Career Biography

Laura Berkman has served as General Counsel of CAF-AM Uruguay since 2018, the asset management entity of CAF – Development Bank of Latin America and the Caribbean in Uruguay. CAF-AM is responsible for managing third-party capital funds primarily aimed at the private financing of infrastructure projects in CAF’s shareholder countries.

She brings over 20 years of experience in structured finance, infrastructure, energy, capital markets, and risk management. At CAF-AM Uruguay, she led the structuring of four infrastructure funds, enabling the financing of over US$1bn in infrastructure projects, including Ferrocarril Central, the largest infrastructure project in Uruguay’s history.

Earlier in her career, she worked for over a decade at top-tier law firms, advising private companies, financial institutions, and multilateral organisations on structured finance and cross-border transactions. She later held General Counsel positions for Latin America at multinational companies in the e-commerce and energy sectors, overseeing regulatory matters and international financing operations.

Laura holds a law degree from Universidad Católica del Uruguay and completed postgraduate studies in civil law. She has been repeatedly recognised in The Legal 500 GC Powerlist.

How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?

Periods of instability or crisis require legal teams to remain agile and responsive. Our approach is to maintain flexibility in execution while ensuring that every decision is anchored in our core values. At CAF-AM Uruguay, we are deeply committed to protecting our investors —a principle that lies at the heart of every decision we make. Our investors are primarily pension funds, which makes their protection even more critical. This balance allows us to adapt rapidly without losing sight of what defines us, as it is essential to preserve our most valuable asset: the confidence of our investors.

A clear example of this was during the COVID-19 pandemic. Amidst a sea of uncertainty, we were forced to make difficult, high-risk decisions that, in time, proved to be the right ones. In Uruguay, ‘force majeure’ provisions are very strict. With the Uruguayan Government under pressure to support various sectors, it was unlikely that COVID-19 would be recognised as a valid reason to suspend deadlines in ongoing projects. We made a bold decision: we did not halt any disbursements, because we were confident that the most effective way to safeguard our investors’ interests was to move forward. We relied fully on our risk analysis and the guarantees we had designed.

Equally important was the role of clear and effective communication, both internally and externally with our stakeholders. During times of crisis, transparency and clarity are essential to ensure that everyone is aligned with the same goals. By keeping open lines of communication, we not only built trust but also fostered a collaborative environment where informed decisions could be made in a timely manner.

What are the main cases or transactions that you have been involved in recently?

We are working on the financing of a key infrastructure project for Uruguay: a major water treatment plant, which is a crucial part of the country’s infrastructure development. The project aims to address the increasing demand for clean and safe drinking water in Montevideo and its metropolitan area. Our role has primarily focused on ensuring the bankability of the project, as well as structuring and negotiating the financing documents.

The project has not been without its challenges, particularly after the recent change in government in Uruguay. A shift in political priorities led to changes in certain aspects of the project, which we are monitoring closely. However, we remain confident that the project will have a transformative impact on Uruguay’s water infrastructure, offering long-term benefits to both the population and investors.

What role does the legal department play in promoting and ensuring corporate social responsibility in your organisation?

At CAF-AM, sustainability and responsible investment are part of our DNA, and our legal team plays a key role in meeting our corporate social responsibility (CSR) commitments.

I am proud to say that this year, we reached a significant milestone in this regard, by ensuring that all our funds are now ESG-rated. This achievement reflects our adherence to strict environmental, social, and governance standards, ensuring our investments align with long-term sustainability goals. For our investors, the rating is essential, as it provides them with confidence that their capital is managed not only for financial returns but also to positively impact society and the environment.

From the outset of negotiations, we incorporate clauses in the finance documents requiring borrowers to comply with ESG standards aligned with the specific characteristics of each project. We also ensure that companies are contractually obligated to provide the necessary reporting information, thereby facilitating the achievement and ongoing maintenance of ESG ratings for our fund.