About us

At Calwaro Capital we have an entrepreneurial mindset with a long-term investment horizon. We invest globally in different asset classes on behalf of Gerardo and Gregorio Werthein and our strategic partners who invest in parallel.
Our goal is to generate long-term returns as well as a positive impact on the world. To achieve these goals, we are surrounded by great people who work with us where the highest standards of excellence, innovation and flexibility are at the heart of the firm's culture.

About us

Who we are?

Gerardo Werthein.

Chairman, Calwaro Capital

Before founding Calwaro Capital, Mr. Gerardo Werthein was a principal of the Werthein Group since 1990 and for over three decades, where he had played an instrumental role, executing numerous M&A and corporate finance transactions. Mr. Gerardo Werthein has held a variety of leadership positions, including Vice Chairman of the board of directors of Telecom Argentina from 2003 to 2017, where he negotiated and completed a $3.3 billion debt refinancing, one of the largest private debt restructurings in Argentina’s history. He also acted as Chairman of Banco Caja de Ahorro, as well as CEO of Holding Caja de Ahorro y Seguro from...See more

Gregorio Werthein.

Vice Chairman & Managing Director, Calwaro Capital

Previous to becoming MD of Calwaro Capital, Mr. Gregorio Werthein was an Executive Managing Director of the Werthein Group for almost ten years. Gregorio served as the chair of the M&A and investment committee, and was board member of several companies, including Transportadora de Gas del Sur S.A (“TGS”). After co-founding Replay, Mr. Gregorio Werthein was its Co-Chief Executive Officer. Mr. Werthein holds a degree in economics from Universidad de Buenos Aires, a masters’ degree in business administration from Columbia University, and completed the Leadership Development Program from Harvard Business School.

Leonardo Madcur.

Managing Director and Director, Calwaro Capital

Before joining Calwaro Capital as MD, Mr. Leonardo Madcur, with almost three decades of experience in Argentina’s private and public sectors, has helped execute over $2 billion of M&A and corporate finance transactions and co-led Argentina’s $100 billion sovereign debt restructuring 2005. Mr. Madcur is currently chairman of the board of directors of La Estrella S.A. Seguros de Retiro. Until April 2021 he has served as director of Replay Acquisition LLC; until February 2020, he served on the board of directors of Centaurus Energy Inc. Previously, Mr. Madcur served as director of Corporate Development at the Werthein group (2012 to 2019), and...See more

Pablo Tarantino.

Asesor legal, Calwaro Capital

Pablo is a lawyer specialized in corporate law, mergers and acquisitions, corporate reorganizations, family office and both transactional and day-to-day advice for national and multinational companies and family offices, areas in which he has 17 years of experience.
He began his career as a private practitioner and has assisted in general corporate law, mergers and acquisitions, as well as the design of complex corporate structures for national and international transactions. He was also a member of the boards of directors of different public and private...See more



Our mission is to deliver superior returns to the market over a long-term horizon and, at the same time, generate a positive impact on the world. By doing this, we partner with world-class investors who adhere to our same values.



Invest globally in different asset classes with an entrepreneurial but opportunistic approach. Long-term and flexible capital is what sets us apart.



Excellence, transparency, hard work, passion for performance and a team mindset are at the heart of the company culture..




Av. 9 de julio 900, CABA, Buenos Aires, Argentina.


Phone : +1 (917) 940-9111 Celular : +54 9 11 4447-7372


Email: info@calwaro.com