Environmental, Social and Corporate Governance Responsibility (ESG)

Governing Bodies


AINDA’s governing bodies are made up of world-class independent members, that contribute to an in-depth objective analysis and decision making on potential investments, as well as an effective asset management process.

Code of Conduct and Ethics

At AINDA we are committed to maintaining the highest standards of integrity, ethics, social responsibility, and respect for the environment by signing the Code of Conduct and Ethics which was developed together with UNPRI and must be ratified every six months by all directors, officers, and employees.

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The Code’s main components are:

  1. Compliance with applicable legislation

  2. Compliance with fiduciary duty

  3. Consistency with the Principles for Responsible Investment

  4. Evaluation of the social impact of activities carried out.

  5. Promoting sustainability and respect for the environment.

  6. Managing Conflicts of Interest

  7. Careful use of confidential information

  8. Regulating relationships with suppliers and customers

Responsible Investment Policy

At AINDA we are committed to implementing and supporting responsible investment principles and processes aligned with the highest international standards, which is why we have a Responsible Investment Policy developed based on our Materiality Study.

The policy is aligned with international frameworks such as: UNPRI, GRESB, TCFD and SDGs.

The Responsible Investment Policy was approved by our Board of Directors and serves to establish the general guidelines for the incorporation of ESG criteria in the Investment Process, from opportunity generation to exiting investments.

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Net Zero Policy

As part of our Responsible Investment Policy, AINDA is communicating our commitment to Net Zero. The Net Zero Policy is approved by our CEO.

This policy is aligned with Task Force for Financial Disclosures (TCFD).

The objective of this policy is to contribute to a just transition through responsible investments in energy and infrastructure in Latinamerica.

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Diversity, equality and Inclusion Policy

AINDA recognizes that the growth of the company is only possible in a diverse environment that allows for the realization of its potential through talent recognition and development. It also recognizes the importance of fostering a culture of creativity and innovation, which results from the interaction of different experiences and perspectives.

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General Principles

  • We promote a discrimination free workplace.

  • We strive for a respectful work environment where diversity is valued.

  • We respect and promote the right of people’s work-life balance, encouraging a healthy balance between our team’s work, family, and personal lives.

  • We permanently support substantive equality for all individuals.

  • We ensure there is no salary gap by using a third-party market study to serve as a reference point to determine remuneration.

  • We promote diversity, equality, and inclusion at all levels.

  • We promote an inclusive work culture that respects labor participation from vulnerable groups.

  • We recognize dignified employment and access to institutional assets and resources, information, communication, and opportunities on an equitable basis for all staff.

Selection, Contracting and Payment to Suppliers Policy

AINDA has a Selection Contracting and Payment to Suppliers Policy which was approved by its Board of Directors and its compliance is monitored through the Legal and Compliance Department and the Audit Committee.

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The Selection, Contracting and Payment to Suppliers Policy endorses AINDA’s commitment as a firm to carry out the selection, contracting, and payment to suppliers in a transparent and fair way, in compliance with applicable laws, in a professional and ethical manner, and aligned with our philosophy and principles, which are framed in our Code of Conduct and Ethics and consider best ESG practices and processes.

Information Security and Privacy Policy

AINDA has a Information Security and Privacy Policy which was approved by the Board of Directors and its compliance is monitored through the Systems Management Department and the Administration and Finance Department.

The policy keeps AINDA's corporate information secure, allowing the employee to have availability, integrity, and privacy in any technological assets. The policy prevents, identifies, and eliminates threats, in a timely manner, that could compromise AINDA's network.

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Positive Working Environment (PWE) Policy

AINDA is committed to promoting a favorable organizational environment in its workplace through the development and implementation of a policy developed in accordance with applicable legislation and better international standards.

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Initiatives that promote a Positive Working Environment:

  • Promoting a sense of belonging
    • Individual Development Plan
    • Partnership

  • Annual Objectives Planning

  • Weekly Pipeline Meetings

  • Annual Program of Activities to promote PWE

  • Transparency Hotline

  • Performance Evaluation System

Anti-Corruption Policy, Prevention of Money Laundering and Prevention Financing of Terrorism

AINDA has an Anti-Corruption, Prevention of Money Laundering and Prevention of Financing of Terrorism Policy which was approved by the General Directorate and its compliance is monitored through the Finance Directorate, with support from the Legal and Compliance Directorate.

