A HIGHLY COMMITTED TEAM BY YOUR SIDE

Our employees come from a wide range of different backgrounds and origins. They all share STOA’s values of responsibility and sustainability, agility and open-mindedness, trust and transparency, and risk-taking and humility. Our multicultural approach is a real asset that allows us to adapt to diverse environments.
We are dynamic, committed and passionate.
5

DIVERSE NATIONALITIES

50%

OF WOMEN IN OUR TEAMS

38

AVERAGE AGE

MANAGEMENT TEAM

Bio
Marie-Laure Mazaud
CEO
Bio
Jean-Pierre Barral
Deputy CEO

INVESTMENT TEAM

Bio
André Mounif
Regional Director - Africa
Bio
Mathieu Lebègue
Senior Advisor - Latin America
BIO
Laurent Merlaut
Senior Investment Director
Bio
Mohamed Ben Osmane
Investment Director
BIO
Antoine Durand
Investment Director
Bio
Amine Masnaoui
Investment Manager
Bio
Ayoub Sami
Investment Manager
Bio
Alexis Paskoff
Senior Analyst
BIO
Corentin Sallé
Analyst
Bio
Capucine Leroux
Analyst

ASSET MANAGEMENT

Bio
Pierre Tardiveau
Asset Management Director
Bio
Sara Biglary
Asset Management Officer

SUPPORT TEAM

Bio
Berivan Adlig
Head of Internal Control and Compliance
Bio
Caroline Berthier
Chief Financial Officer
Bio
Laurence Marle
Head of Legal
Virginie Vitiello
Bio
Virginie Vitiello
Head of Environmental & Social
Bio
Theva Molina
Environmental and Social Officer
Bio
Hugo Morel
Legal counsel
Marie-Laure Mazaud

Marie-Laure Mazaud
Deputy CEO

Background: Marie-Laure has extensive experience in corporate finance, mergers and acquisitions, project financing and governance. Previously Executive Director in charge of the transport sector at the CDC, she has also held the posts of Director of International Finance and Credit at the Alcatel-Lucent Group, and Head of Structured Finance at Coface.  She has been a corporate director for ten years, and currently chairs the audit committees of two mid-size companies with a strong international presence.

Mission at STOA: Make STOA a permanent key player in infrastructure development and financing in emerging countries.

Interests / hobbies: Visiting capital cities and discovering new sights by bike.

Her dream: Go ski touring in distant lands!

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JEAN-PIERRE BARRAL
Deputy CEO

Background: Jean-Pierre Barral has extensive experience in public and private infrastructure financing, acquired within the AFD Group, the IFC and the private sector. He opened Proparco's New Delhi office and then headed the infrastructure team at headquarters, specializing in debt financing. He has worked in infrastructure project development, first as Director of Development for Africa at ContourGlobal, then in the IFC's Africa infrastructure team, particularly on InfraVenture projects. He also held various positions at AFD, and was head of the energy and digital department before joining STOA.

He is a graduate of the Ecole Polytechnique, is Chief Engineer of the Ponts, Eaux et Forêts, and holds an MBA from INSEAD.

Missions at STOA: Deputy CEO.

Interests / hobbies: planting trees.

His dreamto do the GR20 with my family.

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André Mounif

ANDRÉ MOUNIF
Regional Director - Eastern Africa

Background: André was Senior Project Manager in PROPARCO's Energy and Infrastructure Department. He began his career in the French Ministry of Transport. Alongside public entities he was involved in launching a large number of major infrastructure projects such as GSM-R projects, and the CDG Express, La GV SEA and HGV Eco-tax projects. André is an engineer who graduated from the Ecole Nationale des Travaux Publics de l’Etat [National State Civil Engineering School].

Missions at STOA:  Origination, assessment and negotiation of investment projects.

Interests / hobbies: Travel, football and golf.

His dream: Speak seven languages.

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MATHIEU LEBÈGUE
Senior Advisor - Latin America

Background: Mathieu started his career in 2008 at Proparco, the French DFI, holding various positions within the institution, including Deputy Head for Brazil & South America between 2014 and 2018 (where he was in charge of infrastructure financing). Mathieu is graduated from Sciences Po Paris (France) with an MsC in Finance.

Missions at STOA:  Mathieu has been acting as Senior Advisor for Latin America since September 2018, based in Sao Paulo, Brazil. Mathieu is in charge of originating and structuring deals across Latin America as well as monitoring STOA’s portfolio across the region.

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LAURENT MERLAUT
Senior Investment Director

BackgroundLaurent has 20 year experience in finance and industry. Prior to joining STOA, he was Senior Investment Officer in the Energy, Digital and Infrastructure department at Proparco, where he was notably responsible for the development of telecom investments. Before, as a Director within the Global Infrastructure team at Natixis, he arranged and advised on various types of telecom and power infrastructure financing. Laurent started his career with Alcatel-Lucent (now Nokia) as Project Manager in the international tendering department, covering Africa. He joined the banking industry as credit officer in charge of telecom, transportation infrastructure and real estate transactions.
Laurent graduated in telecom engineering and completed an MSc in management and finance in HEC Paris, with a CEMS joint degree at Università Bocconi, Milan.

