Our Team

Managing Member

Francisco Uriarte

Francisco J. Uriarte is a co-founder and serves as Connelly Capital’s Managing Member. He has had over thirty-four (34) years of combined experience in the areas of Corporate and Entrepreneurial Finance, Strategy, Marketing, Operations and Mergers & Acquisitions. Francisco has been directly involved in over fifty transactions with accumulated value over $765MM in Puerto Rico, the US Virgin Islands and the United States, and has also been involved, as a principal, in two entrepreneurial activities which subsequently have been sold, and as a Private Investor, Board Member or Advisor in many more. As Managing Member of Connelly Capital, Francisco has advised private companies in the recycling, venture capital, entrepreneurial development, aviation, software, amusement parks, remote monitoring services, real estate, building & facilities services, behavioral health care, genomics, proteomics, food retail, food manufacturing, financial services, medical malpractice insurance, commercial landscaping, safety equipment distribution and renewable energy, among others. Francisco is a member of the Young Presidents’ Organization, the Latino Corporate Directors Association and is a NACD Governance Fellow. He chairs the Board of Directors of Puerto Rico Medical Defense Insurance Company and is Director Emeritus at Grupo Guayacan, Inc.

Education:

  • BS in Industrial Engineering with a minor in Finance from the Georgia Institute of Technology

  • Inter American University: Master of Business Administration

Certification:

  • Certified Valuation Analyst (CVA)

  • Certified Mergers & Acquisitions Advisor (CM&AA)

  • Series 65 designation

Managing Member

Gustavo Ayala

Gustavo Ayala serves as Connelly Capital’s Managing Member and has over ten (10) years of experience in the areas of Corporate Finance, Mergers & Acquisitions, Complex Financial Transactions, Strategy, and Manufacturing and Distribution Operations. He’s been directly involved in over ten transactions with accumulated value over $100MM in Puerto Rico and Latin America. Prior to joining Connelly Capital, Gustavo was the General Manager of the International Division of Master Group, a 17-year-old, locally owned construction materials manufacturing and distribution company with operations in Puerto Rico, Panamá and Colombia. In this role, Gustavo oversaw Master’s International Expansion into Panama and Colombia thru Acquisitions and Joint Ventures. Additionally, Gustavo is responsible for Master’s Puerto Rico M&A strategy executing three transactions with combined values of $10 million, alongside Master’s Capital Allocation Strategy. Gustavo started his career in 2012 as an Associate at KPMG LLP in their Philadelphia office, working on a Fortune 500 Company and a Top 100 Privately Owned Company in the US as an auditor.

Education:

  • Villanova University: Bachelor’s degree in Business Administration with a concentration in Accounting & Finance

  • Villanova University: Master’s degree in Accounting and Professional Consultancy

Compliance & Operations Manager

Cristina Domínguez

Cristina Dominguez joined Connelly Capital in December 2023 and serves as Compliance & Operations Manager covering various areas related to Connelly Capital’s investment advisory activities, compliance, operations, accounting, asset management, and support in deal structuring. Prior to joining Connelly Capital, Cristina last served as Manager at Popular Inc. for nine (9) years where she gained experience in various fields related to compliance, risk, commercial lending, and AML, and fraud. While at Popular, Inc., Cristina had the opportunity to lead the New Markets Tax Credit efforts for Popular’s Community Development Entity (CDE) by deploying $120MM in NMTC allocation to spur economic development in underserved and distressed areas, mainly in Puerto Rico as well as managed and created new processes related to Quality Control, Training Programs, Policies & Procedures, internal and external regulatory audits, among others. Prior to Popular, Cristina worked for Morgan Stanley in New York in the areas of regulatory reporting, risk, and compliance for four (4) years focused on compliance matters related to the Securities and Exchange Commission’s regulations surrounding disclosure of interest and Morgan Stanley’s investment management fund compliance.

Education:

  • Villanova University: Bachelor’s Degree of Arts, Psychology; Business Administration Minor & Human Services Minor

  • University of Puerto Rico, Rio Piedras: Master of Business Administration

Controller

Yemara Acosta, CPA

Yemara Acosta is a Certified Public Accountant who joined Connelly Capital in July 2024 as Controller covering accounting and operational matters. Prior to joining Connelly Capital, Yemara served eight (8) years as an auditor at Ernst & Young, where she advanced to the position of Audit Manager. During her tenure, she led audits among various industries, including registered investment funds, telecommunications, distribution, retail, non-for-profit, and manufacturing. Her role involved extensive client management, project oversight, and execution of complex audits. She has expertise in project management, financial statement analysis, internal controls, and leadership. Her skills include effective planning and execution of audits, problem-solving, developing strong client relationships and team development.

