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!@avnish_g
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]
Max Bode
Junior Partner
Max heads the Washington DC office’s client engagement, fundraising, talent recruitment effort, and provides strategic and technical guidance on Instiglio’s Africa portfolio. Prior to joining, Max was a civil servant and ODI Fellow in Zanzibar’s Ministry of Health, worked with Rwanda’s Ministry of Finance, and investigated the effectiveness of social interventions as a Senior Research Fellow at Harvard’s Center for International Development. Max holds an MPA/ID from the Harvard Kennedy School, a Masters from Barcelona Graduate School of Economics, and a Bachelors from Maastricht University. He 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 was the project manager for 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]
Harry Achillini
Senior Associate
Harry supports Instiglio’s RBF and performance management projects in Africa. Prior to joining Instiglio, he was an ODI Fellow in the Ministry of Finance and Economic Development in Sierra Leone. Harry has also worked for the Asian Development Bank, supporting a multi-year research initiative with Indonesia’s Ministry of Education and Culture. He holds an MSc in Development Economics from the University of London, and a BSc in Economics and History from the University of Bristol. He can be reached at [email protected]
Benjamin Stephens
Senior Associate
Ben supports Instiglio’s RBF and performance management projects globally. He is an economist by training with 5 years' experience in consulting, social enterprises and the not-for-profit sector. His past work has focused on the development challenges faced by Indigenous Australians, with work on policy design and program evaluation in education, labour market programs and public-sector effectiveness. He has also advised on the philanthropic strategies of two of America's largest foundations – the Laura and John Arnold Foundation and the George Kaiser Family Foundation. Ben has an MPP from the Harvard Kennedy School, where he studied as a Knox Fellow, and a Bachelor of Arts and Bachelor of Economics (Hons) from the University of Western Australia. He 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]
Jorge Ramón
Jorge provides technical support to Instiglio's Results-Based Financing projects and Business Development strategies, particularly in Latin America. Prior to joining Instiglio, he worked as a Junior Consultant on public budget and behavioral economics and served as Assistant for Economic Affairs to the Senate of Colombia, where he worked in the design of bills concerning rural development and social security issues. He holds a BA in Economics and a minor in Music from Universidad de los Andes. 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]
Veronika Barinas
Operations Assistant
Veronika provides support with Instiglio's administrative and operative tasks. As Operations Assistant, she is mainly responsible for supporting the organizational strategy by executing administrative tasks and acting as an assistant to Senior managers in administrative endeavors, as well as assisting and providing recommendations on improvements in the workflow in the corporation. Prior to working at Instiglio, Veronika worked at CARDIPRE J&C C.A. in Venezuela as an administrative assistant. She graduated as a senior technician in computer science and is currently finalizing her degree in Digital Marketing and Social Media from AULACIETE, Universidad de Los Andes, Venezuela. You can reach out to her 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:

  • Willy Espinoza
  • Lorena Rodriguez
  • Mariana Sarasti
  • Katherine Quintero
  • Alejandro Rueda
  • Jan Witt
  • Gonzalo San Martin
  • 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.