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The Anti-Corruption, Prevention of Money Laundering and Prevention of Terrorist Financing Policy aims to:

  1. Promote prevention, inspection and surveillance in matters of Prevention of Money Laundering.
  2. Establishes institutional commitments against corruption, the execution of acts or operations with resources of illicit origin or with the purpose of causing alarm, fear or terror in the population to threaten national security.
  3. Guarantee compliance with the law in everything related to applicable regulations.

Human Rights Policy

AINDA and the group of companies of which Ainda is the dominant company, are committed to the recognition, respect, implementation, promotion and effective application of Human Rights. We recognize that our actions have a significant impact on the world around us, and we are committed to conducting our operations in an ethical and responsible manner.

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Proxy Voting Policy

By virtue of our responsibility as a company committed to social and environmental responsibility based on sound corporate governance (ESG), we establish this Proxy Voting Policy to guide our decisions and actions in relation to the granting of voting mandates. This policy is based on the current regulations of the Civil Code for Mexico City, specifically articles 2555, 2556 and 2557, and is aligned with international best practices and ESG standards.

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Materiality Assessment

The Materiality Assessment helped to prioritize ESG aspects consistent with the social and economic context of the company and the relationship with its stakeholders. This assessment was conducted by a third party based on GRI, SASB, World Bank, PRI. 

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United Nations Principles for Responsible Investment

The objective of the Principles for Responsible Investment is the long-term sustainability and stability of investments. AINDA is a pioneer in Mexico by being its first signatory back in January 2016, since then, AINDA has promoted and applied the Six Principles.

In 2022 AINDA obtained ratings of 5/5 stars in the Infrastructure module and 4/5 stars in the Investment & Stewardship Policy module

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Six Principles of Responsible Investment:


Incorporate ESG topics into investment analysis and decision-making processes.
The Investment Process described in the Investment Prospectus incorporates the consideration of ESG topics.

As part of the projects’ Due Diligence process, AINDA hires expert advisors to identify ESG risks and opportunities.


Be a driving force in incorporating ESG topics into our ownership practices and policies.
AINDA has a Responsible Investment Policy, a Code of Conduct and Ethics, a Diversity and Inclusion Policy, and a Policy that Enables a Positive Working Environment.


Seek transparent disclosure of ESG issues from the entities that we invest in.
AINDA's investment philosophy is to actively participate in the management of the projects so we always have one or more members on all the boards of directors of the supported companies. Also, we always include the incorporation of ESG best practices as a priority in the agenda (e.g. GRESB assessment at asset level).


Promote acceptance and implementation of the Principles in the investment sector.
The AINDA team constantly participates in forums, committees, and councils with the aim of promoting a responsible investment agenda (e.g. CCFV, CESF, AMEXCAP ESG Committee, other forums, and workshops).


Working together to improve our effectiveness on the implementation of the Principles.
AINDA has submitted its performance to a benchmark evaluation to continue improving its performance, we participate in the annual evaluation of UNPRI, GRESB (fund level and asset level) and ALAS20.


Report our activity and progress on the implementation of the Principles.
Annually, AINDA publishes its Sustainability Report, and reports on its ESG performance quarterly to its governance bodies (Audit Committee, Board of Directors, Investment Committee and Technical Committee).

Global Real Estate and Infrastructure Sustainability Benchmark

Starting in 2020, AINDA participates in the evaluation of Environmental, Social and Corporate Governance practices carried out by GRESB, a world leader in information analysis and generation ofbenchmarksESG for real assets. GRESB has assets under evaluation for $4.5 Tn USD. Since 2021, AINDA has obtained the highest grade assigned in the evaluation carried out at GP level.


In 2021 and 2022, AINDA participated in the Responsible Investment Study conducted by GOVERNART, which seeks to evaluate institutional investors in Brazil, Chile, Colombia, Mexico, Peru, and Spain in the implementation of responsible investment practices. AINDA obtained the following recognitions:

*Documents in spanish only

1st place

Leading Investor in Responsible Investment

1st place

Leading Investor in Corporate Governance

2nd place

Leading Investor in Sustainable Research

2021 and 2022 Winner

Category: ALAS20 Grand Prix Institution of Latin America

2021 and 2022 Winner

Category: ALAS20 2021 and 2022 Grand Prix Institution of Mexico

Active Fund Management

With the objective of identifying and implementing actions that trigger an increase in the profitability of the projects in the long term, AINDA's investment process and strategy includes active participation in the management and governing bodies of the invested assets.

