Bertrand G. des Pallieres
French structured-credit banker who functions as a recurring inter-firm bridge: the Deutsche Bank alumnus who introduced SoftBank’s Rajeev Misra to the Italian financier Alessandro Benedetti, the named SPQR Capital creditor source for the October 2015 Independent article on the Wind Hellas creditor dispute, and the partner now sitting inside Misra’s post-SoftBank Abu Dhabi vehicle OneIM — the same individual reappearing across each successive setting in which the Misra–Benedetti relationship has operated.
Bertrand Gauquelin des Pallières (born November 1966, French national, resident in Rome) is a French finance professional whose recorded career spans Wall Street structured credit, distressed-debt litigation, blockchain-firm governance, and Gulf private credit 12. UK Companies House and the Luxembourg trade register document his roles as ex-Managing Director and Global Head of Structured Credit at JPMorgan (1992–2005), ex-Managing Director and Global Head of Principal Finance at Deutsche Bank (2005–2007), founder/CEO of SPQR Capital Holdings SA (Luxembourg RCS B150334), and Partner – Private Credit at OneIM, the Abu Dhabi vehicle of Rajeev Misra 234.
The Wall Street Journal of 27 February 2020 identified him as the introducer who connected Misra to the Italian financier Alessandro Benedetti, a relationship the WSJ describes as the origin of a covert campaign against rival SoftBank executives 1. He served as the named on-the-record creditor source for the Independent’s 28 October 2015 article on the Wind Hellas / TIM Hellas creditor dispute, identified verbatim as “SPQR Capital’s Bertrand des Pallieres” 5. Across Deutsche Bank, SPQR Capital Holdings SA, Attali Investment Partners Ltd (UK 07138407), Cadogan Petroleum plc, Bitfury Group Limited (UK 11441275), and OneIM, he has shared boardrooms with Benedetti, Misra, and the four-person Bitfury board that includes the former US Acting Comptroller of the Currency Brian P. Brooks 3167.
SPQR Capital Holdings SA, the Luxembourg fund vehicle he founded with the breakaway Deutsche Bank Principal Finance team, entered liquidation on 16 March 2023 under court-appointed liquidator Christian Steinmetz 4. He has held a directorship of Bitfury Group Limited since 20 May 2021, with the stated UK service address “Centricus, Byron House, 7–9 St James’s Street” 37. Round 5 records of this investigation misnamed him “Stéphane des Pallières”; Luxembourg, UK Companies House, and the OneIM team page confirm the correct name as Bertrand G. des Pallières 2.
Career and Identity Record
According to UK Companies House and Luxembourg registry filings, the subject’s full legal name is Bertrand Ghislain Yves Gauquelin des Pallières, born November 1966, French national, resident in Rome at 9 Via G. A. Rayneri 14. His OneIM team-page biography lists “Centricus and JPMorgan” as prior employers but omits Deutsche Bank 3. The Round 5 record of an investigation entry for “Stéphane des Pallières” was a misidentification; Luxembourg RCS B150334 director filings, the Independent’s 2015 article, and the OneIM team page all use the same individual: Bertrand G. des Pallières 25.
His documented professional sequence begins at JPMorgan as Head of EMEA Sales and rises to Managing Director and Global Head of Structured Credit (1992–2005), continues at Deutsche Bank as Managing Director and Global Head of Principal Finance (2005–2007), then to founder of Methorios Capital LLP in 2007 and CEO/Director of SPQR Capital Holdings SA in Luxembourg from 2010 21. According to the WSJ February 2020 article and SPQR registry traces, the 2007 Deutsche Bank departure was a three-person breakaway: he co-founded SPQR with Malik Chaabouni and Moez Ben-Zid 3.
