PMD International Research
Advisory Approach
PMD International is a specialized advisory firm focused on cross-border transactions and investments in emerging markets. Founded in 1987 by senior bankers from Lazard Frères & Co., PMD operates with a distinctive thesis: that a small team of exceptionally experienced senior bankers—each with 20+ years in emerging market transactions—is more effective than hierarchical teams of junior bankers led by part-time senior leadership. The firm believes that detailed research, extensive local contacts, and deep understanding of local requirements are the true sources of value in complex cross-border transactions.
PMD's core philosophy centers on discretion, objectivity, and avoiding conflicts of interest. As a privately-owned firm not registered as a broker-dealer, PMD does not earn underwriting fees for public equity offerings and does not push clients toward any particular funding source. This independence allows them to provide unbiased advice. The firm explicitly avoids traditional investment banking conflicts by focusing exclusively on advisory services. PMD maintains relationships with all major official export credit agencies, bilateral and multilateral financial institutions, and has been involved in some of the world's largest limited recourse project financings.
Sectoral Expertise
PMD has deep expertise across multiple capital-intensive sectors in emerging markets. The firm's transaction portfolio spans:
Energy Sector (41% of experience): PMD has advised on power generation (29% of all assignments), including approximately 40,000 MW of capacity across coal, oil, geothermal, hydro, natural gas, and wind energy projects. Additionally, the firm has extensive experience in oil and natural gas development (12% of assignments), including exploration, development, production, processing, refining, pipeline transportation, and LNG liquefaction/regasification.
Industrial & Mining (17%): PMD has structured transactions in coal mining, ferrous and non-ferrous metals, industrial minerals, and metal processing/smelting. The firm advises mining companies on the financial structuring of large-scale resource development projects.
Infrastructure & Transportation (15%): The firm specializes in transportation infrastructure—roads, bridges, tunnels, light and heavy rail, bulk cargo and container seaports, and passenger/freight airports. PMD also has experience with water supply, desalination, irrigation, and purification projects (4%).
Petrochemicals & Manufacturing (14% + 3%): PMD advises on methanol, ammonia, olefins and aromatics complexes, and other downstream petrochemical products. The firm also has experience in general manufacturing, including inorganic chemicals, cement, electronics, and pharmaceuticals.
Telecommunications & Hospitality (3% + 2%): PMD has structured fixed line, cellular, and satellite telecommunications systems, as well as hotels, resorts, marinas, and related support services.
Geographic Coverage & Market Focus
PMD operates globally with emphasis on emerging markets: Asia (67% of work), including Southeast Asia (25%), West Asia (22%), East Asia (17%), and South Asia (2%); the Americas (22%), including South America (16%) and Central America/Caribbean (6%); Africa (8%); and Emerging Europe (3%). The firm maintains offices in Annapolis, Maryland (US) and London, UK, positioning them to serve both North American sponsors and international investors.
Pioneering Project Finance Innovations
PMD's senior staff were instrumental in developing two foundational project finance innovations: the "Build-Own-Transfer" (BOT) and "Build-Own-Operate" (BOO) concepts. The firm also pioneered the use of Revenue Participation Certificates in local currency to finance infrastructure, addressing the currency risk challenges that hampered emerging market project finance. These innovations have become standard structures for infrastructure development globally.
Service Capabilities
Project Finance: PMD brings together multi-national teams to structure and finance projects across energy, mining, transportation, petrochemicals, and communications. The firm manages the full lifecycle from concept through implementation, including identifying potential investors, developing ownership structures, obtaining government concessions and approvals, negotiating project documents, and securing funding. PMD was selected out of 252 respondents in a global tender to advise the U.S. Export-Import Bank on project finance, ultimately ranking first on technical merit. Between 1994 and 2000, PMD advised U.S. Ex-Im Bank on 18 projects, representing over 50% of the transactions considered by the Project Finance Division during that period.
Corporate Finance & M&A: PMD assists companies with acquisitions, divestitures, joint ventures, and investments in emerging markets. The firm raises funds primarily through private placement of debt and equity, and provides counsel on structuring and negotiating such financing. PMD advises on asset purchases and sales, partner identification, and joint venture formation across multiple countries and sectors.
Government Advisory: PMD has represented governments and government-owned companies in two dozen countries over the past 30 years. The firm advises on increasing direct foreign investment, privatization, development of new financial instruments, creation of financing agencies, establishment of free trade zones, and streamlining foreign investment procedures. This deep government relations expertise is particularly valuable in emerging markets where government support and approvals are critical to transaction success.
Debt Restructuring: PMD's directors have extensive experience negotiating with the Paris and London Clubs on behalf of governments. The firm has structured complex financial and economic models, created solutions for diverse creditor groups, managed controversial situations on behalf of public sector entities, and implemented debt-to-equity swap programs to promote foreign direct investment using defaulted debt.
Team & Organizational Approach
PMD's senior staff includes Rex Pingle (President and CEO, 35+ years of emerging market banking experience), Jehangir Masud (Director, 35+ years in corporate and project finance, London-based), and William L. Polk Jr. (Managing Director). Each senior banker brings multiple decades of transaction experience and deep country-specific expertise.
The firm structures teams as an "inverted pyramid," typically consisting of two senior bankers, an associate, an analyst, and technical specialists as needed. The two senior bankers provide backup for clients, support for each other, and leadership for the team. Because PMD senior staff have worked together for decades, there is consistency in philosophy, approach, and methodology across all engagements.
PMD is committed to training local staff and transferring technology to the greatest extent possible. The firm incorporates local staff into transaction teams to improve communication, coordination, training, and technology transfer. Upon request, PMD provides seminars on BOT projects, financial analysis, modeling, country risk analysis, and other specialized topics for middle and senior-level government staff.
Approach to Confidentiality & Conflicts
PMD routinely handles confidential information from private and public sector sources with the utmost discretion. All information is limited to team members on a "need-to-know" basis. Documents are fully secured. The firm's policy of relying on "word-of-mouth" referrals rather than public advertising enables it to fulfill objectives of private clients without unnecessary attention. PMD is exceptionally sensitive to conflicts of interest. As a privately-owned firm specializing in advisory services without ongoing banking relationships, PMD avoids the multiple conflicts that larger international banks face with contractors, suppliers, and other counterparties.
Experience & Recognition
The Principals and senior staff of PMD have completed transactions in over 75 countries. The firm is known for detailed research, extensive local contacts, and in-depth understanding of local requirements. In addition to financial advice, PMD provides technical and commercial guidance, market-specific information, and detailed economic, financial, and political analysis.
PMD International joined the U.S.-Ukraine Business Council to advance collaboration in cross-border transactions and has been recognized by academic institutions including George Washington University, where executives serve on advisory councils. The firm has also been involved in international arbitration cases as financial advisor and expert witness, demonstrating recognized expertise in emerging market finance.
Sweet Spot & Engagement Profile
PMD's ideal client is a multinational corporation, government, or financial institution developing or financing large-scale infrastructure, resource extraction, or industrial projects in emerging markets. The firm works on transactions ranging from $50M to $500M+, with capacity to handle transformational deals. They are particularly suited for clients requiring government relations expertise, local market knowledge, and the ability to structure complex limited-recourse financings in markets with currency and political risks.