In this regard, at AINDA, we have participated, together with our partners in the projects, in the incorporation of ESG topics that allow for adequate risk management, as well as an increase in positive impact of the projects on the environment and society.

Active Fund Management

With the objective of identifying and implementing actions that trigger an increase in the profitability of the projects in the long term, AINDA's investment process and strategy includes active participation in the management and governing bodies of the invested assets.

In this regard, at AINDA, we have participated, together with our partners in the projects, in the incorporation of ESG topics that allow for adequate risk management, as well as an increase in positive impact of the projects on the environment and society.

Active Management

AINDA constantly seeks to participate in initiatives, with financial or human capital support, that it considers to be aligned with its principles and that produce a positive impact on society or the environment.

Natural History Museum

AINDA joined the Museum of Natural History and Environmental Culture renovation project in Mexico City, with the participation of Manuel Rodriguez Arregui. The project seeks to create a renovated space that includes promoting the following:  

  • Raising awareness and educating citizens and visitors of the intrinsic value of biodiversity and illustrating the consequences of its loss.
  • Communicating the importance of limiting global warming and what we can do as a society to help.

Supporting the Natural History Museum makes companies representatives of the ESG agenda.

ITAM Women

As part of the DEI Policy, AINDA decided to support the cause of ITAM Women for Equality (MIPi) to:

Award academic scholarships to outstanding and talented female students.

Achieve equal participation of women leaders at ITAM.

Offer leadership programs to students so they can acquire and develop skills for a successful career.

Collaboration with Organizations

Infrastructure Advisory Committee

Manuel Rodríguez, AINDA's CEO, was appointed to the Infrastructure Standards Committee at UNPRI for a 2-year term beginning in 2022 (see more).


  • Advise the PRI on goals and objectives, strategy and KPIs.
  • Raise awareness to strengthen the application of the Principles.
  • Participate in sub-committees and working groups.

Infrastructure Advisory Committee

Manuel Rodríguez, AINDA's CEO, was appointed Vice-Chairman of the Infrastructure Standards Committee at GRESB for a 2-year term beginning in 2022 (see more).


  • Support the development of the vision and strategy.
  • Issue recommendations for improvement to GRESB standards.
  • Monitor the activity of expert groups and working groups.

Mexican Council of Sustainable Finance

AINDA is the first CKD to become a member of the Green Finance Advisory Council (CCFV by its Spanish acronym), which aims to promote sustainable finance as a transformational driver for the transition to a greener and more inclusive economy. AINDA leads working group 4 "Sustainable Finance" and is part of group 2 "Public Policy".


  1. Raise awareness in the financial sector on climate risks

  2. Strengthen market practices that allow for industry dialogue

  3. Capacity building among financial system professionals 

  4. Establish a representative voice of the sector to develop an agenda

  5. Implement performance indicators and metrics

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Sustainability Committee

Manuel Rodríguez, AINDA's CEO , was invited to represent the Green Finance Advisory Council (CCFV) in the Sustainable Finance Committee, which is part of the Financial System Stability Council. Its function is to recommend and coordinate policies, actions, or measures to promote financial stability. In addition, the Committee seeks to promote the transition to sustainable financing and the adoption of international best practices that contribute to the stability of the financial system.

Infrastructure and Energy Committee

Manuel Rodriguez, AINDA's CEO, was invited to participate in Amexcap's Infrastructure and Energy Committee. This committee seeks to promote the asset class among institutional investors, regulators, and the general public through the development of documents, webinars, working groups, among others.

Task Force on Climate Related Financial Disclosures (TCFD)

Beginning in 2021, AINDA declared its support for the Task Force on Climate Related Financial Disclosures (TCFD, by its Spanish acronym), joining over 2,000 organizations in demonstrating their commitment to building a more resilient financial system and protecting against climate risk through disclosure.

AINDA, with the recommendations from CCADI and Transforma, developed a roadmap to implement the TCFD recommendations, which allowed them to initiate the analysis of climate change risks and opportunities in all of its assets.

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Global Real Estate and Infrastructure Club

AINDA plays an active role in the GRI Club, a networking platform with over 11,300 C-level executives in more than 100 countries, through continuous participation in events, forums, panels, among others.


