MicroVest Board of Directors

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• W. Bowman Cutter (Chairman)
• Gerhard Pries (Vice-Chairman)
• Ron D. Cordes
• Alex Hartzler
• Lauren Hendricks
• Ken Hochstetler
• R. Clair Sauder
• James Torrey
• Bruce Tully
• Kim Williams

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W. Bowman Cutter (Chairman)

Mr. Cutter joined the Roosevelt Institute in October 2009 as Director of Economic Policy Initiative and as a Senior Fellow.  Previously, he was a Managing Director of the private equity firm of Warburg Pincus, since 1996. Prior to joining Warburg, Mr. Cutter was Deputy Assistant to the President for Economic Policy (National Economic Council) during the Clinton Administration. Mr. Cutter has also served as senior Partner at Coopers & Lybrand, and the Firm's Vice Chairman for Strategy.  He serves as the Chairman of the Board of CARE, a global development organization, and is a founder and current Chairman of MicroVest.  Additionally, Mr. Cutter is a member of the Governing Council of the IFMR Trust in India, and has worked extensively with the World Bank.  

Mr. Cutter holds degrees from Harvard University (summa cum laude); Oxford University (Rhodes Scholar); and Princeton University's Woodrow Wilson School.  He is a member of the executive committee and immediate past co-chairman of the Committee for Economic Development, the leading business “think-tank” in the United States; a board member of Resources for the Future, an energy and environmental research institute; and a board member of the Russell Sage Foundation.  In addition, he is a member of the New York Council on Foreign Relations.

Mr. Cutter has been a member of the MicroVest Holdings Board since its founding in 2003, and also sits on the Holdings Board’s Executive Committee, Compensation Committee, Nominating Committee, and Project Development Committee. He has also served as Chair of the MicroVest Capital General Partner, LLC Board since 2003, as a member of the MicroVest I, LP Investment Committee since 2004, as Chair of the MicroVest Capital General Partner II, LLC Board since 2008 and as a member of the MicroVest II-A, LP Investment Committee since 2008.

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Gerhard Pries (Vice-Chairman)

Gerhard Pries is Founder and Managing Partner of Sarona Asset Management Inc. and the Sarona funds; Founding Director and Vice-Chairman of MicroVest General Partner Holdings, and Investment Committee member and chairman of several MicroVest funds. He previously served as CFO of MEDA, Founding Chairman of MicroCap Capital Management and Latin America Challenge Investment Fund, Founding Director of International Association of Micro Finance Investors, and as Director of numerous companies in the financial services and agribusiness industries. He cut his teeth equally at PricewaterhouseCoopers and at the feet of Mother Teresa. Gerhard is fluent in German and English with working skills in Spanish.

Mr. Pries has been Vice-Chairman of the MicroVest Holdings Board of Directors since its founding in 2003, and also sits on the Holding Board’s Executive Committee, Audit and Finance Committee, Compensation Committee, Nominating Committee, and Project Development Committee. He has also served on the MicroVest Capital General Partner, LLC Board since 2003, as Chair of the MicroVest I, LP Investment Committee since 2004, on the MicroVest Capital General Partner II, LLC Board since 2008 and as a member of the MicroVest II-A, LP Investment Committee since 2008.

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Ron D. Cordes

Mr. Cordes has enjoyed a 25+ year career in the investment industry, having co-founded and then sold AssetMark Investment Services to Genworth Financial (NYSE:GNW) in 2006. He is currently Co-Chairman of Genworth Financial Wealth Management, which is responsible for over $24bn of assets under management for individual and institutional clients.

He is co-author of “The Art of Investing & Portfolio Management”, published in 2004 by McGraw Hill, and was recognized as an Ernst & Young Entrepreneur of the Year in 2005.   He holds a BS in Business Administration from the University of California, Berkeley. 

Mr. Cordes speaks and writes extensively in the field of impact investing, and chairs the Executive Committee for ImpactAssets, a new initiative to catalyze capital for impact investments formed in partnership with the Calvert Foundation. 

He is a co-founder with his wife Marty of the Cordes Foundation and a Regent for the University of the Pacific, as well as Chairman of the Advisory Board for the University’s Global Center for Social Entrepreneurship.  In addition, he serves on the Board of FairTrade USA, the Sarona Frontier Markets Fund, and the East Bay Community Foundation.

Ron joined the MicroVest Holdings Board in July 2011, and previously served on the GP I ICOM from October 1^st, 2009 through September 30^th, 2010.

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Alex Hartzler

Mr. Hartzler is Chairman of Board of both MEDA Investments Inc. and Sarona Asset Management.  He is also the managing partner of WCI Partners, LP, a real estate development company which he founded in 2005, along with his former partners at Webclients.net and also advises several companies in the internet marketing sector.   Previously, Mr. Hartzler was Executive Vice President and a partner of Webclients.net from 2000 until the company's sale to ValueClick, Inc. in June 2005.  Prior to that, Mr. Hartzler was a corporate attorney with Buchanan Ingersoll, P.C.  

Mr. Hartzler is a graduate of Penn State University (BA, Econ), The George Washington University Law School (JD), and was a Fulbright Scholar in Cologne Germany.  He currently serves as Chairman of the Board of Ten Thousand Villages, an international handicraft distributor and retailer. He has been active in the impact investment arena for many years.

Mr. Hartzler has been a member of the MicroVest Holdings Board of Directors since 2010. He has also served on the MicroVest Short Duration Fund, Investment Committee since 2010.

