I Squared Capital Takes Stake in Key Permian Natural Gas Infrastructure 

I Squared Capital, in partnership with MPLX LP and Enbridge Inc., 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 linking the Permian Basin to key Texas demand centers and U.S. Gulf Coast LNG export terminals. 

Through its ISQ Global Infrastructure Fund III, Miami-based I Squared will hold approximately 37% of Matterhorn InvestCo, LLC (MXP HoldCo), alongside FIC and WhiteWater Midstream. Post-transaction, MXP ownership will be structured as follows: 65% by MXP HoldCo, 15% by ONEOK, 10% by MPLX, and 10% by Enbridge. WhiteWater Midstream will continue to operate the pipeline via MXP HoldCo. 

“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,” said Gautam Bhandari, Global CIO and Managing Partner of I Squared Capital. 

I Squared Capital, managing $45 billion in assets, oversees a portfolio of over 90 companies across more than 70 countries in sectors including energy, utilities, digital infrastructure, transport, and environmental and social infrastructure. The transaction, advised by Kirkland & Ellis LLP for I Squared, is expected to close in mid-2025.