Our model allows employees to purchase GP shares and access carried interest and dividends to align incentives and retain long-term talent.

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Professional Development

With the goal of reinforcing the professional development of the team, AINDA carried out an independent diagnosis of leadership skills for each employee carried out by a leading global firm.

Each employee is assigned a mentor whose objective is to support the employee with his or her professional development at the firm.

With the support of the mentor, AINDA employees draw up an individual development plan that contains their professional objectives and growth expectations in the medium and long term.

Each AINDA member is evaluated annually with a 360° methodology, designed internally, and reinforced by a specialized global firm, which serves as the basis for setting variable compensation and promotions. The methodology is based on a weighted system which incorporates: (i) Capital raising and opportunity generation, (ii) Revenue generation (case by case), (iii) Management of invested assets and (iv) Leadership, assigned functions and contributions to the firm. In the latter two, all employees are evaluated on the incorporation of ESG aspects at the project and GP level.

Sustainability Reports

Through the annual publication of the Sustainability Progress Report and in the spirit of adhering to best practices of transparency, AINDA discloses to the public, and particularly to its stakeholders, the initiatives, activities, results, and objectives related to the incorporation of ESG topics in the investment process and in the company’s operations.

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Fernando F. Gómez Mont Urueta

Technical Committee


  • Partner at Zinser, Esponda y Gómez-Mont

Previous Positions

  • Minster of the Interior
  • President of the Justice Commission, Congressional Federal Deputy
  • Member of the National Executive Council and of the Political Commission of the National Action Party (PAN)
  • Founding partner of ADP


  • Law degree from the Escuela Libre de Derecho

Guillermo Guerrero Villalobos

Technical Committee / Investment Committee


  • General Manager of Dirac

Previous Positions

  • Deputy Director of Construcción de Renovación Habitacional
  • General Director of CFE and LyFC
  • General Director of CONAGUA
  • National Civil Engineering Award


  • Civil Engineer from the Instituto Politécnico Nacional

Raúl A. Livas Elizondo

Technical Committee


  • Partner at ST Energía

Previous Positions

  • PEMEX Corporate Planning Director
  • Director of PEMEX Petrochemicals
  • Head of the Energy Policy Unit at SENER
  • Managing Director of MXV Capital Ventures
  • National Economics Award


  • PhD in Economics from MIT
  • Degree in Economics from ITAM

Enrique Barón Crespo

Technical Committee


  • President of the International Yehudi Menuhin Foundation and the European Foundation for the Information Society

Previous Positions

  • President of the European Parliament
  • Spain’s Minister of Transportation, Tourism and Communications
  • Councilor on Madrid’s City Council
  • Orden del Águila Azteca, Venera rank 
  • Doctorate in Law from the Universidad Complutense de Madrid


  • Degree in Business Administration from ICADE and ESSEC

Ginger Evans

Technical Committee


  • CSO of CAG Holdings, a Carlyle Company

Previous Positions

  • CEO of Reach Airports Arlington Virginia
  • Airport Director, Chicago O'Hare
  • Vice President, Parsons Corporation
  • Led the design and construction of the Denver airport
  • Aviation Director, Denver Airport


  • B.S. and M.S. in Civil Engineering, Colorado State University

Louis Ranger

Technical Committee


  • OAG Corporate Director

Previous Positions

  • Canada’s Deputy Minister of Transportation, Infrastructure, and Communities
  • Member of the Board of Canada’s Mortgage and Housing Corporation
  • Excellence in Public Service Award


  • B.A. and M.A. in Economics from the Universities of Ottawa and Montreal

José Antonio
González Anaya

Investment Committee


  • CEO, Izzi - Grupo Televisa

Posiciones anteriores.

  • Secretary of Finance and Public Credit
  • CEO, Petróleos Mexicanos (PEMEX)
  • CEO, Mexican Institute of Social Security (IMSS)
  • Undersecretary of Finance (SHCP)
  • Chief of Staff, Ministry of Finance and Public Credit (SHCP)
  • Head of Coordination with the States, Ministry of Finance and Public Credit (SHCP)
  • Head of Pensions, Insurance and Securities Unit, Ministry of Finance and Public Credit (SHCP)
  • Professor and Senior Research Fellow, Stanford University


  • PhD. in Economics, Harvard University
  • B.S. in Economics and Mechanical Engineering, Massachusetts Institute of Technology (MIT)

