There are a number of private equity funds focused on Mexico’s energy sector. All of them have been directed by, or associated with, former Mexican finance ministers and directors general of Pemex or their relatives:
Axis Capital Management, the oldest of the funds, was founded in 1990 at the beginning of the presidency of Carlos Salinas (1988-1994). Principals are related by blood and marriage to Francisco Gil Díaz, who during the Salinas administration served as undersecretary of finance.
Protego was founded in 1996 by former Salinas-era finance minister Pedro Aspe 1988-94). Dr. Aspe is presently a director and co-chairman of Evercore, a global fund.
Two former directors of Protego are ITAM graduates Luis Videgaray and Emilio Lozoya, respectively the current finance minister and director general of Pemex.
Evercore is global investment banking firm that has an equity participation or partnership with Protego.
Evercore Mexico Capital Partners in June 2013 announced a fund that had raised $201 million. Evercore in 2013 acquired 20% of Grupo Diavaz (www.diavaz.com) for an undisclosed amount rumored in the range of $40-50 million.
Navix: A fund whose principal investors include Axis Capital Management, Eton Park, Stark Investments and Citi Group. Gonzalo Gil White (see below) is president of its executive committee.
Oro Negro: A fund established by former Pemex DG Luis Ramírez Corzo (2004-06) that has raised $450 million. Another associate is Juan José Suárez Coppel, aformer DG of Pemex (2009-12). Another director is Gonzalo Gil White, a son of former finance minister Francisco Gil Díaz.
Principal investors are Axis Capital Management ($200 MM), Ares Management ($100 MM), and Temasek ($100 MM), a Singapore-based fund. Oro Negro has placed two orders for $417 MM for two jack-up rigs from Singapore’s Sembcorp (SMM).
http://www.oronegro.com.mx/executive.php?lang=en
http://www.oronegro.com.mx/pdf/PR030513.pdf
http://www.aresmgmt.com/public/PrivateEquity/PrivateEquity.aspx
EnergeA: This fund was established in January, 2012, between Morgan Stanley and Jesús Reyes Heroles, an MIT PhD and former Energy Minister (1995-97) and Director General of Pemex (2006-09).
http://structura.com.mx/en_energea/servicios
http://structura.com.mx/-/downloads/Morgan_Stanley-JRH_Comunicado.pdf
Note: Many of figures in public and private finance in Mexico have relationships that began in college in Mexico, principally the ITAM, a private university and graduate school. On its website, ITAM publishes a list of distinguished alumni, the names of which include presidents, ministers and other figures in high public office, with a gallery of sequential photographs.
http://www.itam.mx/es/acerca/carrera/carrera.php
