Infrastructure asset manager Mexico Infrastructure Partners (MIP) is stepping up fundraising across multiple strategies as it seeks to capitalize on rising investor appetite for energy transition and core infrastructure assets.

At the center of the push is the fifth flagship fund, MIP V, which will be the Mexico City-based manager’s first dedicated energy transition fund, Partner and COO Gerardo Colosio told this publication. Targeting USD 1.5bn for the vehicle, MIP is currently in the market and expects to reach a first close in September this year, with domestic pension funds (AFOREs) anchoring early commitments before international capital is brought in from sovereign wealth funds and development finance corporations, he said.

Colosio said investor interest in Mexico’s power sector remains strong, particularly as government policy increasingly steers private capital toward renewable generation while the government has consolidated its ownership of core baseload generation at just over its 54% target. This dynamic is creating a pipeline of both greenfield and brownfield opportunities, which MIP V is designed to capture. The fund will also pursue hybrid strategies combining development and operational assets.

A key differentiator for the strategy is MIP’s integrated platform, which would allow mature, stabilized projects to be recycled into its listed Fibra E infrastructure trust-FIEMEX-once operational. This structure provides investors with a defined exit pathway. “We can originate, finance and stabilize projects, and then drop them into our Fibra E,” Colosio noted, highlighting the ability to de-risk investments over time while maintaining capital efficiency.

The manager is already lining up seed assets for its energy transition fund. MIP recently made filings with Mexico’s competition authority (Comisión Nacional Antimonopolio – CNA) requesting approval for the acquisition of two Mexican wind projects from Acciona, the 183 MW El Cortijo and 138 MW Santa Cruz plants, underscoring its strategy of partnering with established developers to secure scalable pipelines.

In December 2025, Acciona and MIP announced a deal which would see the Mexican manager acquire a 49% stake in Acciona’s 1.3 GW solar PV portfolio in the US, together with full ownership in two wind farms in Mexico totaling 321 MW for close approximately USD 1bn.

Advancing the Colombian strategy

Alongside its core, Mexico-focused energy push, MIP is preparing a second regional vehicle, EXI Latin America II (also referred to as MIP Colombia 2), which is targeting up to USD 500m in commitments. The fund will build on the track record of its 2018 vintage predecessor, EXI Latam, which backed a Colombian infrastructure portfolio including port terminals, airports and a thermal power plant.

The new Colombian strategy is expected to benefit from regulatory changes encouraging local pension funds (AFPs) to allocate more capital domestically to alternative assets, Colosio said. MIP plans to seed the vehicle with selected holdings from its first fund, including the Aeropuertos de Oriente airport assets and its ownership stake in the Buenaventura Container Terminal (TCBuen), which it co-owns with APM Terminals.

“We are starting the fundraising process in Colombia and want to raise up to USD 500m to invest across sectors where we already have experience,” Colosio said, signaling a continuation of the firm’s diversified approach across transport and energy infrastructure.

Attracting capital to LatAm and investing abroad

Beyond Latin America, MIP is also expanding selectively into the US market. As mentioned above, the firm recently made its first non‑regional investment by acquiring the minority stake in the portfolio of solar assets developed by Acciona. MIP is finalizing a dedicated private trust for these assets, which Colosio said they also expect to close in September.

This cross‑border expansion is likely to deepen in the medium term, with MIP evaluating bilateral opportunities in transmission and gas pipeline infrastructure that could connect markets or involve US‑Mexico dynamics over the next few years.

To support its growing international ambitions, the firm has established a global capital‑raising platform with teams in New York, Toronto and Madrid. Respectively, those offices are led by Craig Pollak, who used to work for Equitix; Aaron Vale, ex-CBRE and Macquarie; and Antoine Delaprée, who led MIP’s digital infrastructure strategy. These offices are tasked with attracting foreign institutional investors and strengthening relationships with local players, be they European and Middle Eastern capital pools, or the Spanish developers and financial institutions that are so active in Americas infrastructure development and finance.

The strategy also serves a dual purpose: facilitating inbound investment into Mexico while gradually offering domestic AFOREs exposure to international assets as the relationship offices facilitate MIP’s  international investment horizons. According to Colosio, greater foreign participation could also enhance liquidity in MIP’s listed Fibra vehicles and provide exit options for early AFORE investors.

Highways have room to run

In parallel with its flagship fundraising, MIP continues to execute follow‑on transactions across its existing portfolio. Colosio said that MIP’s transport-focused investment trust, Fibra EXI (FEXI), is undertaking a capital raise of up to USD 500m to finance acquisitions such as the León–Salamanca toll road, which FEXI purchased from industrial conglomerate Grupo México in a deal valued at MXN 8.22bn (USD 473.9m), and to pursue additional M&A opportunities in the highways sector.

FEXI holds controlling stakes in a series of highway concessions that MIP has acquired over the years.

The firm is also exploring expansion projects within its portfolio, which could include potential road widening schemes under existing concession agreements, demonstrating a continued focus on value creation beyond initial asset acquisition, Colosio said.