I Squared Capital to Acquire Stake in Strategic Permian Natural Gas Pipeline Asset 
 
 
MIAMI--(BUSINESS WIRE)--May 15, 2025-- 
 
   I Squared Capital, a leading independent global infrastructure 
investment manager, together with MPLX LP $(MPLX)$, and Enbridge 
Inc. $(ENB)$, today announced that it has agreed to acquire a 
significant equity interest in the Matterhorn Express Pipeline (MXP), a 
2.5 billion cubic feet per day (Bcf/d) natural gas pipeline connecting 
the Permian Basin to key Texas demand centers and U.S. Gulf Coast LNG 
export terminals. 
 
 
   "This investment exemplifies our strategy of acquiring critical 
infrastructure assets that support the major re-industrialization themes 
we see in the U.S. economy today," said Gautam Bhandari, Global Chief 
Investment Officer and Managing Partner of I Squared Capital. "The 
pipeline benefits from a prime location and serves some of the 
fastest-growing energy demand centers in North America, including LNG 
export terminals, industrial hubs, and rapidly expanding AI-driven data 
centers in the Austin and Houston metro areas. The WhiteWater team is a 
proven management team with a successful track-record of working with I 
Squared. We are excited to partner with them, once again, to support the 
continued growth of this platform." 
 
 
   Under the terms of the transaction, I Squared will acquire, through its 
ISQ Global Infrastructure Fund III, approximately 37% of Matterhorn 
InvestCo, LLC ("MXP HoldCo"), alongside FIC and WhiteWater Midstream. 
Following the close of the transaction, MXP will be owned 65% by MXP 
HoldCo, 15% by ONEOK $(OKE)$, 10% by MPLX, and 10% by Enbridge. 
WhiteWater Midstream, through MXP HoldCo, will continue to operate MXP. 
 
 
   MXP is a newly constructed, 100% contracted natural gas pipeline in the 
heart of the Permian Basin. It was placed into service in November 2024 
and has approximately 2.5 billion cubic feet per day of fully contracted 
capacity. The system transports natural gas from the Waha area in the 
Permian Basin with delivery capabilities throughout the greater Houston 
area. 
 
 
   The transaction is expected to close in mid-2025, subject to customary 
regulatory approvals and closing conditions. Kirkland & Ellis LLP served 
as legal counsel to I Squared in this transaction. 
 
 
   About I Squared 
 
 
   I Squared Capital is a leading global infrastructure investor managing 
$45 billion in assets. We build and scale essential infrastructure 
businesses that deliver critical services to millions of people 
worldwide. Our portfolio includes over 90 companies operating in more 
than 70 countries and spanning sectors such as energy, utilities, 
digital infrastructure, transport, environmental and social 
infrastructure. Headquartered in Miami, our team of over 300 
professionals is based across offices in Abu Dhabi, London, Munich, New 
Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at 
www.isquaredcapital.com. 
 
 
   Disclaimers 
 
 
   No discussion with respect to specific companies should be considered a 
recommendation to purchase or sell any particular investment. The 
companies discussed do not represent all past investments. It should not 
be assumed that any of the investments discussed were or will be 
profitable, or that recommendations or decisions made in the future will 
be profitable. Past performance is not indicative of future results, and 
there can be no assurance that any investment will achieve similar 
returns. 
 
 
   This document does not constitute advice or a recommendation or offer to 
sell or a solicitation to deal in any security or financial product. It 
is provided for information purposes only. Investing involves risk, loss 
of principal is possible. Specific investments described herein do not 
represent all investment decisions made by ISQ. The reader should not 
assume that investment decisions identified and discussed were or will 
be profitable. Specific investment advice references provided herein are 
for illustrative purposes only and are not necessarily representative of 
investments that will be made in the future. 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250515764336/en/

 
 
    CONTACT:    I Squared Media Contacts 
 
   Dominic McMullan/Shelly Hagan 
 
 
   info@isquaredcapital.com 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 15, 2025 10:51 ET (14:51 GMT)