Project team

Avnish Gungadurdoss
Co-Founder and Managing Partner
Avnish leads and coordinates Instiglio’s global strategy and RBF Practice, and provides technical direction 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 "30 under 30" social entrepreneurs 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 directs our strategy and work in Latin America, managing a range of projects in our porfolio. She also 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. 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]
Milena Castellnou
Milena manages various RBF projects from our global portfolio, where her experience in the area of workforce development is particularly relevant. She also supports 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
Nazly manages our work in Colombia and supports the Service Delivery Unit. She formerly worked at the Ministry of Planning of Colombia as the main advisor of the Social Innovation Policy and the design and implementation of the 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; bringing valuable experience regarding multi-stakeholder engagement in complex multicultural environments. 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
Nicole coordinates our knowledge and training work in RBF. She also provides analytical and technical support in the design of RBF. Previously, 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. Nicole also 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. She can be reached at [email protected]
Harry Achillini
Senior Associate
Harry provides technical support to Instiglio’s RBF and performance management projects, with a focus on our portfolio in Africa. Prior to joining Instiglio, he was an ODI Fellow in the Ministry of Finance and Economic Development in Sierra Leone, leading capacity development in the Planning, Monitoring and Evaluation Department and developing analyses of multidimensional poverty. 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 the Laura and John Arnold Foundation and the George Kaiser Family Foundation. Ben holds 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 technical project work in our global portfolio by conducting qualitative and quantitative data analysis. She also supports our Mapping Our Impact initiative, which seeks to document the impact of our projects over the years. She formerly was a research intern at Cornell University, where she researched determinants of cognitive development in infants. She also was the Director of Revista Supuestos, the student magazine of the Economics Department at Universidad de los Andes. At Revista Supuestos she published articles about determinants of learning and adolescent fertility in Colombia. 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. 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]
Mylene Pacot
Mylene provides technical support to Instiglio’s RBF and performance management projects, with a focus on our portfolio in Africa. Prior to joining Instiglio, she was a Senior Consultant at EY in Australia and then in Colombia, working on social impact measurement, public policy evaluation, and social investment for the public sector and not-for-profit organizations. Mylene also has experience in the international development sector: she contributed to an institutional strengthening project for the Dubai Department of Finance and completed an internship at the Grameen Bank in Bangladesh. She holds a Master’s degree in International Development and a Bachelor’s degree in Political Science from SciencesPo Paris. 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. He also supports Instiglio's RBF Practice and work. Previously, he worked as a research assistant at the School of Government Alberto Lleras Camargo, where he 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 RBF 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]
Jannis Hamida
Jannis is responsible for analyzing quantitative and qualitative data to inform the development and deployment of Instiglio's Results-Based Financing instruments. Before joining Instiglio, he worked in merger regulation at the European Commission and with the United Nations Environment Programme in the run-up to the Paris Climate Conference (COP21). Jannis holds a BA from Sciences Po Paris and will obtain his M.Sc. Economics from the University of Freiburg in April 2018. He can be reached at [email protected]
Hayley Kornblum
Hayley provides technical support to Instiglio’s RBF and performance management projects. Prior to joining Instiglio, she was an ODI Fellow in the Ministry of Health in Zanzibar, working to grow the health financing unit under the Department of Planning, Policy and Research. This included technical and administrative support of the health sector Performance-Based Financing pilot towards improve the quality of health care. She holds an MSc in Specialised Economic Analysis from the Barcelona Graduate School of Economics, a BSocScHons in Economics and a BSocSc in Philosophy, Politics and Economics from the University of Cape Town. She can be reached at [email protected]
Juanita Peñuela
Juanita provides technical support to Instiglio's RBF and Performance Management projects. Previously, she worked as a teacher assistant in the course of Intermediate Microeconomics at Universidad de Los Andes, Juanita also has experience working with the social security system in Colombia. She finished her undergraduate studies in Economics with a minor in Law at Universidad de Los Andes in 2017, she will receive her degree on March 2018. She can be reached at [email protected]
Jorge Zavala
Jorge provides support in the design of performance management projects and RBF in Latin America. Previously, Jorge worked at the Research Center of the University of the Pacific (CIUP) in projects related to the reduction of child labor, institutional philanthropy and economic development in direct collaboration with the Kennedy Harvard University School. He has a BA in Economics from the Universidad del Pacífico in Lima, Peru. He can be reached at [email protected]
Yabra Muvdi
Yabra provides technical support in the development of RBF Practice knowledge and the design of projects with this financing mechanism. Previously, he worked as a research assistant in the Center for Economic Development Studies at Universidad de los Andes he focused on projects related to health and education in Colombia. He advised the development of an impact evaluation for the Enseña por Colombia program. Yabra holds a BA in Economics at Universidad de los Andes. He can be reached at [email protected]


Macauley Kenney
Operations Manager
Macauley manages Instiglio's internal operations and oversees company expansion into new geographic regions. Prior to joining Instiglio, she served as a research fellow at MIT’s D-Lab examining the impact of founding team composition on access to resources for improved companies. Macauley co-founded a freight brokerage business currently operating in Rwanda and has consulted on company operations for early-stage ventures in the U.S. She holds a master’s in Technology and Policy from MIT, a sustainability certificate from the Sloan School of Management, and a bachelor’s in Biomedical Engineering from Worcester Polytechnic Institute. 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 supports administrative and operative tasks. She is responsible for supporting the organizational strategy by executing administrative tasks and assisting senior managers, as well as providing recommendations on improvements in the workflow of the corporation. Formerly, Veronika worked at CARDIPRE J&C C.A. in Venezuela as an administrative assistant. She is a technician in computer science and is currently finalizing her degree in Digital Marketing and Social Media from Universidad de Los Andes, Venezuela. She can be reached at [email protected]

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 worked at Postobón as Sustainability Director, with responsibilities in corporate communications, sustainability and innovation for 4 years. Currently, she is working as an independent consultant in sustainability and communications. She sits on the board of 5 non-profit organizations, including the Museum of Modern Art, World Bicycle Relief, 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 engagement with the private sector around 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 Managing Director and Head of Environmental, Social & Governance (ESG) Investing at Neuberger Berman. He oversees ESG and impact investing strategies across public equities, fixed income and private markets for the firm's $285 billion in assets under management. Previously, he was an Associate Partner in McKinsey & Co.'s New York office where he led the firm's sustainable and impact investing work with development finance institutions, institutional investors and private equity funds. He was the co-founder and global leader of the Focusing Capital on the Long Term initiative which McKinsey established with BlackRock, the Canada Pension Plan Investment Board, Dow and Tata Sons. The initiative, later spun out as an independent non-profit called FCLT Global, works with leading institutional investors and companies to encourage a more long-term and impact oriented approach to business. He has also worked for the Tony Blair Africa Governance Initiative where he was a founding member of the initiative's pilot project in Rwanda. His other professional experience includes time at the World Bank Group in Kenya and at former Vice President Al Gore's sustainable investment fund Generation Investment Management in the United Kingdom. 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.