i.
Senior-led execution
Every engagement is led by a principal with decades of capital markets, sovereign, and energy-sector experience. No junior hand-off.
Independent · Senior Banker-Led · Emerging Markets
Sector expertise in energy, infrastructure and complex cross-border transactions across Latin America and the emerging world.
Gencap & Co. is a specialized advisory firm serving corporates, sovereigns, national oil companies, and institutional investors in markets where experience, discretion, and execution capability matter most.
Explore sector capabilitiesSelected principal clients
Petróleos de Venezuela
Petróleos Mexicanos
ENAP Chile
AES Corporation
Ministry of Finance, Ecuador
Ministry of Finance, Peru
Ministry of Finance, Colombia
ANCAP Uruguay
Petrotrin
Central Bank of Chile
Monetary Authority of Singapore
Central Bank of Barbados
Overview
A specialized advisory practice built around senior execution in energy, infrastructure, and sovereign mandates.
01
Energy & Infrastructure
Strategic advisory on upstream, midstream, and downstream oil & gas; conventional and renewable power; transport, telecom, ports, and logistics.
02
Capital Markets & Project Finance
Strategic advisory on capital structure and financing alternatives for corporates, SOEs, and project sponsors operating in complex jurisdictions.
03
Sovereign & Restructuring
Strategic advisory on debt restructuring and liability management for finance ministries, central banks, and national oil companies.
Why Gencap
Senior attention, unconflicted advice, and executional fluency in markets where judgment cannot be delegated.
ii.
Independent & conflict-free
Private, discreet, and free of institutional conflicts. We do not underwrite, trade, or distribute, allowing us to advise on our client's side of the table.
iii.
Latin America at the core
Principals born and operating in the region, with a standing network into governments, national oil companies, regulators, and banking counterparties.
iv.
Institutional standards
Rigorous analytics, formal process discipline, and the kind of precision expected at leading bulge-bracket and independent firms.
From the Managing Partner
“Our goal is to systematically assist clients in accessing new and unfamiliar markets — to identify, quantify, minimize, and control risk.”
Gencap & Co. was built on the conviction that senior, principal-led advice still matters in markets where institutional knowledge, discretion, and continuity determine whether a transaction gets done. We remain a small team by design, accountable personally to every client we serve.
Roy A. Ellis
Managing Partner & Founder
The Firm
An independent advisory firm built on senior judgment and regional conviction.
Gencap & Co. provides strategic advisory to corporates, governments, national oil companies, and institutional investors on mergers & acquisitions, capital formation, project finance, and liability management — advising clients on how to structure and execute transactions, rather than acting as principal, underwriter, or arranger. Our emphasis is on the energy, infrastructure, and natural resource sectors of Latin America and the emerging world.
Positioning
A senior-banker model. A regional focus. A calibrated scope.
Capitalizing on the experience of its principals, Gencap provides independent advice to assist its clients in developing and executing strategic decisions — business development, mergers and acquisitions, divestitures, expansion projects, analysis of new markets, project return analysis, and identification of financing sources.
We operate as a boutique by design. Every engagement is staffed by a principal-led team, assembled for the specific assignment. This structure preserves the independence and discretion that institutional clients require, while delivering the analytical rigor and execution standards of a global bank.
Approach
Six principles that govern how we advise.
- Senior-ledPrincipals lead every mandate from origination through closing; staffing is lean, experienced, and accountable.
- IndependentNo sales, trading, underwriting, or lending conflicts. Advice is oriented exclusively to the client's side of the transaction.
- DiscreetConfidentiality is foundational. Many of our mandates are sensitive in nature and are never publicly disclosed.
- CalibratedWe accept assignments selectively, where our sector and regional experience can be a material source of value.
- RegionalLocal presence, local language, and standing relationships — with the analytical standards of a global firm.
- TechnicalFinancial modeling, structuring, and negotiation are conducted in-house by principals, not outsourced to juniors.
Geographic Reach
Principal coverage concentrated in Latin America.
Latin America is our core region — where our principals have executed sovereign and corporate mandates in Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Mexico, Peru, Trinidad & Tobago, Uruguay, and Venezuela. Our local presence, relationships, and fluency in regional institutions anchor the firm's practice.
Clients include finance ministries, central banks, national oil companies, sovereign funds, large corporates, institutional investors, and private equity sponsors. A summary of principal client relationships is available under Transactions.
Energy & Infrastructure
Deep sector fluency in the industries that define emerging-market economies.
Our principals have spent three decades structuring, financing, and restructuring transactions for national oil companies, private operators, sovereign sponsors, and institutional investors across the upstream, midstream, downstream, power, transport, telecom, and heavy industrial sectors.
01
Hydrocarbons
Oil & Gas
Advisory to NOCs, IOCs, and independent operators across the full value chain — with particular depth in redevelopment economics, capital structuring, and partnership frameworks.
- Upstream development and production scaling
- Brownfield redevelopment and recovery optimization
- National oil company partnerships and JV structuring
- Midstream infrastructure — pipelines, terminals, storage
- Downstream refining, petrochemicals, and distribution
- Reserve-based and project-level capital structuring
02
Electricity
Power & Energy Transition
Advisory across conventional generation, renewable build-out, grid expansion, and hybrid systems — with attention to regulatory frameworks and long-term PPA economics.
- Conventional thermal and hydroelectric generation
- Solar, wind, and geothermal development and financing
- Transmission and distribution infrastructure
- Hybrid generation and storage systems
- Utility privatization and restructuring
- Concession and PPA advisory
03
Infrastructure
Infrastructure
Platform-level and asset-level advisory for infrastructure sponsors, operators, and public counterparties — with a focus on bankable structures and long-duration capital.
