alejandro supports the analytical and technical work of our global Results Based Financing Projects. Alejandro was formerly an economic analyst at Fedesarrollo’s Department on Macroeconomic and Sector Analysis, a junior consultant for the Rural Mission in the National Planning Department (DNP), and a junior financial analyst at Publicaciones Semana. Alejandro holds a BS in Economics from Universidad de los Andes, and is currently finishing an MA in Economics at the same university. He can be contacted at [email protected]
Jan Witt
Jan has joined Instiglio as a fellow to support project work as well as Instiglio's global strategy and operations management. Among other responsibilities, Jan will contribute to the delivery of the workforce development project in Colombia and the development of the outcomes clearinghouse in sub-Saharan Africa. He has formerly worked with an international strategy consulting practice in Switzerland focusing on the financial services industry. Jan holds a MA from the University of St. Gallen in Switzerland and is a CFA Charterholder. He can be reached at [email protected]


Juliana Arbeláez Jiménez
Operations and Legal Manager
Juliana manages Instiglio's internal operations, leading legal affairs and overseeing the talent development, marketing, and fundraising work streams. She supports stakeholder relations across Instiglio’s Latin America portfolio and provides legal expertise to all projects. Juliana lead a research project in partnership with the Thomson Reuters Foundation examining the legal challenges Social Impact Bond implementation in developing countries. Juliana formerly worked at Konfirma and the Medellin Chamber of Commerce. She holds a BA in Law from Eafit University and specializations in Administrative Law and Socioeconomic Projects Evaluation. She can be reached at [email protected]
Andres Thomas
Finance Associate
Andres manages the internal and external finances of Instiglio’s global operations and oversees the financial components of Instiglio’s projects. He provides financial structuring and analysis in projects and works closely with project managers to ensure financial viability across Instiglio’s portfolio. Previously, Andres worked for 5 years in various financial institutions in Colombia, focusing on risk management and analytics. He holds a BA in economics from Los Andes University, and is currently completing his Master's Degree in finance from Externado University. He can be reached at [email protected]
Julia Loraque
Fundraising and Marketing Associate
Julia supports fundraising and marketing strategies, contributing to Instiglio’s voice and outreach. She formerly worked as a consultant, conducting research and analysis on the socioeconomic status, policies, and rights violations of ethnic minorities in Colombia, Peru and Central America. She also advised on the implementation of inclusive social development initiatives for local governments, foundations, and indigenous communities in Costa Rica, Panama, Ecuador and Argentina. She holds a BA in Philosophy and International Relations from Boston University. She can be reached at [email protected]
Ana Maria De La Espriella
HR Analyst
Ana Maria supports the Human Resources department at Instiglio. She coordinates recruiting processes, career development, onboarding for new members, and is in charge of promoting our cultural values. Ana Maria comes with ample experience in recruiting processes for strategic profiles at Polymath Ventures, where she worked as a Team Builder & Recruiter within the talent acquisition team. She holds a BA in Psychology, and a minor in French language and culture, from Los Andes University. She can be reached at [email protected]
Lorena Rodriguez
Operations Assistant
Lorena was born and raised in Bogota, Colombia. She contributes to the strengthening of the business process at Instiglio, by organising and supporting the organization's accounting practices, the management of resources, and the financial and administrative operations. Lorena brings relevant experience as an assistant in accounting processes at LAFAM. She graduated in March 2015 from the Finance and Accounting program at the National Learning Service (SENA) in Bogota. Lorena is currently completing her undergraduate degree in Business Administration at the University of the Andean Area, where she will graduate in December 2017. She can be reached at [email protected]


Instiglio stands on the shoulders of innumerable friends, family members, and colleagues who have made – and continue to make – contributions to our social enterprise that truly humble us. We cannot possibly name them all, but some important persons to whom we extend our gratitude are:

  • Sarah Horton
  • Ram Akers
  • Michael Eddy
  • Maria Camila Saad
  • Veronica Michel
  • Sydney Malawer
  • Johannes Lohmann
  • Jonathan Perry
  • Ignacio Pérez
  • Elina Sarkisova 
  • Mike Belinsky
  • Uttara Gharpure
  • Vanessa Cheng
  • Geraldine de Boisse
  • Amanda Alexander
  • Ana Maria Gea
  • Christine Donnelly
  • Michael George
  • Yashna Gungadurdoss
  • Piyush Jain
  • Suzie Kim
  • Eunice Lim
  • Ada Lin
  • Lina Lorenzoni
  • Hannah Timmis
  • Lina Lozano
  • Kiyomi Beach
  • Katie Naeve
  • Marie Piayai
  • Stephanie Pang
  • David Bullón Patton
  • Madalina Pruna
  • Nikki Sachdeva
  • Sam Gardner
  • Eva Drago 

