Esentia lists on Mexican Stock Exchange
Summary by AI BETAClose X
(LSE: PEY/PEYS)
Partners Group Private Equity Limited
Portfolio company Esentia Energy Development prices IPO and lists on the Mexican Stock Exchange
· Esentia was the eleventh largest portfolio company for PGPE Ltd, with a NAV of EUR 26.1 million as of 30 September 2025
· Esentia priced its IPO of 224,000,000 shares at MXN 45 per share
· The shares are listed on the Mexican Stock Exchange under "ESENTIA"
· Esentia is a leading developer, owner, and operator of midstream natural gas infrastructure, servicing some of Mexico's most important demand centers
Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, announces that shares in its portfolio company Esentia Energy Development ("Esentia" or "the company"), a fully integrated natural gas pipeline network in Mexico, began trading on the Mexican Stock Exchange on 20 November 2025, following the pricing of its initial public offering ("IPO").
The IPO of 224,000,000 shares of Esentia's common stock priced at MXN 45 per share on 19 November 2025. Esentia's stock is listed under the ticker "ESENTIA". The shares were also sold in a private offering in the United States to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-US persons in accordance with Regulation S under the Securities Act. Following the IPO, and assuming no exercise of the option to purchase additional shares, funds affiliated with or advised by affiliates of Partners Group will hold approximately 70% of Esentia's issued and outstanding common stock.
The listing represents one of the first IPOs in Mexico with an international distribution since 2018, the first IPO of an energy infrastructure company in Latin America since 2021, and the largest IPO in Latin America in 2025.
Based on the last reported NAV as of 30 September 2025, the carrying value of PGPE Ltd's exposure to Esentia stood at EUR 26.1 million[i]. The offering ultimately priced at MXN 45 per share, reflecting adjustments due to short-term market dynamics and liquidity considerations, rather than any change in Esentia's fundamentals. Following the IPO and the closing price of MXN 46 per share after Esentia's first trading day, PGPE Ltd expects to receive approximately EUR 3.8 million[ii] in proceeds and retain an exposure of approximately EUR 10.6 million as of 21 November 2025, for a combined value of approximately EUR 14.4 million.
A lock-up period of 366 days in connection with the IPO has been agreed upon for pre-IPO stockholders. As of 30 September 2025, PGPE Ltd has received EUR 3.2 million in distributions. Combined with the IPO proceeds of approximately EUR 3.8 million, this will bring the total distributions to date to approximately EUR 7.0 million.
Partners Group has been invested in Esentia since 2014 and has overseen several major value creation initiatives. These included transforming Esentia from a developer and builder of natural gas pipeline assets to a leading pipeline operator; building the largest privately held interconnected gas system in Mexico, which delivers low-cost gas from Waha, Texas across the center of Mexico; and creating Esentia Gas, which provides bundled gas and capacity supply solutions. Since Partners Group's investment, Esentia has increased its aggregate capacity by 6.1x and expanded its pipeline network from 508 km in 2014 to over 2,000 km in 2025, reflecting the successful transformation of the company's operations.
Today, Esentia's natural gas pipeline network transports approximately 16% of Mexico's daily natural gas demand and operates the largest privately held, interconnected gas system in Mexico, which delivers low-cost gas into the industrial high-demand regions of the country. Esentia's core business is anchored by a robust portfolio of long-term take-or-pay contracts of between 20 to 35 years. These contracts are primarily denominated in USD with the Comisión Federal de Electricidad, the country's state-owned energy utility, and a range of blue-chip private clients.
Esentia benefits from thematic tailwinds including strong demand for natural gas due to Mexico's rising electricity needs, driven primarily by the power and industrial sectors, as well as by liquified natural gas exports. Other key drivers of demand include the shift away from oil and coal in Mexico toward more efficient combined-cycle power plants that use natural gas and a decline in local natural gas production, which is increasing reliance on imports from the US. Given this strong demand, the proceeds of the IPO will be used to fund growth initiatives related to Esentia's expansion plan, amongst other initiatives, as well as to repay certain indebtedness.
Ends.
About Partners Group Private Equity Limited
PGPE Ltd is an investment holding company founded in 1999 and domiciled in Guernsey. It invests in private equity direct investments. PGPE Ltd is managed in its investment activities by Partners Group, a global private markets investment management firm with over USD 174 billion in investment programs under management in private markets, of which USD 83 billion is in private equity. Partners Group itself is listed on the Swiss Stock Exchange (ticker: PGHN). PGPE Ltd aims to provide shareholders with long-term capital growth and an attractive dividend yield. PGPE Ltd is traded on the Main Market of the London Stock Exchange (ticker: PEY for the Euro quote; PEYS for the Sterling quote).
Contacts
Partners Group Private Equity Limited:
pgpe-ltd@partnersgroup.com
www.partnersgroupprivateequitylimited.com
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Investor relations contact: Andreea Mateescu Phone: +41 41 784 66 73 E-mail: andreea.mateescu@partnersgroup.com
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Media relations contact: Jenny Blinch Phone: +41 41 784 65 26 E-mail: jenny.blinch@partnersgroup.com |
Registered Number: 35241 LEI: 54930038LU8RDPFFVJ57
Notes:
1. Note that references in this announcement to Partners Group Private Equity Limited have been abbreviated to "PGPE Ltd" or "the Company". References to Partners Group AG have been abbreviated to "Partners Group" or "the Investment Manager".
2. This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Partners Group Private Equity Limited. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein are not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.
3. This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document. Neither the contents of PGPE Ltd's website nor the contents of any website accessible from hyperlinks on PGPE Ltd's website (or any other website) are incorporated into, or form part of, this announcement.
4. This announcement may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.
[i] EUR amounts are estimated converting expected USD amounts using FX rate of 0.85 as of 30 September 2025
[ii] EUR amounts are estimated converting expected USD amounts using FX rate of 0.87 as of 24 November 2025
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