- Transport — toll roads, rail, ports, and airports
- Telecom and digital infrastructure (towers, fiber, data)
- Pipelines, storage, and export terminals
- Water, wastewater, and utilities
- Industrial and logistics platforms
- Social infrastructure and availability-payment models
04
Project Finance
Project Development & Finance
Strategic advisory to project sponsors from origination through financial close — structuring, bankability, lender strategy, and term negotiation. We advise clients on how to secure long-term capital; we do not arrange or underwrite it.
- Greenfield and brownfield financial structuring
- Concession and PPP frameworks
- Multilateral, ECA, and commercial bank syndication
- Project bonds and structured notes
- Political and contractual risk mitigation
- Long-dated institutional capital placement
Sector credentials. Principal experience includes transactions with Petróleos de Venezuela, Petróleos Mexicanos, ENAP Chile, AES Corporation, AES Chivor, AES Gener, Enersis, Fertinitro, Petrotrin, Petrozuata, and La Electricidad de Caracas — covering issuance, restructuring, M&A, and project-finance mandates.
Principal Experience
Selected transactions executed by Gencap principals over the course of their careers.
The engagements below were executed by Gencap principals at Gencap and in prior roles at leading global and regional institutions. Values reflect transaction size at close.
A complete transaction history is available on request and under confidentiality. Certain engagements are not disclosed at client request.
The Team
Led by a senior partner, backed by a board of advisors with three-to-four-decade careers across capital markets, energy, and sovereign advisory.
Managing Partner & Founder
Roy A. Ellis
Juris Doctor, Universidad Católica Andrés Bello · B.A., Business Administration, Bellevue University · Pre-Doctoral Studies, Columbia University
Roy Ellis is a seasoned emerging-markets investment banker with a particular focus on the energy sector and fixed-income markets, including sovereign debt. His career spans 35 years across trading, investment banking, debt restructuring, and liability management for both public and private sectors. A Venezuelan national, Mr. Ellis began his career as a US bond and foreign-exchange trader at the Central Bank of Venezuela. In 1989 he was a member of the government team responsible for refinancing Venezuela's $20 billion external debt under the Brady Plan. In 1995 he was appointed Director of Public Credit and was responsible for the design and execution of the Republic's financing plan in domestic and international markets. He served on the board of EDELCA — the country's largest public utility — and of Banco República. From 1997 he held senior roles at Citibank (origination and structured project finance), Salomon Smith Barney (Latin American Investment Banking, energy coverage), and Deutsche Bank (Latin American Debt Capital Markets, heading public and private sector origination). He subsequently co-founded FalconView Securities and Gencap & Co.
Managing Director
Managing Director
Vicente Carrillo-Batalla
LLM, Harvard Law School · Lawyer, UCAB · Hague Academy of International Law
Mr. Carrillo-Batalla brings three decades of leadership across insurance, banking, and securities, together with senior diplomatic and academic appointments. Current and former roles include Director and President of Seguros Los Andes, Director of Banco de Occidente, and co-founder of Mibanco Banco Microfinanciero and Cynergi Capital Group. He is Partner and Managing-Director of Maximiza Casa de Bolsa and has taught finance, financial law, and taxation at Universidad Católica Andrés Bello. From 1995 to 1999 he served as Consul General of Venezuela in New York, where he played an active role in the relationship between the Government of Venezuela and the international banking industry. He is a columnist at El Universal and participated in the Harvard Law School International Tax Program and the 1992 session of the Hague Academy devoted to the study of sovereign external debt.
Board Advisors
Board Advisor
Ronald G. Percival
MBA/MIM, Thunderbird · BA, University of Texas at Austin · Series 7, 63, 24
Ron Percival is Managing Member and CIO of RGP Capital Management, investment advisor to the Global Developing Markets Partnership. He has nearly 40 years of experience across fund management, equity and fixed-income capital markets, loan capital markets, and corporate finance. Prior to founding RGP Capital he was Head of Latin American Loan Capital Markets and Syndications at Credit Suisse First Boston. Previously he spent four years as Managing Director at ING Barings, leading Global Emerging Markets Fixed Income Syndications, Syndicated Loan Distribution for the Americas, and ING's Emerging Markets Equity Syndicate. He began his career at Chemical Bank (now JPMorgan Chase), where from 1975 to 1994 he held country head and overseas assignments across Latin American banking and sovereign and corporate debt restructuring.
Board Advisor
James McDonald
MBA, Thunderbird School of Global Management · BA, University of San Francisco
James McDonald is a 25-year veteran of global equity markets and a former Managing Director at Deutsche Asset Management, where he headed two equity long-short hedge funds. He brings deep experience in Asia-Pacific and bilingual Japanese capability to the firm's cross-border practice. His career began in institutional sales at Morgan Stanley in New York and Tokyo, followed by asset-management and proprietary equity trading assignments at National Bank of New Zealand, Morgan Stanley, Credit Suisse, and Deutsche Bank. Peak assets under management in his quantitative market-neutral strategies approached $2 billion. Since 2013 he has been active on select assignments in the energy and financial sectors.
Contact
For confidential inquiries regarding potential mandates.
Correspondence with Gencap & Co. is treated as confidential. Initial discussions are conducted under informal confidentiality and, where appropriate, formalized through mutual non-disclosure agreements prior to the exchange of material information.
Offices
Washington, DC
1747 Pennsylvania Avenue, NW8th Floor
Washington, DC 20006 — United States
Greenwich, CT
500 West Putnam Avenue4th Floor
Greenwich, CT 06830 — United States
Caracas
Avenida Francisco de MirandaCentro Lido, Torre A, Piso 9, Oficina 92-A
Caracas — Venezuela
General inquiries may be directed to the Washington, DC office.
Inquiry