Antonio Purón Lozano

Nomination and Compensation Committee


  • Senior Advisor at Bain & Company

Previous Positions

  • Consultant Partner at Egon Zehnder


  • Bachelor Degree in Economics, Anahuac University
  • MBA, Kellogg School of Management

Gloria Hutt Hesse

Technical Committee


  • President of Evópoli

Previous Positions

  • Minister of Transport and Communications of Chile


  • Bachelor Degree in Civil Engineering, Pontifical Catholic University of Chile
  • Financial Administration, Georgetown

Manuel Galicia

Technical Committee


  • Partner at Galicia Abogados


  • Master of Comparative Law and International Law, Southern Methodist University School of Law
  • Bachelor Degree in Law, Universidad Iberoamericana

Manuel Rodríguez Arregui


Manuel Rodríguez Arregui is a partner and General Director of Ainda, Energía & Infraestructura, a leading company in Latin America specializing in the management of private equity funds that invest in infrastructure and energy projects with partners of recognized prestige.

In Fund I ($319 million dollars), that was listed as CKD on the Mexican Stock Exchange, AINDA carried out investments in three strategic toll roads, one oil and gas exploration and production project, three renewable energy projects, as well as two investments that will revolutionize the operation of highways through efficient electronic toll collection, simultaneously allowing better urban mobility and compliance with the legal framework associated with vehicles in Latin America. Currently, AINDA is raising its Fund II with a robust pipeline in transportation projects, renewable energy, water systems, as well as midstream and upstream projects that are necessary in the energy transition.

AINDA has been highlighted as a leader in responsible investment by winning the ALAS20 award as the investor that best adheres to ESG factors in Hispanic America. The recognition of ALAS20 has been consistent with the evaluations received from Principles for Responsible Investment (5/5 stars in the Infrastructure module and 4/5 in the Investment & Stewardship module) and GRESB (97/100, which implies first place in America between the diversified funds of Infrastructure and Energy).

Prior to the founding of AINDA, Manuel was General Director of GBM Infrastructure, a private equity fund ($270 million dollars), where he led the purchase of the Cancun water system and turned it into a national example due to its levels of service and environmental responsibility. Additionally, alongside Goldman Sachs, OPIC and Nadbank, he led the construction of Tres Mesas I and II, two of the largest wind farms in Mexico.

In the public sector, Manuel collaborated in the Federal Government highlighting his appointments as Undersecretary of Transportation and Senior Official of the Ministry of the Interior. Among the most important projects that he directed in the public sector were, Terminal 2 of the Mexico City airport, the Suburban Train, the project to safeguard the General Archive of the Nation, the restructuring and implementation of the Cédula de Identidad project, the creation of the Ministry of the Environment and the transformation of agricultural subsidies to make them consistent with NAFTA.

In the private initiative, he served as Managing Director at Oliver Wyman (Mercer Management Consulting) where he advised the Mexican government on the commercialization of liquefied natural gas in the Pacific region, on the drilling strategy and optimization of the Pemex fleet, the privatization of airports, the modernization and distribution of systems focused on providing support to the population that is in a situation of poverty and the creation of regional water systems.

Manuel graduated from MIT's Department of Economics in 1989, where he was twice awarded the William L. Stewart Jr. Award and earned an MPA from Harvard University in 1993. He has taught Economics and Finance at ITAM and at Universidad Iberoamericana. Manuel is currently vice president of the Board of Trustees of the Natural History Museum and chairs the Capital Mobility Committee of the Mexican Council for Sustainable Finance.

Gabriel Guillermo Zambrano Ibarra

Director Global de Desarrollo Empresarial


– Global Director of Business Development at Grupo Proeza

Previous Positions

– Director of strategy and business development at Metalsa

– Supply Chain Director at Metalsa

– Project development executive at Grupo Proeza


– Bachelor of Science and Engineering at Stanford

– Master in Business Administration at London Business School

Oscar de Buen Richkarday

Executive Co-President

Oscar is a founding partner and Key Officer at AINDA. He is a Civil Engineer from the Universidad Nacional Autónoma de México and holds a Master of Science in Transportation from the Massachusetts Institute of Technology. He held various positions in the Ministry of Infrastructure, Communications and Transportation (SCT, by its Spanish acronym), and eventually became the Undersecretary of Infrastructure. At the SCT, he directed and participated in multiple studies that guided national transportation policy. He contributed to the formation of the Mexican Institute of Transportation and the creation of the institutional capacity to monitor federally concessioned highways. Oscar led the SCT team that designed and implemented the repurchase of 23 toll road concessions and their subsequent public-sector operation. He coordinated the design of toll road concession schemes, service provision projects, and the use of assets to incorporate private participation in Mexico's highway development. Under his leadership, 13 concession projects and 7 service provision projects were completed or are in different stages of execution. Throughout his career, he represented the SCT in international road forums, such as the OECD, World Road Association, and Mexico-United States binational forums.

