Emefin, Jaime Fasja and the financiers redefining infrastructure in Mexico

Mexico's infrastructure ecosystem is undergoing a quiet but structural transformation. While public debate focuses on major concession holders, international contractors and Public-Private Partnership frameworks, a group of Mexican private developers and financiers is consolidating strategic positions that will determine the actual execution of the country's most ambitious projects. Names such as Eudelio Garza Mercado, Federico Garza Santos and Jaime Fasja represent a generation of operators whose profile combines real estate development, financial structuring and large-scale urban infrastructure vision.

Mexico's 2026-2030 Infrastructure Plan, valued at 5.6 trillion pesos according to GRI Institute data, establishes an investment horizon that attracts international funds as well as family offices and patient capital vehicles. The plan's magnitude demands precise mapping of the players capable of mobilizing resources, structuring projects and delivering within timelines that traditional public works cannot always guarantee. In this context, firms such as Emefin and platforms like Thor Urbana acquire a relevance that the market intelligence sector has not yet systematically addressed.

The absence of dedicated analysis of these profiles constitutes a significant gap. Anyone seeking to understand power dynamics in Mexican infrastructure must grasp capitalization strategies, the links between real estate development and road infrastructure, and the growing influence of instruments such as FIBRAs and CKDs in shaping the market.

Who are the private developers structuring capital for infrastructure in Mexico?

Three figures clearly illustrate the ecosystem's evolution.

Eudelio Garza Mercado and Grupo Inmobiliario Monterrey (GIM) represent perhaps the most emblematic case of convergence between real estate development and urban infrastructure. In October 2025, as reported by Milenio, GIM announced a joint investment for three infrastructure and mixed-use megaprojects in Nuevo León. The most significant of these, the Centro Urbano Norte project (known as Canadá City Center) in Escobedo, Nuevo León, concentrates the bulk of the announced investment, according to Industry & Energy Magazine (February 2026). GIM's three strategic projects in Nuevo León will generate tens of thousands of direct and indirect jobs during construction and operation, according to Nuevo León state government figures. The portfolio also includes road infrastructure, such as the Complejo Vial Sendero-Las Torres, confirming that GIM already operates as a comprehensive infrastructure developer, not merely a conventional real estate player.

This model, in which a private group simultaneously undertakes urban development and connectivity infrastructure, marks a trend that redefines the traditional boundaries between sectors.

Federico Garza Santos plays a different but equally decisive role. As chairman of the Technical Committee of Fibra Mty and a central figure at Desarrollos Delta, Garza Santos operates at the intersection of capital markets and industrial asset development. In September 2025, Milenio reported that Fibra Mty received a tax refund that will be allocated to investment in industrial properties or to certificate buybacks. The decision reveals a capital allocation discipline aimed at maximizing portfolio value in an environment where industrial demand, driven by nearshoring, continues to strain the supply of logistics and manufacturing spaces.

FIBRAs as an investment vehicle for productive infrastructure are a phenomenon deserving greater analytical attention. Their ability to attract institutional capital and channel it into real assets makes them key components of infrastructure financing in Mexico.

Jaime Fasja and Thor Urbana complete the map of relevant players. Fasja has built a real estate investment platform that operates through CKDs and other private capital instruments, with exposure to segments ranging from mixed-use to urban infrastructure. Thor Urbana represents a capital management model that connects institutional investors, including AFOREs, with development opportunities requiring extended investment horizons and complex structuring capabilities.

The recurring mention of firms such as Emefin in the Mexican context underscores an additional trend: the entry of family offices and international patient capital seeking to integrate into Mexico's infrastructure market. These vehicles challenge traditional concession holders and highlight the urgent need for market intelligence on capital flows that are not channeled through conventional public bidding mechanisms.

How do family offices and private funds operate in the Mexican infrastructure market?

The operating model of these players differs substantially from the traditional concession or public procurement framework. Three characteristics set them apart.

First: vertical integration. Groups like GIM do not merely finance projects—they design, develop and operate them. This verticality allows them to control execution risk, a critical factor in a market where cost overruns and delays have eroded the credibility of purely public schemes.

Second: financial sophistication. The use of FIBRAs, CKDs and co-investment structures enables these players to access long-term institutional capital. Fibra Mty's strategy of allocating recovered tax resources to productive investment or certificate buybacks exemplifies a treasury management approach that prioritizes value creation over immediate distribution.

Third: territorial focus. Unlike global funds that diversify geographically, many of these developers concentrate their activity in specific regions. Monterrey and Nuevo León emerge as the epicenter of this dynamic, with GIM and Fibra Mty operating in an industrial and urban corridor that directly benefits from the nearshoring phenomenon and connectivity with the southern United States.

These three characteristics define an investor profile that the Latin American infrastructure market must systematically incorporate into its analyses. The ability of these players to mobilize capital, assume development risks and execute complex projects positions them as an indispensable complement to public investment.

What does this trend mean for the future of Mexico's infrastructure ecosystem?

The 2026-2030 Infrastructure Plan requires a financing architecture that transcends the state's fiscal capacity. The projected 5.6 trillion pesos will only materialize if private capital, in all its forms, finds regulatory conditions, legal certainty and risk-adjusted return opportunities that justify its deployment.

In this scenario, Mexican private developers and financiers serve a strategic intermediation function. They understand the regulatory landscape, maintain institutional relationships with state and municipal governments, and possess the technical capacity to structure projects that combine infrastructure, urban development and job creation.

The arrival of a new generation of international investors and family offices in the Mexican market will intensify competition for the best projects and for structuring talent. For established players, competitive advantage will reside in their local knowledge, execution track record and ability to operate at the intersection of public and private spheres.

For the sectoral intelligence and networking ecosystem, the challenge is clear. The GRI Institute community has deepened its analysis of contractors, PPP schemes and regulatory frameworks. The natural next step is to systematically incorporate the private developers and financiers who are redefining the rules of the game. Events such as those organized by GRI Club Infra allow these players to interact with peers, international funds and authorities in a trusted environment that facilitates the formation of strategic alliances.

Mexico does not lack capital for infrastructure. It lacks granular intelligence on who deploys it, how it is structured and where it is directed. Closing that information gap is a necessary condition for the 2026-2030 Plan to move from budgetary ambition to effective execution.