Missions at STOAOrigination, assessment and negotiation of investment projects.

Passion/hobbiestravelling, learning languages, sailing regatta, playing piano.

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Mohammed Ben Osmane

MOHAMED BEN OSMANE
Investment Director

Background: Mohamed holds a dual expertise in finance and infrastructure projects. Prior to joining STOA, he has spent several years at EY, both in the Audit and Transaction Services departments, where he had the opportunity to work on several energy and infrastructure deals in Africa, Middle East and Europe. He also occupied the role of Project Leader in the context of the construction of a 100 MW wind farm in the Sahara Desert as well as Business Development Manager, at Moroccan-based energy developer Nareva Holding.

Missions at STOA: Origination, assessment and negotiation of investment projects.

Interests / hobbies: Photography, guitar and bass.

His dream: Get a photo published in National Geographic.

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Antoine Durand

ANTOINE DURAND
Investment Director

Background: Previously Project Manager in the Structured Finance Department at VINCI Concessions, he has worked on setting up financing for motorway and airport projects worldwide. He has also worked for AFD and at Egis in transport economics and is therefore very familiar with the areas in which STOA works.

Missions at STOA: Analyse the financial, technical and commercial parameters of the project opportunities identified by our teams, in order to summarise and present the most interesting of these to STOA's investment committee.

Passion/hobbies: Geography.

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AMINE MASNAOUI
Investment Manager

Background: Amine joined the investment team as an analyst in 2018, having worked for one and a half years in the energy sector, with a special focus on emerging markets, at the International Finance Corporation (IFC), Globeleq and Akuo Energy. He graduated from the Ecole des Mines de Paris.

Missions at STOA: His work involves the quantitative assessment of STOA's investment opportunities across all countries and target sectors.

Interests / hobbies: A keen football fan, he learned to speak Spanish fluently by reading the local sports press and watching the big games in Di Stéfano's language.

His dream: Cut the ribbon of the first Hyperloop.

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Ayoub Sami

AYOUB SAMI
Investment Manager

Background: Ayoub joined the investment team as an analyst in 2018, having worked in the legal and financial fields (Linklaters LLP, Eversheds CWA Morocco, Ayache Salama, BMCE Bank of Africa Group) in banking and project finance. He graduated from ESSEC Business School and the Paris Bar School and holds a Master's degree in Project & Structured Finance (Paris Nanterre University).

Missions at STOA: Involved in procedures across the board (market, technical, regulatory, financial, tax and operational) and in project development (infrastructure, renewable energy, telecommunications, etc.).

Interests / hobbies: Public speaking, theatre and hypnotherapy.

His dream: Help finance the first deep-sea port on Mars.

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Alexis Paskoff

ALEXIS PASKOFF
Senior Investment Analyst

Background: Alexis joined STOA in May 2020 as a financial analyst in the investment team. He previously worked for three years in the energy sector, including one year within Total Solar developing solar utility power plants. He holds a master’s degree from the Ecole des Mines de Paris.

Mission at STOA: He will assess our investment opportunities regarding financial, technical, legal and commercial matters and will contribute to the monitoring of our assets in portfolio.

Interests / hobbies: He has been running and swimming for many years and he now starts cycling to take up triathlon.

His dream: Be an ironman finisher.

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CORENTIN SALLE
Investment Analyst

BackgroundCorentin joined the investment team as an analyst in March 2021 after an end-of-study internship at STOA. A graduate of ESSEC Business School, he specialised in project finance after experiences in consulting and in the public sector, working at the President’s Cabinet of the Ile-de-France Regional Council.

Missions at STOA: Evaluating investment opportunities with a focus on financial, technical, legal and commercial matters and ensuring the monitoring of our assets in portfolio.

Passion/hobbies: Cognac, politics, and shopping (not at the same time)

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CAPUCINE LEROUX
Investment Analyst

Background: Capucine joined the investment team as an analyst in April 2022, after her end-of-study internship at STOA. Following a dual degree between EDHEC and the London School of Economics, she specialised in project finance in developing countries after working in financial services for a year and a half, focusing on energy and emerging markets. Keen to contribute to a low-carbon economic development, she previously worked at EY, the French IPP Cap Vert Energie and Deutsche Bank London.

Missions at STOA : Analysing investment opportunities from a financial, technical, legal and commercial standpoint; ensuring the follow-up and development of existing portfolio companies and assets.

Passion/hobbies : Hiking, podcasts, and crumpets.

Un rêve : To hike through the French Pyrenees from the Atlantic Ocean to the Mediterranean Sea.

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Pierre Tardiveau

PIERRE TARDIVEAU
Asset Management Director

BackgroundPierre has fifteen years of experience in the field of infrastructure finance, both in project financing & acquisition and in operational management of assets. He started his career at EY, then worked at VINCI group in the structured finance teams in charge of new greenfield and brownfield projects, and as Financial Director of several concessions (Le Mans Stadium, VINCI Stadium, Aerodom), and finally Executive Vice President of Belfast International Airport.

