REG - Partners Grp Pvt Eqt Partners Grp E-PEYS - Esentia lists on Mexican Stock Exchange

Partners Private EquityAnnouncement

27/11/2025 07:00

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RNS Number : 2577J  Partners Group Private Equity Ltd  27 November 2025

(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

 

 Investor relations contact:                  Media relations contact:

 Andreea Mateescu                             Jenny Blinch

 Phone: +41 41 784 66 73                      Phone: +41 41 784 65 26

 E-mail: andreea.mateescu@partnersgroup.com   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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