Education:

  • University of Puerto Rico, Rio Piedras: Bachelor of Science in Business Administration, Accounting and Finance Concentrations

Certification

  • Certified Public Accountant (CPA)

Senior Analyst

Rodrigo Fernández

Rodrigo Fernandez joined Connelly Capital in November 2023 and serves as a Senior Analyst covering a myriad of topics related to mergers & acquisitions, capital raising, valuations, among others. Prior to joining Connelly Capital, Rodrigo served as Senior Associate on the Corporate Financial Planning and Analysis (FP&A) team for Red Ventures, where he also had significant experience as a Product Manager for digital web applications, involving creative direction, strategic oversight and planning, performance analysis, and project management. Prior to his time at Red Ventures, he worked as Financial Analyst for Advent-Morro Equity Partners, a private equity firm based in Puerto Rico.

Education:

  • Marquette University: Bachelor of Science in Business Administration, Finance Concentration

Analyst

Pedro Álvarez

Pedro Alvarez joined Connelly Capital in August 2023 and serves as Analyst covering a myriad of topics related to mergers & acquisitions, capital raising, valuations, among others. Prior to joining Connelly Capital, he was an associate at Red Ventures on the Financial Operations team for its insurance vertical where his responsibilities included analysis and forecasting of financial performance, management of exterior partnerships and identification of new strategic opportunities for the business. During his time at Red Ventures, he also had experience at the Financial Operations teams in Red Ventures’ Movers and Education verticals in addition to experience as a Product Analyst at two of the company’s projects where he oversaw the creation of multi-year financial models, design planning of the product and project management of the development phase.

Education:

  • Georgetown University: Bachelor of Science in International Business and a Government minor

Private Equity Associate

Isabel Chafey

Isabel Chafey joined Connelly Capital in October 2024 and serves as a Private Equity Associate, focusing on evaluating potential investment opportunities and monitoring portfolio investments. Before joining Connelly Capital, Isabel worked in the Strategic Initiatives team at Insight Partners in New York where she managed strategic and operational projects, including process improvements, vendor evaluations, spend analyses, and reports for senior management. Prior to Insight Partners, Isabel spent three (3) years at BlackRock in their Corporate Strategy & Development team. In this role, she worked on internal consulting projects across different business units and evaluated potential M&A transactions and minority investments, developing financial models and conducting valuation work, to support the firm’s long-term growth.

Education:

  • Wharton School at the University of Pennsylvania: Bachelor of Science in Economics with concentrations in Strategic Management and Operations, Information and Decisions

Fund Accountant

Julián Morales

Julián Morales joined Connelly Capital as an intern in January 2025 and since July 2025, is part of the team as Fund Accountant, where he supports the firm and its clients in maintaining accurate books and records, preparing financial statements, and assisting with audit, tax, and investment-related matters. Prior to joining Connelly, Julián completed internships at J.P. Morgan Chase, where he supported the Wealth Management Financial Sponsors Group, and at Parliament Capital Management, underwriting private credit opportunities. He is scheduled to take his CPA exam in May 2026.

Education:

  • University of Puerto Rico: Bachelor of Arts in Finance and Accounting (graduating December 2025)

Junior Analyst

Jorge Rojas

Jorge A. Rojas joined Connelly Capital in August 2025 as a Junior Financial Analyst, where he focuses on mergers & acquisitions, asset management, and capital raising. Prior to joining Connelly, Jorge worked at Stonecrest Partners as a Registered General Securities Representative and Investment Advisor, where he assisted individuals and businesses with financial planning and wealth management.  

Education:

  • University of Puerto Rico, Bayamón Campus: Bachelor’s degree in Business, majoring in Finance and Accounting

Junior Analyst

Franco Perez

Franco Perez joined Connelly Capital in August 2025 as a Junior Financial Analyst, where he focuses on mergers & acquisitions, capital raising, and valuations, among others. He brings prior experience from two summers at PricewaterhouseCoopers in New York City, where he worked alongside M&A teams as a Tax Consultant Intern, gaining exposure to transaction processes and deal structures.

Education:

  • Villanova University: Bachelor’s degree in Business Administration with a major in Management, minor in Finance and concentration in Consulting

Compliance & Operations Officer

Maria Teresa del Toro

María Teresa Del Toro joined Connelly Capital Management as a Compliance & Operations Officer, supporting the firm’s regulatory filings, fund documentation, NMTC projects and investor communications. Prior to joining Connelly, she gained experience in business strategy, product management, and market research through roles and internships at CVS Health, Red Ventures, and HITLAB. She is passionate about the intersection of finance, innovation, and economic development.

Education:

  • Wharton School at the University of Pennsylvania: Bachelor of Science in Economics with a concentration in Health Care Management