Pierre is a graduate of ESSEC (Grande Ecole program) and INSA Lyon.

Missions at STOA: maximise asset values.

Interests / hobbies: languages, cross-country skiing and windsurfing.

His dream: cross-country skiing on the Transjurassienne!

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SARA BIGLARY
Asset Management Officer

Background: Sara benefits from more than 10 years of experience in financing and monitoring of energy and infrastructure projects, both in industry (Sunedison, Isolux Corsan) and in bank (Société Générale, Rabobank). Her diversified experience has allowed Sara to consolidate a global understanding of project development in emerging countries. Before joining Stoa, Sara was Investment Officer in the Infrastructure team at Proparco during 5 years, with a focus on transportation. She is graduated from the Ecole Centrale Marseille and the ESCP.

Missions at STOA: Sara is in charge of the monitoring of participations, as such she will ensure the good execution and performance of the projects financed by Stoa.

Interests / hobbies: travels, dance, pastry.

Her dream: travel across West Coast of America or Australia in camping car with her family.

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Berivan Adlig

BERIVAN ADLIG
Head of Internal Control and Compliance

Background: Berivan has twelve years of experience in the banking and financing sector with a strong expertise in risks and compliance’s area in three financial institutions. Prior joining STOA, Berivan worked in Caisse des Dépôts as head of compliance (AML and Ethics issues) for the Group during four years and as a legal expert for the Banking and financial department of Caisse des Dépôts during five years.

Missions at STOA: In charge of STOA's internal control and compliance system (prevention and assessment of operational, fraud and compliance risks as ethics, AML-CFT, anti-corruption, GDPR, reputation risk, PCE etc.

Interests / hobbies: about archaeology, every year she takes part in excavations at an Assyrian site in ancient Northern Mesopotamia (Iraqi Kurdistan).

Her dream: Learn Sumerian.

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Caroline Berthier

CAROLINE BERTHIER
Chief Financial Officer

Background: Prior to joining STOA, Caroline worked for five years in the middle office at Ardian. She then joined the Caisse des Dépôts Group as Administrative and Financial Manager of the infrastructure and transport department.

Missions at STOA: Financial Management and Human Resources Management

Interests / hobbies: Tending her herb garden

Her dream: Go round the world with her family

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Laurence Marle

LAURENCE MARLE
Legal Head

Background: Prior to joining STOA, Laurence worked for eleven years as a finance lawyer at Clifford Chance in Paris, then as a company finance lawyer at the Agence Française de Développement.

Missions atSTOA: Laurence oversees all the legal aspects of STOA's operations.

Interests / hobbies: Laurence has three children, loves literature and genre films, and enjoys swimming and other water sports.

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Virginie Vitiello

VIRGINIE VITIELLO
Environment & Social Head

Background: Virginie has twelve years of experience in the field of the environment and sustainable development abroad. She has also acquired valuable experience on the ground, particularly in Africa where she worked for four years. Before joining STOA, Virginie was Senior Consultant at ERM, a leading consultancy firm in the field of environmental and social responsibility.

Missions at STOA: Virginie integrates environmental and social (E & S) aspects into project analysis in order to manage E & S risk and create value over the long term. She sets up procedures and guidelines covering all aspects of the investment process. She helps our partners implement E & S action plans.

Interests / hobbies: Virginie practices Iyengar yoga and plays the piano.

Her dream: Go round the world with her family in a motorhome.

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THEVA MOLINA
Environmental and Social Officer

Background: Prior to joining STOA, Theva was a project manager in the Latin America and Caribbean regional office of Insuco, a consulting firm specialized in social management and sustainable development. Theva has experience in environmental and social (E&S) management systems and in the application of international E&S standards. Throughout her professional experience, she has specialized in gap analysis, compliance, impact assessments and stakeholder engagement plan for infrastructure and transport projects. She spent 15 years abroad, notably in the Latin America and Caribbean region and in the Middle East.

Missions at STOA: IIntegrate environmental and social (E&S) components to ensure quantifiable positive long-term impacts of investment processes. This consideration of E&S aspects at different stages of the projects, notably through E&S gap analysis, compliance with international E&S standards as well as E&S monitoring, allows the formulation of procedures and guidelines that guide partners in the implementation of E&S action plans.

Passion/hobbies: Travel and languages.

Dreams: Flying in a hot air balloon.

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HUGO MOREL
Legal counsel

Background: Hugo has several experiences in the Finance teams of law firms and in the energy/environment project finance team of Bpifrance, where he participated in several financing operations for wind and photovoltaic farms. He graduated in economics/management and law from the University of Paris-Dauphine and holds the Certificate of Aptitude for the Profession of Lawyer.

Missions at STOA:  Hugo is involved in all legal aspects of STOA's operations.

Interests/hobbies: concerts, sport (as a practitioner and fan), travel and gastronomy!

A dream: to fly.

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