Other publicly recorded directorships include Equus Total Return Inc (NYSE: EQS, Houston), Cadogan Petroleum plc (UK/Ukraine; he served as CEO 2011–2017 across the Yanukovych era, the Maidan protests, and the Crimea and Donbas annexations), Lansdowne Capital SA, InfraVia Capital Partners SAS, Attali Investment Partners Ltd, Euromax Finance Ltd, Methorios Capital Services Ltd, SPQR Capital (Cayman) Ltd, and Bitfury Group Ltd 23. He was joint defendant with Alessandro Benedetti in Kruppa v Benedetti 8 EWHC 1887 (Comm) 1.
Key Relationships
UK Companies House and Luxembourg RCS filings document a multi-year overlap with Alessandro Benedetti across Attali Investment Partners Ltd (UK 07138407, January 2010 to December 2015), SPQR Capital Holdings SA (Luxembourg, since 2010), Equus Total Return Inc (NYSE: EQS), Cadogan Petroleum plc, and Bitfury Group 16. According to Companies House records, both men resigned from Attali Investment Partners in December 2015 and were replaced by Methorios Capital LLP as corporate director 16. Three SPQR Capital Holdings directors — Benedetti as Chair, des Pallières, and the Luxembourg-resident French corporate-administration specialist Mathieu Villaume — were all installed on 1 March 2016, a date that fell inside the active phase of SPQR’s Wind Hellas creditor litigation against Naguib Sawiris’s Weather Investments 42. Analysis of the simultaneous 1 March 2016 appointments indicates a typical Luxembourg fund-vehicle governance shape comprising principal, co-investor representative, and independent director 4.
The relationship with Rajeev Misra dates to Deutsche Bank’s Global Credit and Emerging Markets desk (1997–2008), according to the Wall Street Journal of 27 February 2020, he “had worked with Mr. Misra at Deutsche Bank”; analysis of finding #11114 indicates that Deutsche Bank alumni overlap is the introduction route through which Misra met Benedetti circa 2014–2015 15. The same WSJ article reports the introduction produced the SoftBank covert-campaign relationship that Benedetti ran against rival Vision Fund executives 1. As of 2024 he is named on the OneIM team page as Partner – Private Credit, with Misra retaining him into the post-SoftBank Abu Dhabi vehicle despite his public naming in the 2020 WSJ article 3.
According to the Luxembourg RCS B150334 register, Mathieu Villaume took the SPQR Capital Holdings Chair on 4 January 2016 and remained until 7 February 2018, bridging the December 2015 joint resignations of Benedetti and “Bertrand Gauquelin” (the subject’s Companies House surname form) 4. Brian P. Brooks, the former US Acting Comptroller of the Currency under the first Trump administration, is a co-director at Bitfury Group Limited (UK 11441275); Companies House records indicate the four-person Bitfury board comprises the subject (French, UAE-resident), Vavilov (Latvian/Russian/Ukrainian/British, UAE-resident), Kikvadze (Georgian, Dubai), and Brooks (American) 37. Mark Hollingsworth, a freelance British journalist with separate ENRC-related exposure, co-bylined the October 2015 Independent piece for which the subject provided the on-the-record SPQR Capital quote 5.
Bertrand G. des Pallieres
Wind Hellas Creditor Dispute and the 2015 Independent Article
SPQR Capital and other junior bondholders held debt in the TIM Hellas / Wind Hellas Greek mobile carrier and lost their positions when Naguib Sawiris’s Weather Investments acquired the group out of administration, wiping approximately GBP 1.3 billion of debt according to registry-sourced reporting 2. According to the same registry-sourced finding, des Pallières called on the Institute of Chartered Accountants in England and Wales to investigate Ernst & Young over its handling of the Wind Hellas administration after the bondholder loss 2.
