Venezuela’s debt adviser appointment raises transparency concerns
The interim government’s choice of a non-US firm, recommended by a former envoy, has sparked debate over fairness and governance standards.
The Venezuelan interim government has appointed Matthieu Pigasse and his firm Centerview Partners as advisers for the restructuring of more than $150 billion in debt, a decision that has drawn scrutiny for bypassing formal competitive bidding processes. The appointment, announced this month, marks a significant shift in how the Rodriguez administration is managing the financial overhaul of the oil-rich nation, yet it has raised questions among investors regarding transparency and fairness.
Centerview was selected following recommendations from Mauricio Claver-Carone, a former US Latin America envoy who currently holds no official government role. Claver-Carone, who has been assisting the US government in implementing Venezuela policy since July, vouched for the firm’s ability to engage with Washington. He stated that the interim administration sought advisers capable of working with the US government and trusted by American officials, noting that the government had spoken with other firms but prioritised those with established relationships.
Pigasse, a veteran French banker with a 15-year professional history with interim President Delcy Rodriguez, defended the selection. He told Reuters that Centerview was chosen for its leadership in sovereign debt restructurings and its lack of conflicts of interest. A spokesperson for the firm echoed this, stating that Centerview was hired because its team possesses unique experience in the largest sovereign debt restructurings globally. Pigasse also clarified that Centerview was not involved in any pitch process with Claver-Carone and has no financial relationship with him.
The decision has been met with concern because major rival advisory firms, including Lazard, Rothschild, and Alvarez & Marsal, were not formally approached to compete for the mandate. Sources indicated that hiring an adviser without a formal selection process is unusual in such high-stakes financial matters. Claver-Carone, now managing partner of the Latin America Real Assets Opportunity Fund, expressed hope that his advisory role would end as diplomatic relationships are re-established, asserting he has no financial interests in Venezuela or Centerview.
The restructuring effort follows the US capture of former President Nicolas Maduro in January 2026, which has paved the way for the reopening of the country after years of crippling sanctions. As bondholders expect an agreement to be reached by the end of 2027, the interim government faces the challenge of balancing transparency commitments with the practical realities of navigating a complex financial landscape dominated by US influence.
