Venezuela’s interim government has selected U.S. financial firm Centerview Partners to guide the country’s massive debt restructuring effort without conducting a formal competitive bidding process, according to eight individuals familiar with the selection.
The oil-rich nation is working to overhaul more than $150 billion in debt obligations. When interim President Delcy Rodriguez’s administration announced this initiative, officials promised transparency that would distinguish their approach from past governments.
However, the selection of Centerview Partners as financial adviser has sparked concerns about fairness and openness among investors and government officials. The firm, which has grown in recent years by recruiting talent from established companies like Lazard, stands to earn tens of millions in advisory fees from this prestigious assignment.
Centerview will develop Venezuela’s financial strategy and lead negotiations on debt that the country stopped paying under former President Nicolas Maduro in 2017. The restructuring involves billions of dollars in obligations expected to be reduced, with the final amount determining the nation’s financial stability and economic recovery prospects.
Questions have emerged about investor Mauricio Claver-Carone’s involvement in securing Centerview’s appointment, according to seven sources. Claver-Carone served as a Latin America envoy during portions of President Donald Trump’s first and second terms but currently holds no official government position.
When asked about the absence of a competitive selection process, Claver-Carone told Reuters: “How does an open process work in Venezuela? What else right now has an open bidding?” He added that the Venezuelan government had discussions with other firms. “We want American firms that can work with the U.S. government, that have worked with the U.S. government, that can be trusted.”
Claver-Carone confirmed he has been assisting the U.S. government with Venezuela policy implementation since July. He said he provided his opinion about Centerview when Rodriguez and other officials sought his views, though he did not formally endorse the company.
A Centerview spokesperson stated: “Centerview was hired by Venezuela because our team is the world leader, with unique experience working on the largest sovereign-debt restructurings and no conflicts of interest.” The spokesperson emphasized that Claver-Carone “was not involved in our pitch for the business and we don’t have any financial or other relationship” with him.
Venezuelan government officials did not respond to requests for comment.
A State Department spokesperson described Claver-Carone as an expert with regional connections who “as a good U.S. citizen, routinely consults and shares his perceptions with U.S. officials.”
The U.S. capture of Maduro on January 3 created opportunities to reopen the Latin American nation, which possesses the world’s largest proven oil reserves, following years of severe sanctions and economic decline.
Washington’s licensing authority and influence in global financial and energy markets provide significant control over Venezuela’s economy, affecting investment decisions and trade relationships. Numerous investors and advisers have traveled to Caracas seeking business opportunities.
The capital’s luxury hotels are filled with investors exploring deals involving real estate, furniture, and rare earth minerals. While preliminary agreements are being signed, legal uncertainty and high asset valuations make it unclear how many will become final contracts, according to four lawyers and financial advisers.
Centerview representatives met with Venezuelan officials as early as February and made multiple trips through May, three sources reported.
Veteran banker Matthieu Pigasse leads Centerview’s team, which includes Charles Albinet and Hamouda Chekir. The group brings extensive sovereign debt restructuring experience, having advised countries from Argentina to Congo Republic to Greece, which involved the largest sovereign debt restructuring in history.
Pigasse, 58, is a prominent French banker often described as “left-leaning” in media coverage. His clients have included major corporations L’Oreal and Kering. The self-described punk music enthusiast owns media holding Combat in France and maintains ownership in newspaper Le Monde.
Recently, Pigasse has made media appearances opposing what he characterizes as expanding right-leaning media influence in France.
Regarding Centerview’s selection, Pigasse told Reuters: “I have known Delcy Rodriguez and worked with her for the past 15 years.”
Pigasse began his career at Lazard, where he worked alongside Chekir and Albinet advising governments. However, major debt advisory firms including Lazard, Rothschild and Alvarez & Marsal were not formally invited to compete for the Venezuela assignment, according to four sources.
Selecting an adviser without a formal competitive process is uncommon, three sources noted. Officials from Lazard, Rothschild and Alvarez & Marsal declined to provide comments.
Some observers point to Claver-Carone’s influence in the selection. He currently serves as managing partner of LARA, the Latin America Real Assets Opportunity Fund, which invests in energy, infrastructure and industrial projects throughout Latin America and the Caribbean.
His apparent government backing despite lacking formal authority has created concerns among investors and Venezuelan political figures, sources said.
Claver-Carone explained that his business partner, Jessica Bedoya, a former colleague from his time leading the Inter-American Development Bank, met with Rodriguez regarding U.S. policy relationships and security matters.
With diplomatic relations being reestablished, Claver-Carone said he expects his informal role to conclude soon. He confirmed having no financial interests in Venezuela or Centerview.
Bondholders anticipate Venezuela will maintain momentum and reach a creditor agreement by the end of 2027.