On 28 October 2015 the Independent published “The private equity giants, the Greek target and a Trojan horse,” co-bylined Jim Armitage and Mark Hollingsworth, in which he was named verbatim as “SPQR Capital’s Bertrand des Pallieres” — the on-the-record creditor source whose attribution allowed the placed story to clear UK pre-publication libel review 5. According to UK Companies House records, his Attali Investment Partners co-directorship with Alessandro Benedetti ended in the same month the Independent piece ran 516. Eight months later the campaign produced the departure of the SoftBank executive identified in the WSJ as “Mr. West,” and according to the WSJ February 2020 reconstruction the operation was coordinated by Benedetti for Misra under the same Deutsche Bank-alumni chain that the subject had introduced 1.
Round 5 records of this investigation associated the 28 October 2015 Luxembourg courthouse hearing with Compagnie Du Salève SA (Luxembourg RCS B223232); however, registry checks show that B223232 was incorporated on 23 March 2018, which post-dates the 2015 hearing by approximately 2.5 years and therefore could not have been the entity at the 2015 hearing 9. Examination of the Luxembourg registry indicates the actual 2015 vehicle is more likely a now-closed predecessor — French SARL #803012046 in Monnetier-Mornex (Haute-Savoie, on the Geneva border) is the leading candidate; the present-day Luxembourg Compagnie Du Salève SA shares its registered office at 12 rue Guillaume Schneider L-2522 with SPQR Capital Holdings SA but is owned by Five Arrows AutoBench Holding Sàrl, a Rothschild & Co private-equity affiliate 94.
SPQR Capital Holdings SA and the 1 March 2016 Board Installation
SPQR Capital Holdings SA (Luxembourg RCS B150334) is registered at 12 rue Guillaume Schneider L-2522, Luxembourg City — the same NeoTrust Fiduciary domicile that subsequently hosted Compagnie Du Salève SA and, per the ICIJ Offshore Leaks index, eleven Panama Papers entities 4. According to the Luxembourg trade register, he served as director from 1 March 2016 alongside Benedetti as Chair (also from 1 March 2016) and Mathieu Villaume (1 March 2016 to 7 February 2018), with Michel Thill briefly added in October 2021 to August 2022; the entity entered liquidation on 16 March 2023 under court-appointed liquidator Christian Steinmetz 4. Analysis of the simultaneous March 2016 appointments indicates the move coincided with the active phase of SPQR’s creditor dispute against Weather Investments and produced a three-handed governance shape — Benedetti as principal, the subject as co-investor representative, and Villaume as independent director 4.
The Swiss arm of the structure is SPQR Capital Services Sagl in Lugano, Switzerland (CHE-496.390.425, paid-up capital CHF 20,000, registered 17 March 2011, chaired by Benedetti) 10. According to a comparison of the SPQR and Asherco registers, Villaume is the human-continuity bridge across SPQR’s 2010–2023 lifetime: he held the SPQR Capital Holdings Chair from 4 January 2016, departed 7 February 2018, then resurfaced as the sole-UK natural-person fiduciary on Asherco LLP (UK OC379532) from 1 July 2024, the present-day vehicle for ongoing Benedetti operations 114.
According to the WSJ February 2020 article and SPQR’s Luxembourg formation record, his 2007 departure from Deutsche Bank Principal Finance was a three-person breakaway with Malik Chaabouni and Moez Ben-Zid that founded SPQR; SPQR went on to take a 27–28.5% controlling stake in Cadogan Petroleum plc, on which he served as CEO from 2011 to 2017, with Eni S.p.A. as a 2013 Western Ukraine shale-gas joint-venture partner 3. According to the Companies House register pulled on 7 May 2026, a 4 August 2025 filing for Bitfury Group Limited retroactively backdated his director details to 1 February 2023 7.
