Key development
Venezuela’s interim government has tapped Centerview Partners to serve as its lead adviser on a sweeping overhaul of the country’s debt, a portfolio officials say tops $150 billion. Several people familiar with the hiring say the selection was made without a formal competitive tender, a choice that has drawn questions from investors and officials over openness and parity in the process.
What the assignment entails
As the government’s adviser, Centerview will be responsible for shaping Venezuela’s overall financial strategy and conducting negotiations with the country’s creditors. The result of those talks - including the size of any writedown of debt - will be central to evaluations of Venezuela’s economic viability and its ability to put strained public finances on a more sustainable footing.
Who was selected
Centerview, a U.S.-based advisory firm that has expanded its sovereign debt practice in recent years by hiring professionals from established players, stands to gain both prestige and substantial advisory fees from the mandate. The firm’s team on the engagement is led by Matthieu Pigasse and includes Charles Albinet and Hamouda Chekir - advisers with long experience in sovereign restructurings who have worked on large nation-level debt negotiations in multiple jurisdictions.
Pigasse has told officials that he has a longstanding relationship with the interim Venezuelan leadership, saying he has known and worked with Delcy Rodriguez for many years.
Questions about how the adviser was chosen
Multiple people with direct knowledge of the process told Reuters that Centerview secured the role without a formal, open competition among major advisory firms. Several leading debt advisers - including names like Lazard, Rothschild and Alvarez & Marsal - were not approached through a formal bid process, according to people familiar with Caracas’s actions. Some sources characterized hiring without a public selection process as unusual.
Representatives for Centerview said the firm was chosen because its team has significant experience on some of the largest sovereign-debt restructurings, that it has no conflicts of interest, and that those qualifications underpinned the government’s decision.
Role of an investor and U.S. ties
Concerns about the selection process have been amplified by questions regarding the role of investor Mauricio Claver-Carone in the appointment. Several people with knowledge of the matter said Claver-Carone played a part in securing Centerview’s hire. Claver-Carone previously served as a Latin America envoy in the first U.S. administration of President Donald Trump and briefly held that post again in the second administration, but he has no current official U.S. government role.
Claver-Carone has said he has been helping the U.S. government implement and execute Venezuela policy since July. He has acknowledged that he vouched for Centerview when Delcy Rodriguez and other U.S. and Venezuelan officials sought his view of the firm, while saying he did not formally endorse it. He questioned how an open bidding process would operate in Venezuela under current conditions, and said the Venezuelan government had engaged with other firms. He added that preference was shown for American firms that can work with and be trusted by the U.S. government.
A Centerview spokesperson said Claver-Carone was not involved in the firm’s pitch and that the firm has no financial or other relationship with him. A U.S. State Department spokesperson characterized Claver-Carone as an expert with regional contacts who routinely consults and shares perceptions with U.S. officials.
Sources and reporting
The account of the hiring and the roles of the various participants is based on interviews with people in government, diplomatic and financial circles who are closely tied to the situation and who discussed the matter on the condition of anonymity because of its sensitivity. Officials from the Venezuelan government did not provide comment in response to requests.
Context on Venezuela’s opening and investor interest
The reported U.S. capture of Maduro on January 3 is presented by participants as a turning point that has opened opportunities for re-engagement with international markets and investors. With the country home to the world’s largest proven oil reserves, the loosening of sanctions and renewed access to U.S.-influenced finance and energy markets are shaping where capital and trade flows might head.
In recent months, an influx of investors and advisers has travelled to Caracas to evaluate commercial opportunities spanning real estate to natural resources. Luxury hotels have seen an uptick in overseas visitors discussing potential transactions. While memorandums of understanding have been signed in some cases, several lawyers and financial advisers noted uncertainty over how many of those early-stage agreements will be converted into binding contracts given questions about the rule of law and elevated asset valuations.
Centerview’s engagement timeline
Sources said Centerview executives met with Venezuelan officials as early as February and made additional visits through May. The firm’s sovereign-debt advisory expertise - including experience on restructurings such as Argentina, the Republic of Congo and Greece - has been emphasized as a key qualification for the mandate.
Pigasse, often described in the press as having left-leaning views and known for a high-profile presence in France, has appeared publicly in recent weeks speaking about media and political topics. Asked about how the firm was selected, Pigasse said of his ties to the interim leadership that he has known Delcy Rodriguez and worked with her for many years.
Rivals and market reactions
Executives at other established advisory firms were either not formally approached or declined to participate in a selection process, according to several sources. Officials at Lazard, Rothschild and Alvarez & Marsal declined to comment when contacted.
Some observers point to Claver-Carone’s new role as managing partner of LARA, the Latin America Real Assets Opportunity Fund, which invests in energy, infrastructure and industrial assets across Latin America and the Caribbean. The appearance of acting with apparent U.S. government blessing - despite Claver-Carone holding no formal U.S. government position - has generated unease among some investors and Venezuelan politicians, according to people familiar with reactions to the appointment.
Additional interactions with Venezuelan officials
Claver-Carone said his business partner, Jessica Bedoya - a former colleague from his time leading a regional development institution - had met with Delcy Rodriguez to discuss U.S. policy relationships and security topics. He also said that with Washington re-establishing diplomatic ties, he expected his involvement to be temporary and that he had no financial interests in Venezuela or in Centerview.
Outlook
Bondholders are reported to expect that Venezuela will proceed at pace and aim for an agreement with creditors by the end of 2027. The terms of any restructuring, the size of write-downs and the speed of negotiations will be critical determinants of the country’s near-term financial trajectory and market confidence.
Implications for markets and sectors
The adviser selection and the process behind it touch core parts of the financial and energy markets. How the negotiation unfolds will influence sovereign-credit assessments, investor appetite for Venezuelan assets, and prospects for oil-sector investment. Infrastructure and real assets investors tracking developments in the country will be watching the pace and perceived transparency of the engagement closely.
Reporting for this piece relied on interviews with officials, investors and advisers involved in or close to the matter.