Caracas Capital has created a fund to take advantage of our deep expertise, extensive trading strength, demonstrated legal experience and knowledge of historical precedent in default situations to put bondholders in the senior, unsubordinated, superior-ranked bonds.

The fund hedges positions to cushion the downturn that results from a probable default while still passing through the large coupon payments.

In addition -- should there be a default -- the fund will represent our bondholders with strength in numbers as a group to try to make sure that our bonds get paid back in full -- with interest and interest on our interest -- as smart investors in the Argentina default situation achieved.

In short, the Venezuela Opportunity Fund is an exchange-traded fund designed to generate returns on investments in Venezuela and PDVSA, before, during and after a possible default. Traded on the Vienna Stock Exchange, the Venezuela Opportunity Fund offers the returns of a hedge fund with the transparency, liquidity and security of an exchange-traded product.

In addition to trading on one of Europe’s oldest exchanges, the Venezuela Opportunity Fund has an ISIN (International Security Identification Number) and trades in Euroclear so that investors hold the Venezuela Opportunity Fund in their own accounts. IA Capital launched the exchange-traded Venezuela Opportunity Fund with a €5 billion filing in 2016.


Russ Dallen is Strategic Advisor to the Venezuela Opportunity Fund.

Russ runs investment bank Caracas Capital Markets, was head of the Latin American operations of Oppenheimer & Co., Inc., and Editor-in-Chief of the 65 year old Daily Journal in Venezuela.



Gustavo Higuerey is the Portfolio Manager of the Venezuela Opportunity Fund.

One of the leading examples of the new generation of great investors coming out of Venezuela, Gustavo has an M.B.A. from Pace University in New York and a B.S. from Boston College.



Jonathan Stephens is a Managing Partner at the Venezuela Opportunity Fund.

Prior to joining VOF, Jonathan was a Portfolio Manager for the $16 billion New York State Insurance Fund (NYSIF), where he successfully ran a domestic large cap equity portfolio for 14 years. In addition to honing his skills as a tactical momentum manager, Jonathan's fund earned a long term positive track record outperforming the adjusted Russell 1000 index.