Oscar has been a technical advisor to the International Finance Corporation (World Bank Group), the Tamaulipas and Guanajuato state governments, Fitch Ratings, and the Ministry of Communications and Transportation. Additionally, he has served as a professor at several Engineering Schools and is an academic member of the Academia Mexicana de Ingeniería. He was also a chair of the World Road Association from 2013-2016. Oscar was also a member of the Board of Governors at the Universidad Nacional Autónoma de México from 2013-2022 and served on the Ethics Council at the Colegio de Ingenieros Civiles de México from 2014 to 2021.

Oscar was distinguished as a Level 1 National Researcher from the National System of Researchers from 1991-94. Additionally, Oscar was a member of the Advisory Committee of the Pan-American Highway Institute, founder and co-chairman of the Mexico - United States Joint Working Committee on Border Transportation, representative of Mexico to the Road Transport Research Program of the Organization for Economic Cooperation and Development (OECD), Honorary Member of the Mexican Association of Road Engineering, A.C., International Medal of Merit from the Spanish Road Association, and President of the Council of Road Directors of Iberia and Iberoamérica.

Gabriel Cerdio Gudiño

Chief Investment Officer

Gabriel is a founding partner of AINDA and was appointed as a Key Officer and serves as Chief Investment Officer. Additionally, he is a member of the Investment and Audit Committees and a Board member at Jaguar Solar Holdings. He holds a Bachelor’s Degree in Economics from ITAM, a Master’s in Business Administration from the University of Chicago Booth School of Business, and several diplomas in energy and finance.

Throughout his career, he has participated in different roles within the public and private sectors. Prior to founding AINDA, he held several executive positions for a decade at General Electric, where he served as Executive Director of GE Oil & Gas and was responsible for leading the commercial strategy of 5 business units and their relationship with Pemex. At GE he helped design integrated solutions for several assets and plants, including: Ayatsil-Tekel, Lakach, Ku-Maloob-Zaap, Abkatún, Tula, Madero, Cadereyta, and Nuevo Pemex. He also developed the growth strategy with the first private clients following the Energy Reform. Gabriel was also Corporate Director of Business Development, where he worked with more than a dozen business units to design long-term growth strategies and commercial coordination of integrated solutions for GE's largest customers. Finally, in his position in Monterrey he was Director of Investments for GE Capital Real Estate, where he led acquisition and developed partnerships with industrial parks throughout the country. Notably, this included the development of Mexico's main aeronautical park in Queretaro, which consistently achieved double-digit dollar returns for the business.

Prior to joining General Electric, he was a Principal at Oliver Wyman (formerly Mercer Management Consulting), an international strategy consulting firm, where he participated in optimizing operational and strategy design projects for public and private companies in the oil, gas, aviation, and logistics sectors, based in Mexico and abroad. He was also an investment banking associate for Chase Manhattan Bank, where he participated in the placement of debt for one of Mexico’s largest conglomerates. He began his professional career at the CNBV, where he was an analyst for both supervising banking and the stock market and he advised to the President’s office during the restructuring of the banking sector after the 1994 financial crisis.

He was a member of the Advisory Board and the Corporate Executive Committee of General Electric Mexico, as well as being on the Executive Committee of GE O&G for Latin America. He is currently a mentor for business accelerator programs, including the Sustainable Minds Network and New Ventures, as well as a member of the Advisory Board of the Mexico Energy Council.

José Pablo Rinkenbach Lizárraga

Executive Director of Asset Management and ESG
(Incorporation from Fund II)

José is a partner at AINDA and a member of the Investment Committee and the Nominations and Compensations Committee. He holds a Bachelor's Degree in Administration and a Diploma in International Strategic Scenarios from the Instituto Tecnológico Autónomo de México (ITAM). He also has an MBA from the University of Rochester and a Master's Degree in Energy Business from the University of Tulsa. José has also taken several international courses on oil business models from the CWC School of Energy.

