Patricio Ortiz
Patricio's career goal is to improve capital flows to emerging markets—whether that's running a fund, improving pricing on hard-to-value sovereign debt (bonds at maturities no yield curve yet covers), or structuring deals in illiquid markets. Schwarzman connects directly to this: the cohort offers a chance to build an international network of future leaders equally committed to bridging divides, and Patricio wants to leverage the program to meet with officials at the PBOC, MOF, as well as private banks and funds operating in China, to deepen my understanding of Chinese financial markets, how they've developed, and what lessons they might offer for newer emerging markets (and investors seeking returns there).
As for what he plans to study as part of Schwarzman's capstone, Patricio hopes to investigate China's local credit markets: the transition from state-owned enterprises issuing corporate bonds on behalf of local governments to a more market-based issuance framework, and how that shift has affected credit risk premiums. It's a fascinating transition and one that has affected all layers of the capital stack—precisely the kind of complexity he hopes to build a career navigating.