José María López de Letona


With over 30 years of experience in Private Equity, Mr. López de Letona founded Excel Partners (1991) together with NM Rothschild, launching several funds that invested in different industries in Spain, Germany, the United States… Since 2006, he has been also dedicated to Wealth Management activities. He has been a member and/or advisor to more than 30 Board of Directors (e.g. Teka Industrial, Agbar, Puerto Portals, recently) and has been a member of the Board of Directors of Private Equity industry associations in Europe and Spain (EVCA and ASCRI). He is Vice-President and member of the Executive Committee of the “Círculo de Empresarios” in Spain.


Gonzalo López de Letona


Since 2006, he has specialized in Equity Investments, Wealth Management, and Private Equity. He worked with Three Cities Research, Inc. (2006-2008), a Private Equity management company based in New York with operations in the United States and Canada. He has served on several Board of Directors (i.e. Finlovest SICAV, Movilnorte and Excel Corporación). He holds a B.A. degree in Business Administration (CUNEF, Universidad Complutense de Madrid).


Javier Echevarría


Since 2007, he has specialized in Equity Investments and Wealth Management. He worked in Bestinver’s sales team (2007-2009). He coordinated the Anatha charity project in Cambodia (2009). He joined Excel Corporación as Markets Analyst (2009) and Invexcel Patrimonio EAFI (2010). He holds a Degree in Law (Universidad Complutense de Madrid) and a Master’s Degree in Stocks and Financial Markets (Instituto de Estudios Bursátiles).



Alirio Sendrea, CFA

Research Director

Since 2004, he has specialized in Financial Analysis, Valuation, and Financial Consulting. Counts with a broad experience working in industry leading global companies (e.g. Barclays, KPMG, Procter & Gamble, Deloitte) working in key roles (Treasury, Restructuring, Investment and Divestiture projects, Risk & Control, External Auditing). He joined Invexcel Patrimonio as Research Director (2016). He is a CFA Charterholder a holds a Degree in Accounting (Universidad Central de Venezuela).

Antonio Gutierrez


Counts with more than 20 years of experience in financial, fiscal and administrative consulting in companies such as Standard Eléctrica, Esafisa, Acerinox, Mercamadrid and Herus Consulting. In 1995 he joined Excel Corporación as Administration and Finance Director, participating in the design and management of numerous companies, Private Equity funds, SICAVs, consultancy and real estate development services. He joined Invexcel Patrimonio since its inception, where he holds the position of Chief Financial Officer. He holds a B.A. degree in Business Administration (Universidad Complutense de Madrid).

Carlos Rodal

Compliance & Back-Office

He began his career as Head of Logistics Administration at Alditran (1991). Since 1996, he worked in the studio of sculptor Eduardo Chillida, and as Deputy Financial Director of Chillida-Leku Museum (2000). He joined Excel Corporación as Head of Back-Office (2010) and Invexcel Patrimonio as Head of Administration, Regulatory Compliance and Relations with the CNMV (2011). He holds a Degree in Law (Universidad del País Vasco – UPV/EHU). He has complementary studies in information technologies, accounting, payroll and social security.


Paul Fenton


Since 1996, he has held roles in Back/Middle-Office, Treasury and Finance at American Express (1996-1998), Barclays (2006-2015) and Banco Popular (2015-2018), developing an extensive experience in Market Risk, Liquidity Risk, Regulatory Reporting, Accounting and Financial Control, leading process automation projects. He joined Invexcel Patrimonio EAF in 2018 as Head of Operations. He is a graduate in Mathematics and European Studies (1996) with a DPhil in Mathematics (2001), both from the University of Sussex (United Kingdom).