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Lauren Hendricks

Ms. Hendricks is the Executive Director of the CARE USA Access Africa initiative. Access Africa aims to reach 30 million people in sub-Saharan Africa with access to a basic suite of financial services (savings, credit, insurance and remittances) within the next decade.  Prior to the Access Africa initiative Ms. Hendricks was the Director of the Economic Development Unit for CARE USA, responsible for strategic direction and technical leadership for over 100 active microfinance and enterprise development programs in 54 countries. Ms. Hendricks currently serves on the Board of Directors and Investment Committee for MicroVest, a capital management firm investing in microfinance institutions.  She also chairs the board of the Access Africa Fund, a specialized investment fund managed by MicroVest, providing debt and equity investments in African MFI’s. 

Prior to joining CARE Ms. Hendricks was a program specialist at the Center for Institutional Reform and the Informal Sector (IRIS) at the University of Maryland.  She has over 15 years of experience evaluating, designing and promoting the development of microfinance programs worldwide.   She spent three years in the Republic of Georgia with the International Rescue Committee managing a microfinance program and overseeing it’s transformation into a locally registered and managed institution. 

Ms. Hendricks has been a MicroVest Holdings Board Director since 2005. She has also served as the President of the Access Africa Fund Investment Committee, and as the Chair of the Access Africa Board, since 2010.

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Ken Hochstetler

Mr. Hochstetler is the Senior Executive Vice President for Univest Corporation, a bank holding company based in southeastern Pennsylvania, where he responsible for of its Consumer Banking, Wealth Management and Trust, Charitable Foundation, Insurance and Investment Advisory and Brokerage functions.  Prior to joining Univest in 1992, Mr. Hochstetler held positions in corporate banking, systems development and consulting.  Mr. Hochstetler holds a BA in Business Administration from Goshen (IN) College and an MBA in Finance from Lehigh University, Bethlehem, PA.  In addition to his professional duties, Mr. Hochstetler serves as Chair of Souderton (PA) Industrial Development Authority, and on the boards of directors of Goshen (IN) College and Pennsylvania Bankers Association Services Corporation. 

Mr. Hochstetler has been a MicroVest Board Director since 2007. His service on the MicroVest board of directors is "an opportunity to integrate life values and business experience in practical and sustainable ways to help the poor that maintains their personal dignity and self-sufficiency."

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R. Clair Sauder

Mr. Sauder, Lancaster, PA, is a private business owner who has owned and operated several home furnishing and commercial real estate enterprises.  Mr. Sauder received his Bachelor of Science in Accounting from Elizabethtown College and was subsequently employed from 1972 to 1980 in the Harrisburg, Pennsylvania office of Laventhol and Horwath, an international certified public accounting firm. Mr. Sauder currently serves on the Board of Trustees of Praxis Mutual Funds, National Penn Wealth Management, N.A. and Landis Homes Retirement Community.

Mr. Sauder joined the MicroVest Holdings Board of Directors in 2003, and also serves on the board’s Executive Committee and Audit and Finance Committee. Mr. Sauder has also served on the MicroVest Capital General Partner, LLC Board since 2003, and MicroVest General Partner II, LLC Board, since 2008.

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James Torrey

Mr. Torrey has been an investor in hedge funds for over 30 years.  Currently, he serves on the Board of Directors for OPIC (Overseas Private Investment Corporation). Prior to this nomination, Mr. Torrey managed The Torrey Funds, a fund of funds that invested with emerging equity long/short managers in both the United States and internationally. The Torrey Funds was founded in 1990 and grew to over $1.25 billion in assets. In 2009, The Torrey Funds merged with Cadogan Management, at which time Mr. Torrey became a senior advisor to Cadogan. Additionally, Mr. Torrey has held executive positions at Kidder, Peabody & Co., The First Boston Corporation, PaineWebber Incorporated, and Alex. Brown & Sons. He attended the University of California at Berkeley and remains active in civic and community affairs.

Mr. Torrey has been a MicroVest Holdings Board Director since 2006, and also serves on the Board’s Project Development Committee.

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Bruce Tully

Mr. Tully is a Managing Director of Beehive Ventures, LLC, a venture capital firm he helped found in 2000. From 2002 until the end of 2004, he was a Managing Director in the Corporate Investment Group of Investcorp International Inc. For the twenty years prior to 2000, Mr. Tully served in various investment banking positions at Bankers Trust/BT Alex. Brown and its successor Deutsche Bank Alex. Brown. In addition to serving as a director of MicroVest, Mr. Tully serves on the Board of Directors of the relief and development organization CARE, as well as numerous privately-held corporations. Mr. Tully has a Bachelor of Arts in Government & International Relations from Carleton College, and a Master of Business Administration in finance from the Stern Graduate School of Business, New York University.

Mr. Tully has been a MicroVest Holdings Board Director since 2003, and also serves on the Board’s Nominating and Project Development Committees. Mr. Tully also serves as the Chair of the MicroVest II-A, LP Investment Committee.

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Kim Williams

Since 2007, Ms. Williams has been the Director of E.W.Scripps Co. Since 2009, she has also been the Director of Xcel Energy. Mr. Williams is a retired Partner at Wellington Management Company LLP where she worked from 1995 until 2005.  During her tenure at Wellington, Ms. Williams established strong credentials as a financial analyst with a focus on important balance sheet statistics and expertise on the management and strategic direction of a global investment management company.  During the period of heightened scrutiny on the issue of Corporate Governance, she served as an active member of the Corporate Governance Committee and was involved in the rewriting of the proxy voting policies and procedures at Wellington. Professionally, she has traveled extensively throughout Europe, the Middle East, the Far East, Japan and Australia, providing global insights into the potential opportunities and challenges faced by US corporations in an increasingly global environment. Ms. Williams holds a MS in Economics from the University of London and is a Board Director for Weyerhaeuser Company since 2006.

Ms. Williams joined the MicroVest Holdings Board of Directors in 2007, and serves on the Board’s Nominating and Project Development Committees. She has also served as the Chair of the MicroVest Short Duration Fund Board since 2010.

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