Bitfury Group Board and the OneIM Re-platforming
According to UK Companies House records, he has held a directorship of Bitfury Group Limited (UK CO# 11441275) since 20 May 2021, with the stated UK service address “Centricus, Byron House, 7–9 St James’s Street” 37. The four-person Bitfury board at the time of SoftBank Group Corp’s $50 million Cipher Mining PIPE on 30 January 2025 consisted of him (UAE-resident), Brian P. Brooks (American, ex-OCC Acting Comptroller, joined the MicroStrategy / Strategy board on 20 December 2024), Valery Vavilov (Latvian co-founder, UAE-resident), and George Kikvadze (Georgian, runs Bitfury MENA from Dubai); two of the four directors are explicit UAE residents per the Companies House register pulled on 7 May 2026 7. Cipher Mining (NASDAQ: CIFR) was Bitfury Group’s NASDAQ spin-off via merger with Good Works Acquisition Corp in 2021, and SoftBank’s 30 January 2025 PIPE entered through a subsidiary named Star Beacon LLC, alongside an option on a 300 megawatt Texas data-centre site 12.
According to the OneIM team page and the Bitfury board page, he is, as of 2024, Partner – Private Credit at OneIM, the Abu Dhabi private-credit firm founded by Rajeev Misra after his November 2024 SoftBank exit and anchored by Sheikh Tahnoon bin Zayed’s Royal Group and Mubadala 3. Analysis of the OneIM disclosure history indicates his career sequence runs Deutsche Bank Principal Finance under Misra (2005–2007), the SPQR/Methorios constellation (2007–2023), Centricus consultancy during the Vision Fund 1 era (approximately 2018–2023), and OneIM Partner Private Credit Abu Dhabi from approximately 2024 onward; the OneIM team-page biography names “Centricus and JPMorgan” but omits Deutsche Bank 3.
Analysis of the broader 15-actor SoftBank-caper system indicates the Bitfury Group UK board functions as a structural object linking him (OneIM/Misra), Brooks (former OCC), Vavilov (post-Soviet operator), and Kikvadze (Bitfury MENA); the same analysis identifies a recurring Bitfury-to-OCC personnel channel comprising Brooks (2020 Acting Comptroller) and Jonathan Gould (confirmed 32nd Comptroller of the Currency, 10 July 2025), both ex-Bitfury executives 3. Examination of the Round 5 meta-synthesis indicates Mubadala-anchored deal-flow rather than the Saudi PIF is the dominant capital-sponsor cohesion across the system, including this subject via OneIM 3. As of February 2026, Brad Karp resigned as Paul Weiss chairman following the Jeffrey Epstein email release, a development chronologically separate from but coincident with the Bitfury and OneIM positioning 3.
All Connections
9 total
All Connections
9 totalCEO/founder; director from 1 Mar 2016
SPQR Capital junior bondholder; lost millions when Sawiris/Weather Investments wiped GBP 1.3bn debt acquiring group out of administration
Co-directors SPQR Capital Holding SA (Lux) - simultaneous installation 1 Mar 2016 during Wind Hellas creditor litigation
Co-workers at Deutsche Bank Global Credit/EM team during Misra's tenure (1997-2008). des Pallieres was JPMorgan Head EMEA Sales then DB. This DB alumni overlap is the structural origin of the Misra-Benedetti introduction in 2014-15.
Co-directors at Attali Investment Partners Ltd (UK 07138407, Jan 2010-Dec 2015), SPQR Capital Holdings SA (Lux, since 2010), Equus Total Return Inc (NYSE EQS), Cadogan Petroleum plc, Bitfury Group. Joint defendants in Kruppa v Benedetti [2014] EWHC 1887 (Comm). Methorios Capital LLP replaced both as corporate director on simultaneous Dec 2015 resignation from Attali.
des Pallieres introduced Misra to Alessandro Benedetti circa 2014-2015 — the structural bridge that produced the SoftBank dirty-tricks operation. WSJ Feb 27 2020.
Co-architects of the Oct 28 2015 Independent piece — des Pallieres provided the on-the-record SPQR Capital quote that gave the Hollingsworth-placed story legal cover
Villaume bridged SPQR Capital Holdings SA Director (Chair from Jan 4 2016) → Feb 7 2018 covering Benedetti+des Pallieres joint Dec 18 2015 resignations. SPQR liquidated Mar 16 2023.