José worked at Mercer Management Consulting’s energy and operations practice. He became a principal at Mercer and led and participated in several oil, electricity, water, airport, and port projects, where he conducted strategic, financial, economic, operational, and organizational analysis. In 2006, he founded AINDA Consultores, S.A. de C.V., a company specialized in energy business consulting with an E&P focus.

During his career, José has been an advisor to Pemex Exploration and Production, the Ministry of Energy, the CFE, the National Hydrocarbons Commission, and private national and international oil companies. He was one of the experts in charge of managing the analysis of Mexico's energy reform. Under his leadership, the first business model was designed to produce liquefied natural gas in deep waters in Mexico. He led the design of the new E&P contracting strategy for drilling and completion of wells for the Tsimin-Xux and Ayatsil-Tekel projects, as well as identifying and supporting the implementation of PEMEX structural transformation projects. He also developed the business cases for the Shale and Chicontepec Integrated Field Laboratories and participated in the definition of the core aspects for the promotion and development of domestic content in the service industry of the hydrocarbon sector. José contributed to the definition of the new incentivized services contractual models for Pemex Exploration and Production. He also oversaw the development of four regulations for the operation of wells in Mexico. In addition, José has advised several companies in the bidding or purchase of oil and gas fields in Mexico, Colombia, and Brazil.

In the electricity sector, José advised one of the main electricity companies in Latin America on the reference terms for bidding on a supply and regasification of liquefied natural gas contract.

José prepared a financial, operational, and administrative analysis report that resulted in defining strategic actions to turn around the performance of one of the largest water, sewage, and drainage operators in Mexico. He also conducted an analysis for the merger of eight municipal water utilities.

Regarding air transport infrastructure, José analyzed air traffic and operations in Mexico City to identify potential saturation points and analyzed the potential impact of the construction of Mexico City’s new airport.

He was a founding member of the non-profit organization Mexico-Actúa, which was the first action tank in the country focused on analyzing the link between water, energy, and food to improve Mexicans’ standard of living. He was a professor of Corporate Finance at ITAM, as well as the founder and co-coordinator of ITAM's executive energy investment program, and author of specialized articles on energy that have been published in several specialized magazines.

Arturo José Orozco Padilla

CEO of Ennea


-CEO of Ennea


Previous charges

-Mergers and Acquisitions at FEMSA

- Partner at Alfaro, Dávila & Ríos (Lazard)



-Bachelor in Economics from Tecnológico de Monterrey

-MBA at the University of Chicago (Booth)

Juan Carlos Echeverry Garzón

Executive Co-President
(Will join with Fund II)

Juan Carlos is the Executive Co-President of AINDA Energy & Infrastructure. He is a founding partner of EConcept AEI and independent board member of CREDICORP and Seguros SURA. Juan is also known for being one of the most distinguished economists and designers of public policy in Colombia and Latin America. Between 2010 and 2012, he was Colombia’s Minister of Finance and Public Credit, and in 2011 was named the Best Finance Minister of the Americas by four international publications. He served as Director of the National Planning Department and Dean of the Economics School at the Universidad de los Andes. He was President of the Colombian oil company Ecopetrol, and during his mandate the company increased the market capitalization by over 2.5x. Juan held key positions in both the Banco de la Republica and the National Government, where he crafted policy and legislative initiatives that led Colombia's recent investment history. He designed tax reforms, the Fiscal Law, and three constitutional reforms related to money transfers, fiscal sustainability, and the General System of Royalties. His education includes a Ph.D. in Economics from New York University and a Degree in Economics from Universidad de los Andes.

Ángela María Orozco

Chief Officer Colombia

Ángela María Orozco is the director of the Colombia office of Ainda, Energía & Infraestructura. She holds a Ph.D. in Law from the Pontificia Universidad Javeriana, a master's degree in international law and legal studies, as well as a postgraduate degree in economic law. She is a senior advisor at KREAB Colombia, a member of the board of directors of Collective Mining, and a member of the board of Transportadora de Gas Internacional S.A.
Between 1998 and 2000, she served as Minister and Deputy Minister of Foreign Trade of Colombia under President Andres Pastrana. During the last two years of this period, she was the president of Proexport. In this role, she was responsible for implementing the performance evaluation system for the organization, particularly for Colombia's commercial officers overseas. In 2013, she became a partner at Vali Consultores S.A.S, focusing on government issues and political context analysis until 2018.
As the Minister of Transport in Colombia under the presidency of Iván Duque Márquez between 2018 and 2022, she managed to realize a total of 50 Public-Private Partnership (PPP) projects, 29 of which were new. Similarly, between 2018 and 2022, she was able to quadruple the number of electric vehicles registered with RUNT between 2010 and 2018.