The Board of Directors

Paula Restrepo
Paula holds a BA in Economics from Vassar College and a MBA from IESE Business School in Barcelona, Spain. Through her more than 20 years’ experience in the private sector she has had experience in finance, strategy and marketing in main corporations in Colombia and Spain. She has also worked in the public sector, first with Mr. Sergio Fajardo, previous Mayor of Medellín, as a personal assistant to the Mayor in cultural and international affairs and then at EPM, where she was the Corporate Responsibility Director for over 5 years. She currently is the Sustainability Director at Postobón, with responsibilities in corporate communications, sustainability and innovation. She sits on the board of 5 non-profit organizations, including the Museum of Modern Art, Comfama, Secretos para Contar and Interactuar. She is a consultant to a number of cultural projects in the country.
Virgilio Barco
Virgilio is the Latin America Director for Acumen. Before joining Acumen, he was the Executive Director of the non-profit Social Investment Bank (Banca de Inversión Social), which has helped lead the development of the impact investing space in Colombia. Prior to that, he was the Founding Director of Invest in Bogota, a public-private partnership that promotes foreign direct investment to the Greater Bogota region. In 2009, Invest in Bogota was ranked as the top non-OECD investment promotion agency in the world by the IFC. Virgilio also headed the privatization unit at the Colombian Ministry of Finance and was an advisor on local economic development for the Bogota Planning Department. He has worked in private equity with FondElec Group, as a management consultant at Booz Allen Hamilton in Brazil and as a financial analyst at Citibank Spain. He holds a B.A. in Government from Harvard College, an M.S. from the MIT Sloan School of Management and an M.A. in Economics from NYU.
Daniel Gonzales
Daniel is Program Officer at the International Migration Initiative (IMI) at Open Society Foundations. He leads IMI’s Latin America portfolio and works on private sector engagement in other regions of the world. He was formerly Program Director at Fundación Avina, where he lead the foundation’s international work and its migration program. He created the migration program in 2010, initially focusing on North and Central America; it now includes South America as well. Daniel was one of the founders of the Central America and Mexico Migration Alliance (CAMMINA), a funder collaborative that has invested over $12 million US in the region since its creation in 2011. Daniel also led Avina’s Business and Technology strategy, combining state-of-the-art technology with high-impact business models. He has 16 years of experience developing public-private partnerships for sustainable development in more than 25 countries. He serves on the board of directors of several organizations, including social enterprises, impact investment funds, and high-tech companies. Daniel was a professor corporate social responsibility at the Universidad de los Andes Business School in Colombia. He holds a Global Executive MBA from Georgetown University and the ESADE Business School in Spain, as well as a degree in Industrial Engineering from the Universidad de los Andes.
Jonathan Bailey
Jonathan is a member of McKinsey & Company’s New York office where he serves banks and pension funds on strategic and risk issues. He co-leads McKinsey’s ‘Focusing Capital on the Long Term’ initiative which works with leading institutional investors and companies to encourage a more long-term and impact oriented approach to business. He is also a leader of McKinsey’s impact investing practice, helping development finance institutions and private equity funds implement innovative impact investing strategies. He has previously worked on private sector development and governance in East Africa for the World Bank and the Tony Blair Africa Governance Initiative. He has also worked for the leading sustainable investment manager Generation IM. Jonathan holds an MBA (with High Distinction) from Harvard Business School, an MPP from the Harvard Kennedy School of Government, and an MA(Oxon) in History from the University of Oxford.
Barbara Lee
Barbara is an economist, advisor, and consultant with over twenty-five years of experience in the area of economic development policy and finance. She served in a variety of managerial and senior advisor positions at the World Bank, working on strategy, business planning, operations, and organizational issues. She authored numerous corporate reports, in areas such as organizational effectiveness, business metrics, impact measures, and the most recent World Bank Group (WBG) Strategy. She has also authored analytic reports for country clients on issues such as privatization, public-private partnerships, investment climate and infrastructure regulation, and has advised and led policy discussions with senior government officials. On behalf of the WBG, Barbara led global initiatives—such as the Working Party on Aid Effectiveness--and contributed to the design and implementation of multi-stakeholder programs at the global and country levels. She also has experience in the public, private, research and academic arenas in Sweden, including as a university lecturer, as a Senior Advisor at the Swedish aid agency (Sida). Barbara has a PhD and MA in Economics from the University of Uppsala (Sweden).

The founding partner, Avnish Gungadurdoss, also serves as a member on the board.