Co-directors at Bitfury Group Limited (UK 11441275). Brooks = former US Acting Comptroller of the Currency under Trump. Anomalous board lineup (Latvian/Georgian/French + ex-US bank regulator) on a blockchain firm.
All Findings
4 total
All Findings
4 totalfinancial (1)
Cipher Mining (CIFR) — SoftBank fully exited 100% of its 10.4M-share PIPE in Q3 2025; Vanguard added 9.87M shares Q4 2025 (+43.2%)
13F institutional holdings tracking via Fintel/MarketBeat shows: SoftBank Group Corp removed 10,438,413 shares (-100.0%) of CIFR in Q3 2025 — the EXACT share count from the Star Beacon LLC subscription agreement of Jan 30 2025 ($50M PIPE for ~10.4M shares; Star Beacon LLC is a Delaware wholly-owned subsidiary of SoftBank Group Corp per the SEC EX-10.1 filing). SoftBank exited within ~9 months of entry. Vanguard Group added 9,865,533 shares (+43.2%) in Q4 2025 — almost exactly absorbing SoftBank's exit. Cipher 13F holders include V3 Holding Ltd (Vavilov-affiliated), BlackRock, Vanguard, BIT Capital GmbH, Alyeska Investment Group, Geode Capital, State Street, Toroso. CIFR has 417 institutional owners holding 328,763,732 shares total. Note Round 5 finding #11131 noted Vavilov V3 Holding trimmed 25.7%->20.2% Jul-Sep 2025 — the SAME WINDOW as SoftBank's full exit. INFERENCE: Q3 2025 was a coordinated insider distribution by both anchor sponsors (Vavilov+SoftBank) into the AI-rally; SoftBank's stake had been treated by markets as strategic Stargate-infra positioning and turned out to be a 9-month flip. Contradicts the 'SoftBank-Bitfury strategic alliance' read.
intelligence (2)
CONFIRMED: des Pallieres is currently Partner – Private Credit at OneIM (Misra's Abu Dhabi firm). The man who introduced Misra to Benedetti in 2015 is now Misra's Abu Dhabi private-credit lieutenant; Misra retained him into the next vehicle despite WSJ Feb 2020 naming him publicly
Confirmed via OneIM team page (oneimgroup.com/team) and Bitfury board page. des Pallieres' OneIM bio names 'Centricus and JPMorgan' but conspicuously OMITS Deutsche Bank — telling given the WSJ scandal exposure. Pipeline: DB Principal Finance under Misra (2005-07) → SPQR/Methorios constellation (2007-23) → Centricus consultant during Vision Fund 1 era (~2018-23) → OneIM Partner Private Credit Abu Dhabi (~2024-present). This is the keystone confirmation: the SoftBank dirty-tricks network was NOT dismantled — it was re-platformed inside Sheikh Tahnoon's Mubadala/Royal Group ecosystem. Centricus (Nizar Al-Bassam, Dalinc Ariburnu) raised the original Vision Fund and earned 100M+ USD in fees; des Pallieres used Centricus as the bridge to OneIM. Active UK directorship: BITFURY GROUP LIMITED (UK 11441275, appointed May 20 2021), co-directors Val Vavilov (Latvian co-founder), George Kikvadze (Georgian EVC), Brian P. Brooks (former US Acting Comptroller of the Currency under Trump). Three-man DB Principal Finance breakaway 2007: des Pallieres + Malik Chaabouni + Moez Ben-Zid co-founded SPQR. SPQR Capital Holdings SA in liquidation since 16 March 2023 (liquidator Christian Steinmetz Luxembourg). Cadogan Petroleum / Western Ukraine: SPQR owned 27-28.5% controlling stake; des Pallieres CEO 2011-17 covering Yanukovych era + Maidan + Crimea + Donbas; Eni S.p.A. was 2013 Cadogan shale-gas JV partner. French press silence is striking — no Le Monde / Les Echos / Mediapart / Challenges / Le Figaro profile despite this CV. No public response from des Pallieres to Feb 2020 WSJ article.