Leonardo Rinkenbach Lizárraga

Technical Committee


  • Partner at AINDA Consultants

Previous Positions

  • Consultant Stern Stewart & Co


  • Diploma in Oil Sector Investment Opportunities, CWC School for Energy
  • Bachelor’s Degree in Administration from ITAM

Ricardo Martínez Zambrano

BU Citrus Coordinator


– BU Citrus Coordinator 

Previous Positions

– Supply Chain Director at Citrofrut

– Director of Corporate Development at Grupo Proeza

– Consulting Associate at Booz & Company


– Ingeniero Químico del ITESM

– Master en Business Administration en Yale

Isaac Chavero González

Financial Analyst

Isaac has a degree in Financial Management from the Instituto Tecnológico Autónomo de México.

In 2021, he began his career at CKD IM, a private equity fund that focuses on the infrastructure, energy, and communications sectors, where he participated in the management of a portfolio comprised of five wind farms and three solar farms, totaling a capacity of more than 1.8 GW. Additionally, he supported the investment team during its FibraEMx capital raise and due diligence process.

Isaac also has experience as an investment banking analyst, advising on the capital raising process.

Antonio Moya-Angeler

Compensation Committee 


  • Board Member, Cognitive Experts
  • Board Member, Colegium

Previous Positions

  • Partner and member of the Latam Investment Committee, Advent International


  • MBA, MIT Sloan
  • Bachelor's Degree in Administration from the Universidad Pontifica Comillas and NEOMA Business School

Jorge Ávalos Carpinteyro

Audit Committee


  • CEO and Founder, Fibra Monterrey
  • Founder and shareholder, Shopnet
  • Chairman of the Board, Escala Project Management
  • Board of Directors, AMPIP and AMEFIBRA
  • Member of the Audit Committee, Delta USA Fund I, II, III, IV

Previous Positions

  • Board Member, Invex Grupo Financiero 
  • Regional Director in Monterrey, Banco Invex


  • Graduate Diploma in Business, Harvard
  • Senior Management Diploma, IPADE
  • MBA, University of Dallas
  • Bachelor’s Degree in Accounting, ITAM

José Oliver
Venegas Pineda

Technical Committee / Investment Committee


  • Director of Corporate Finance, Grupo Proeza

Previous Positions

  • Director of Financing, Grupo Proeza
  • Director of Analysis, Verum Ratings
  • Director of Credit Risk, Savings, and Welfare Banking Sector, Grupo Financiero Banorte
  • Associate Director Financial Institutions, Fitch Ratings


  • Master of Business Administration, The University of Texas at Austin - Red McCombs School of Business
  • Master’s Degree in Finance, Instituto Tecnológico y de Estudios Superiores de Monterrey
  • Bachelor's Degree in Economics, Instituto Tecnológico y de Estudios Superiores de Monterrey

Eduardo Barreda Cantú

Board of Directors / Audit Committee


  • CFO of Metalsa, a subsidiary of Grupo Proeza

Previous Positions

  • Principal, A.T. Kearney
  • Engagement leader, London Consulting Group
  • Operations Manager, Corporate Values
  • Manager, UPS
  • Supply Chain Supervisor, Cargill Foods


  • Investment Strategy and Portfolio Management, Wharton School 
  • MBA, London Business School
  • Industrial Engineer, University of Pittsburgh 
  • Industrial and Systems Engineer, ITESM

Juan C. Zambrano Benitez

Comité .....


Louise K. Goeser

Investment Committee


  • Board Member of Talen Energy Corporation, MSC Industrial Direct Co., and Seguros Monterrey NY Life

Previous Positions

  • President and CEO of Siemens Mesoamerica
  • Vice President of Global Quality at Ford Motor Co.
  • Teacher of Business Administration at University of Pittsburgh


  • B.S. in Mathematics from Penn State University
  • Master's degree in business administration from the University of Pittsburgh