I Squared Capital acquires stake in Permian MXP natural gas pipeline
I Squared Capital, together 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 (Bcfd) 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.”
MXP is a recently 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 Bcfd 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.
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