Cofounder and Managing Partner, IGNIA

As a husband, father, friend, and business partner, Álvaro Rodríguez frequently offers a refreshing blend of brutal honesty and sincere devotion. He’s not inclined to—or even capable of—sugarcoating the truth. At the same time, everyone close to him completely relies on his unwavering support. It is no surprise that this combination of traits has enabled him to become one of Mexico’s most successful social entrepreneurs.

“He’s very encouraging, but he also challenges you,” says Marcela Cortina when describing her husband of 25 years. The result is that he inspires others to be the best version of themselves. Indeed, Rodríguez’s colleagues at Gentera—a financial services firm focused on underserved communities—can’t imagine running the firm without his involvement. Working in various capacities over the years, including chairing the board, Rodríguez helped shape Gentera into the largest microfinance firm in the Americas.

Rodríguez’s interest in using microloans to invest in developing economies was first sparked at HBS in 1994 when he helped organize the Latin American Conference. Through a friend, he met Michael Chu (MBA 1976), then CEO of Accion International, a pioneer in microfinance investing. “I was completely taken with everything he said,” says Rodríguez of the origins of their friendship, which has evolved from mentor, to collaborator, to business partner.

In 2007, the pair launched IGNIA, a venture capital firm that invests in companies that serve the emerging middle class in Mexico. IGNIA represents Rodríguez’s commitment to his homeland as well as his belief in tackling social problems with market solutions. “We support entrepreneurs because we want to have a positive impact on Mexico’s economy, and there is huge business opportunity,” says Rodríguez of IGNIA, which is Mexico’s biggest VC firm.

Growing up in Mexico, Rodríguez and his brother were raised by their mother after their father left the country in 1972. He attended high school in the United States and discovered two pursuits that remain front and center in his life: a passion for rowing and a desire to make a difference in Mexico. “Rowing is my meditation,” says the Pan American Games medalist who continues to participate in international rowing competitions. He returned to Mexico for college and has lived there since, excluding five years spent in Boston and New York.

Prior to cofounding IGNIA, Rodríguez held executive positions in several large corporations, combining his analytical skills with a no-nonsense approach to problem-solving. All the while, he spent his free time working to expand socioeconomic inclusion. At some point he asked himself, “Who will build the Mexico of tomorrow? Big corporations or emerging entrepreneurs?” The answer was so clear that he switched careers in order to invest in entrepreneurs bringing goods and services to the 70 percent of Mexico’s population who represent the emerging middle class. With holdings in fintech, financial services, online marketplaces, and the gig economy, and with $200 million under management, IGNIA is shaping the future of Mexico. “Business in Mexico has become much more democratic, so that smaller players can compete,” says Rodríguez. “These enterprises are very important to our country’s future.”

Proud of his contributions to Mexico, Rodríguez does not skip a beat when asked what his biggest accomplishment is: his family. They include Marcela, an architect who earned her master’s degree at Harvard’s Graduate School of Design when the couple lived in Boston, and their twin sons, Lucas and Mateo. While his father desperately wanted Rodríguez and his brother to attend Harvard (his brother earned a master’s degree at the Kennedy School), he says his own approach to parenting is more flexible: “As long as they are passionate and try hard, I will be happy for them.” In reflecting on the important role that his mother continues to play in his life, the son describes the family matriarch with the same words that others might use for him: “extremely hardworking, devoted to family, a very strong person, and a lot of fun.”

Photo by Susan Young

Featured Alumni

Alvaro Rodriguez-Arregui

MBA 1995

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