Private Equity Funds in Mexico in the Oil Sector

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 ManagementAxis 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.

ProtegoProtego 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 PartnersEvercore is global investment banking firm that has an equity participation or partnership with Protego.

Evercore Casa de BolsapEvercore Mexico Capital Partners in June 2013 announced a fund that had raised $201 million. Evercore in 2013 acquired 20% of Grupo Diavaz ( for an undisclosed amount rumored in the range of $40-50 million.

NavixNavix: 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 NegroOro 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.

Axis Capital TemasekPrincipal 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).

EmergeaEnergeA: 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). 

ITAMNote: 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. 


Written by

Mexico Energy Intelligence

Baker & Associates offers niche-market business and policy intelligence related to Mexico's oil and gas, power and chemical industries. Over 1,000 reports have been issued in the last 20 years. Subject matter expert and publisher George Baker, who directs the firm, has carried out consulting assignments starting in the late 1970s at the height of the Oil Boom in Mexico. He brings bilingual and bicultural skill-sets to understanding and responding to challenges of business and public policy, coupled with a deep familiarity with the history and idiosyncrasies of the Mexican operating environment.