Michael Belinsky

Co-Founder and Partner

Michael has worked in economic consulting, corporate strategy and social enterprise. His project experience includes pricing strategy, valuation analysis, and product expansion strategy. At Advanced Analytical, Michael was part of a team of economists that advised Oracle’s legal team in the largest patent infringement case in history. Michael was also part of the Harvard team that advised the Massachusetts government on one of the first U.S. social impact bonds. He holds an AB in economics and government from Dartmouth College, and an MPP from Harvard Kennedy School, where he was managing editor of Harvard Kennedy Review. Michael has been awarded the Echoing Green fellowship for his work at Instiglio. He can be reached at [email protected]

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Michael Eddy

Co-Founder and Partner

Michael consulted with the World Bank and UNDP and worked with the Royal Kingdom of Bhutan to design and scale-up a targeted community driven development program. He has also worked in the private sector, helping Colombian banks to reach unbanked populations profitably and at scale. Prior to being a Dubin Leadership Fellow at the Harvard Kennedy School, Michael designed, implemented and analyzed rigorous impact evaluations in India and Chile with MIT’s Poverty Action Lab. Michael holds a BA in economics from Tufts University and an MPA/ID from Harvard Kennedy School. Michael has been awarded the Mulago Foundation Rainer Arnhold fellowship for his work at Instiglio. He can be reached at [email protected]


Avnish Gungadurdoss

Co-Founder and Managing Partner

Avnish is from Mauritius. He has advised a large DFID challenge fund of Bangladesh on the monitoring and evaluation of a portfolio of 18 innovative NGO projects using cutting-edge technology. Prior to that, Avnish has led the implementation, monitoring and rigorous evaluation of an information campaign in 500 villages of Rajasthan, India for the MIT Poverty Action Lab. Avnish has also consulted with the World Bank on the implementation of a large social protection program in Bangladesh. Avnish holds an MPA/ID from Harvard Kennedy School and an AB in economics and applied mathematics from Dartmouth. Avnish has been awarded the Echoing Green fellowship for his work at Instiglio. He can be reached at [email protected]

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Siegrid Holler

Country Coordinator

Siegrid has worked as an economic consultant at the IFC, the World Bank’s investment arm on projects to improve local government effectiveness for managing revenues and of getting civil society organizations to undertake a systematic monitoring of municipal revenues and investments. Before the IFC, she worked as Economic Research Analyst at the Superintendency of Banking, Insurance and Private Pension Funds in Peru, and as an economic consultant for the World Bank Program “Education in Rural Areas” in the Ministry of Education of Peru. Siegrid holds an MSc in Development Management from the London School of Economics and Political Science. She can be reached at [email protected]

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Juliana Arbeláez Jiménez

Public Relations Coordinator

Native of Medellín, Colombia, Juliana is an attorney at law who brings local experience in the private and social sector. She has held roles in innovation, development and process improvement in the private sector and has offered advisory services to several nonprofit start-ups. She has coordinated the public contracting process between NGOs and regional and state-level government agencies to implement social and development projects addressing youth-at-risk. Juliana has also worked on key regulatory reforms in administrative law in the Medellín Chamber of Commerce. Juliana holds an LLB from Universidad EAFIT. Juliana is a Socioeconomical Projects 2013 candidate and holds an LLB from Universidad Externado. She can be reached at [email protected]

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Johannes Lohmann

Chief Financial Officer

Johannes has experience in corporate and project finance and most recently worked on emerging market investments in the private sector at IFC, the World Bank’s investment arm. As such, Johannes was involved in major equity and debt investments in companies in developing countries with the dual aims of generating a sustainable development impact and guaranteeing financial returns for IFC and its co-investors. Before joining the IFC, Johannes worked in the investment banking division of Deutsche Bank in New York, helping global corporate clients raise financing and arrange large mergers and acquisitions. Johannes holds an AB, magna cum laude, in economics and mathematics from Dartmouth College. Johannes is fluent in English, German, Spanish, and French, and conversant in Turkish. He can be reached at [email protected]


Sydney Malawer

Marketing Coordinator

Sydney brings to Instiglio her experience in designing highly effective marketing approaches for for-profit and non-profit social enterprises. Before joining Instiglio she had managed storytelling and communications for the Unreasonable Institute, run marketing, PR, and customer relations for GoldieBlox, and consulted on communications strategy for health-focused startups in the US through Marked Point. She previously lived and worked in Medellin on educational initiatives at the intersection of government, non-profit, and for-profit partnerships, improving educational environments design with Ashoka-backed Fundación CINDE and bringing quality English education to under-resourced towns in Antioquia through a partnership between Universidad EAFIT and the government of Antioquia. Sydney has a BS from Cornell University in Design and Environmental Analysis. She can be reached at [email protected]


Jonathan Perry


Jonathan is an Associate at Instiglio. Prior to Instiglio, Jonathan worked in the World Bank’s Latin America and Caribbean Office of the Vice President, where he contributed to the developmental and corporate strategy and planning for the region, coordinating regional initiatives throughout country and sector units, and represented the World Bank in the Washington D.C. and Latin America policy community. Previously, Jonathan worked for the education company Zoom: Education For Life out of São Paulo, Brazil, establishing the frameworks of an early childhood development strategy in urban slums, and the Center for Sustainability Studies at the Fundação Getulio Vargas, also in São Paulo. He holds a BA in Anthropology from Tufts University and a Masters in Law and Diplomacy from the Fletcher School at Tufts University. He can be reached at [email protected]


Ignacio Perez


Ignacio is an Associate at Instiglio, where he is evaluating opportunities for social impact bonds in Chile. Ignacio is Sociologist from the Pontificia Universidad Católica de Chile with a diploma in Advanced Data Analysis from the same institution. Before joining Instiglio’s team, Ignacio has led the Center of Social Research of TECHO guiding research projects on several countries in Latin America. He has been professor and researcher on Social and Urban Development issues at the Universidad Católica, Universidad de Chile and Universidad Alberto Hurtado. He 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: Amanda Alexander, Kiyomi Beach, Sam Gardner, Ana Maria Gea, Michael George, Yashna Gungadurdoss, Piyush Jain, Suzie Kim, Eunice LimAda Lin, Lina Lorenzoni, Lina Lozano, Catalina Mejia, Katie Naeve, Stephanie Pang, David Bullón Patton, Madalina Pruna, and Nikki Sachdeva.


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