Joseph Williams is the founder, CEO & President of InDev Capital. He traces the roots of his international business career to his undergraduate experiences at Stanford University, where he minored in Japanese. While living in Tokyo for three years, he worked as an engineer and business development liaison for a joint venture between Konica and HP. After returning to the U.S. he earned an MBA from the Harvard Business School and worked in investment banking at DLJ.
Soon after, Joseph co-founded a private equity firm, Wakefield James Management, with a Harvard Business School classmate, Eric Trope, currently InDev Capital Senior Consultant. The partnership acquired a residential supply company that provided building material to large residential developers across the U.S. and Canada. With Joseph focused on acquisitions and raising capital and Trope managing acquisition integration and operations, the team led the company to become the largest in its industry while expanding into Phoenix, Atlanta, Calgary and Edmonton, among other key markets.
The company completed four acquisitions and several rounds of capital and complex deal structures. Importantly, the experience exposed Joseph to the opportunities and challenges of international markets and the commercial real estate industry. Watching as the U.S. housing market suffered a severe correction even while the Canadian market remained stable, Joseph gained an enhanced appreciation of how important international market investments can be for mitigating risks and creating value.
At the same time, Joseph began studying business opportunities in Brazil, becoming a frequent visitor and soon recognizing that an emerging middle class there provided a promising platform for expansion of the residential housing and development market. When a later acquisition of his residential supply business came with a seasoned management team, Joseph sold his interest in the company and moved to São Paulo, the business and financial heart of Latin America.
After extensive travel, networking, and rigorous study of Brazilian culture and the Portuguese language, he had the opportunity to connect with many key players at the top of the burgeoning real estate development industry. This resulted in the launch of a new partnership with one of the most successful banking families in Brazil and led to InDev Capital’s first transaction, a $135 million JV with a prominent Asian sovereign wealth fund, one of the world’s largest.
Joseph has an undergraduate degree in Industrial Engineering from Stanford University and an MBA from the Harvard Business School. He speaks and reads Portuguese and is proficient in Japanese.
Ricardo, a Partner at InDev Capital, leads our efforts and relationships with Emerging Market Asset Managers and Real Estate developers. Currently, his focus is on sourcing deep value opportunistic investment opportunities in Brazil. Ricardo has extensive contacts and relationships with the top asset managers and family offices in Brazil.
Ricardo has significant experience in the real estate sector in Brazil. Most recently, Ricardo was a managing partner at JPP Capital, a boutique real estate asset manager in São Paulo. During his time at JPP, Ricardo was instrumental in raising an FII (Brazilian version of US REIT) focused on for-sale residential real estate. In addition, along with InDev Capital, Ricardo played a key role in a $135M residential JV that closed in 2014. Prior to his time at JPP, Ricardo was a managing partner at Avant Garde Development. At Avant Garde, he successfully led the fundraising effort for a 7 million square meter land development project in a suburb of São Paulo.
Ricardo joined InDev to focus specifically on deep value investment opportunities based on Brazil’s current economic cycle.
Ricardo, a native of São Paulo, has a bachelor´s degree in Business Administration from FAAP and an MBA from FGV.
Beatriz Martinez, a co-founder of InDev Capital, serves as Operations and Technology Manager and expert real estate researcher. Beatriz, a Spanish national and resident of Brazil, is a specialist in residential housing and has worked as an architect with one of the most successful architecture firms in São Paulo. During this time, she worked with top developers in the city such as Brookfield, PDG and Rossi on their urban residential infill projects.
Upon her recent completion of a PhD in Civil Engineering and Architecture, Beatriz has taken the lead in our research efforts at InDev Capital. She is in charge of our highly popular newsletter program, all of our databases, and our investor contact infrastructure.
Beatriz has a BS in Architecture from the University of Las Palmas Gran Canaria, a Master’s degree in Collective Housing from the Polytechnic University of Madrid, and has completed a graduate certificate in Housing and The City at Escola da Cidade, a university focused on urban development. She has also completed a course at FGV, a top business school in Brazil, on real estate investment.
Beatriz completed a PhD in Civil Engineering at the University of Campinas, São Paulo, where she studied the relationship between finance and housing policy in São Paulo in comparison with the market in Madrid. She is fluent in Portuguese, English, and Spanish.
Caroline Davidson is a research assistant at InDev Capital. She assists in our newsletters and white paper publications. In addition, as the second native English speaker in the company, she serves as the last mile on InDev Capital’s investor communications. In addition to her work at InDev Capital, she also teaches Accounting, Economics, Business, Writing, and English Grammar at a top-tier high school in São Paulo.
Caroline has a B.A. with Honors in Economics and Latin American Studies from Macalester College in Saint Paul, MN, where she was awarded the John M. Dozier Prize in Economics and the Latin American Studies Award for Excellence and Innovation.