Horia D. Manda, Managing Partner. Mr. Manda has over 13 years of extensive experience in equity and debt investments in South-Eastern Europe. He is also the Chief Investment Officer of RAEF and has an impressive track record in managing as chairman of the board a significant number of RAEF’s and BAF’s investments with a special focus on financial sector. Mr. Manda holds a Master in Theoretical Physics of the University of Bucharest, a PhD in Mathematics of the University Paris VII, France as well as an MBA degree from the Romanian-Canadian MBA Program administrated by the University of Quebec, Montreal.

Thomas M. Higgins, Senior Partner. Mr. Higgins leads the Sofia office, has 16 years of experience in investing in and developing Bulgarian companies (equity and debt). He acted as Chief Investment Officer at BAEF, and as Executive Director in charge of corporate lending at the Bulgarian American Credit Bank. Mr. Higgins holds significant leadership positions in the Bulgarian business community. He previously worked with Coopers & Lybrand and Equitable Life in New York. Mr. Higgins has an MBA from the Kellogg School of Management at Northwestern University.

John Klipper, Senior Partner, President and Chief Executive Officer of RAEF.     
Mr. Klipper has been the President and Chief Executive Officer of RAEF in the last 15 years. He was appointed directly by the White House to the Board of RAEF in 1994 as recognition of his relevant experience in private investments and of his very good knowledge of the Romanian business environment. In addition to over 30 years spent in managing US companies, Mr. Klipper has a strong experience in high-level negotiations with Romanian authorities and established good contacts with US investors.

Neculai C. Sandu, Partner. Mr. Sandu has 11 years of experience in private equity. Previously acting as Senior Investment Officer with RAEF, he is primarily responsible for deal flow generation, strategic analysis, valuation and deal structuring. Mr. Sandu was instrumental in closing transactions totalling more than EUR 45 million and is currently sitting on four Boards of investee financial companies. Mr. Sandu previously worked for New Century Holdings in Bucharest. He holds an MBA from the Romanian-Canadian MBA Program.

Cristina Mogoroase, Partner. Mrs. Mogoroase has 11 years of experience in private equity. Responsible for operational and financial restructuring, second round financing and business development in several industries: dimension stone, precision parts, porcelain manufacturing and hospitality. Sitting on four Boards, Mrs. Mogoroase supervised transactions totaling EUR 25 million. She previously worked with Bombardier Inc, Canada as Senior Project Manager   for  Romania and with TAROM. Mrs. Mogoroase holds an MBA from the Canadian MBA Program.

Valentin Tabus, Partner. Mr. Tabus has 9 years of experience in private equity. He is responsible for the entire private equity investment process from deal initiation to closing, funding, monitoring/growth and exit across several industries. Mr. Tabus has been also appointed as non-executive director in various companies in the industrial and services portfolio, where he supervised transactions in excess of EUR 40 million. He previously worked in marketing for Vodafone and in R&D for two software companies. Mr. Tabus holds an MBA from the Canadian MBA Program.

Pavlin Petkov, Associate. Mr. Petkov is Sofia based, has more than 8 years of experience in the investment industry having worked as investment manager with Allianz AG in Germany and Italy, Lehman Brothers in the UK and PricewaterhouseCoopers in Bulgaria. He holds an MBA from the Wharton Business School, the CFA charter and ACCA qualification.

Eugenia Banesaru, Investment Officer. Ms. Banesaru has relevant experience in the financial field, working with reputable multinational companies, both in Romania and US. Ms. Banesaru has an active role in deal generating, monitoring, nurturing and exits and is working with Axxess Capital since 2005. She is Board member of some of the financial services investees. Ms. Banesaru graduated the Academy of Economic Studies in Bucharest and is a MBA alumni of Baldwin Wallace University, US.

Radu Zara, Investment Analyst. Mr. Zara has 7 years of experience in the financial and professional services field. Mr. Zara worked for four years with Deloitte Romania where he was in charge of auditing a large number of local and multinational companies. He also took part in buy-side advisory projects for privatizing/selling important Romanian banks. Mr. Zara is currently involved in identifying new investment targets and actively participates in the financial due diligence of target companies. He is a certified auditor and an ACCA member.

Daniela Iliescu, Senior  Project Manager.  Member  of the  management  team,
Mrs. Iliescu is actively managing the operational restructuring and development of the Funds' micro-lending investment. Mrs. Iliescu has eight years of relevant professional experience in financial services industry; she was employed for seven years with PWC Romania where she was in charge with audit and financial advisory services provided to important clients from banking, leasing, consumer finance and asset management industries. She graduated the Academy of Economic Studies (Bucharest) and is a certified member of ACCA, Romanian Chamber of Auditors and Romanian Organization of Certified Accountants.

Gabriela Assoum, Legal Counselor. Mrs. Assoum graduated the Law School of the Bucharest University, is member of the Bar of Bucharest and member of the Romanian Bar Association. Previously she worked as associate lawyer at Voicu & Filipescu law firm, in association with Squire, Sanders & Dempsey. She has experience in high profile mezzanine and equity transactions with extensive expertise in corporate and commercial law as well as in competition law. Since joining the team she was involved in drafting and negotiating agreements in principle and master financing agreements, straight and convertible loan agreements, assisting in pre-closing and closing phases of the investment and exit transactions.

Daniela Toader, Chief Financial Officer. Mrs. Toader joined the team in 2005. She has responsibilities related to the financial management reporting and accounting of RAEF and BAF and of the institutional investment structure of BAF. Mrs. Toader has extensive experience in financial accounting and management, analysis, budgeting and reporting. Previously she was working as an auditor with PricewaterhouseCoopers and Haarmann Hemmelrath (now Mazard), as Operations Manager of the UNDP Office in Bucharest. Mrs. Toader holds an M.Sc in European Economic Sciences from the Bucharest Academy of Economics.

Gabriela Sendroiu, Investor Relationships Manager. Mrs. Sendroiu joined the team in September 2002 after working in the Prime Minister's advisory team on business environment issues. Previously she served as President & CEO of CA IB Securities, Romanian subsidiary of the financial group Bank Austria Creditanstalt. She has an engineering and financial academic background and a recognized professional experience.