REWRITE OF EARLIER UNDERSTANDING: des Pallieres was the on-the-record named creditor source for the Independent's Oct 28, 2015 'Trojan horse' piece by Armitage and Hollingsworth. Identified verbatim as 'SPQR Capital's Bertrand des Pallieres' — not an anonymous back-channel facilitator. He was the public attribution that allowed the planted story to clear UK libel review. Same des Pallieres: (a) born Nov 1966, French, Rome resident; (b) introduced Misra to Benedetti via Deutsche Bank alumni network; (c) co-director with Benedetti at Attali Investment Partners Ltd 2010-Dec 2015 (resigned same month the Indep piece's Lux court date sat); (d) is now Partner – Private Credit at OneIM (Misra's Abu Dhabi vehicle) per finding #11114. The 2015 Independent piece is therefore the moment des Pallieres put his name to the public attack on Arora — his SPQR Capital quote provided the legal cover for the smear that took down Arora 8 months later. He has remained inside the Misra ecosystem ever since.
identity (2)
Bertrand des Pallieres (French banker, born Nov 1966, Rome resident) is the structural connector between Misra and Benedetti via Deutsche Bank alumni network — NOT Indian PE circles
Bertrand Gauquelin des Pallieres, French national, born November 1966, resident in Rome at 9 Via G A Rayneri. Career: JPMorgan (Head EMEA Sales) → Deutsche Bank (overlapped with Rajeev Misra in DB Global Credit/EM team 1997-2008) → founded Methorios Capital LLP (2007) → CEO/Director of SPQR Capital Holdings SA (Luxembourg, since 2010, parallel co-directorship with Benedetti). Co-director with Benedetti at: Attali Investment Partners Ltd (UK 07138407, Jan 2010-Dec 2015), Equus Total Return Inc (NYSE: EQS, Houston), Cadogan Petroleum plc (UK/Ukraine), Bitfury Group (blockchain). Joint defendant with Benedetti in Kruppa v Benedetti [2014] EWHC 1887 (Comm). The Misra-Benedetti operational relationship was introduced ~2014-2015 through SPQR/Cadogan/Attali board overlap, NOT through Indian private equity circles as some reporting implies. This makes des Pallieres the most under-emphasized name in WSJ coverage — the structural bridge between the SoftBank Vision Fund principal and the Italian operative.
Bertrand G. des Pallieres = Wind Hellas / TIM Hellas figure (NOT Stephane); founder/CEO SPQR Capital; ex-JPMorgan MD Global Head Structured Credit (1992-2005), ex-Deutsche Bank MD Global Head Principal Finance (2005-2007); director SPQR Capital Holdings SA (Lux), Equus Total Return Inc, Cadogan Petroleum Plc, Lansdowne Capital SA, InfraVia Capital Partners SAS, Attali Investment Partners Ltd, Euromax Finance Ltd, Methorios Capital Services Ltd, SPQR Capital (Cayman) Ltd, Bitfury Group Ltd
CORRECTION: Round 5 record shows 'Stephane des Pallieres' - actual name is Bertrand G. des Pallieres. He called on ICAEW to investigate Ernst & Young over Wind Hellas administration after SPQR Capital and other junior bondholders lost millions when Naguib Sawiris (Weather Investments) wiped GBP 1.3bn debt acquiring the group out of administration. Bitfury board seat = blockchain crypto exposure.
Full Timeline
9 events
Full Timeline
9 events- 1.Finding #11101
- 2.Finding #11221
- 3.Finding #11114
- 4.LU B150334
- 5.Finding #11125
- 6.GB 07138407
- 7.GB 11441275
- 8.2014
- 9.LU B223232
- 10.CH CHE
- 11.GB OC379532
- 12.Finding #11195