Fraga, of Rio de Janiero, is the co-founding partner of Gávea Investimentos, a leading asset management firm in Brazil. He also chairs the board of directors of Brazil’s securities, commodities and futures exchange, BM&FBOVESPA. After earning his B.A. and M.A. in economics at Pontifícia Universidade Católica do Rio de Janeiro, Fraga received a Ph.D. in economics at Princeton in 1985. He is a member of Princeton’s Global Leadership Committee, the Bendheim Center for Finance Advisory Council and the Griswold Center for Economic Policy Studies; he is also a board member of the Princeton Club of Brazil. The University awarded him the 2013 James Madison Medal, presented annually to an alumnus or alumna of the Graduate School who has had a distinguished career, advanced the cause of graduate education or achieved an outstanding record of public service.