Horia D. Manda

Managing Partner

Mr. Manda has over 17 years of experience in private equity investment management in South-Eastern Europe. He has built a very successful track record in the management, as Chairman or Director of the Board, of numerous portfolio companies, with a special focus on the financial sector. Throughout his career as an investment manager, Mr. Manda administered equity investments in excess of EUR 200m in a variety of sectors, with successful ventures in areas as diverse as financial services, IT, retail, energy and manufacturing. Mr. Manda holds a PhD in Mathematics from the University of Paris VII, France (1993), an MBA degree (summa cum laude) from the Romanian-Canadian MBA Program (McGill University, University of Quebec-Montreal, ASE Bucharest, 1996) and an Theoretical Physics from the University of Bucharest (1984).

John Klipper

Senior Partner

Mr. Klipper has been the President and Chief Executive Officer of RAEF for the last 18 years. He was appointed directly by the White House to the Board of RAEF in 1994 in recognition of his relevant experience in private investments and of his very good knowledge of the Romanian business environment. In addition to over 30 years spent managing US companies, Mr. Klipper has a strong experience in high-level negotiations with Romanian authorities and good contacts with US investors.

Cristina Mogoroase


Mrs. Mogoroase has 17 years of experience in Private Equity. Responsible for deal sourcing, structuring and closing transactions, operational and financial corporate restructuring, investment monitoring, second round financing, business development in several industries: construction materials, manufacturing, engineering, retail and hospitality. Sitting on seven Boards, Mrs. Mogoroase supervised transactions in excess of € 40 million. She previously worked with Bombardier Inc., Canada as Country Manager for Romania and with the national air carrier. Mrs. Mogoroase holds an MBA degree (summa cum laude) from the Romanian-Canadian MBA Program (McGill, University of Quebec-Montreal, ASE Bucharest, 1997) and an MSc in Aeronautic Engineering (Polytechnic University, Bucharest).

Valentin Tabus


Mr. Tabus has 16 years of experience in private equity. He is responsible for the entire investment process from deal initiation to closing, funding, monitoring/growth and exit across several industries. Mr. Tabus has been also appointed as non-executive Director in various companies in the industrial and services portfolio, where he supervised transactions in excess of € 40 million. Together with the Axxess Capital team, Mr. Tabus developed extensive and distinctive relationships with the portfolio technology companies, while providing backing and guidance.
Mr. Tabus previously worked in marketing for Vodafone and in R&D for two software companies. Mr. Tabus is a Computer Science Engineer and holds an MBA from the Canadian MBA Program.
Daniela Iliescu

Daniela Iliescu

Partner & Chief Financial Officer

Mrs. Iliescu is in charge with the financial management, reporting and accounting of EEAF and BAF and with issues relating to the institutional investment structure of BAF and EEAF. She has extensive experience in financial management and reporting. Mrs. Iliescu is involved in monitoring of investments of the Funds in the financial services sector, the most relevant being Nextebank and Patria Credit. Mrs. Iliescu has previously worked for seven years with PWC Romania where she was in charge with audit and financial advisory services to important clients in the banking, leasing, consumer finance and asset management industries. She graduated from the Academy of Economic Studies (Bucharest) and is a certified member of ACCA, Romanian Chamber of Auditors and Romanian Organization of Certified Accountants, and holds and Executive MBA Degree from Wien University of Economics.