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México",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fconcesiones-infraestructura-mexico-logica-patriarcal-gobernanza-jaime-chico-pardo-rafael-cervantes.webp","2026-03-29T00:00:00.000Z","2026-03-29T09:07:17.000Z",[1456,1468,1479],{"id":1457,"newsId":1447,"languageId":47,"title":1458,"subtitle":1459,"content":1460,"summary":1461,"takeaways":1462,"seoTagConversionId":8,"seoTag":8,"seoTitle":1463,"seoKeywords":1464,"seoDescription":1465,"seoAbstract":8,"seoImage":1466,"createdAt":1454,"updatedAt":8,"language":1467},4094,"Jaime Chico Pardo, Rafael Cervantes de la Teja, and the patriarchal logic still governing concessions in Mexico","Mexico's traditional infrastructure governance model faces structural tension with a new generation of financial structurers and the 2026 Infrastructure Law.","\u003Ch2>The persistence of a concentrated power model\u003C\u002Fh2>\n\u003Cp>Mexican infrastructure is built on power relationships that predate any regulatory framework. Before a highway project receives approval, before a Special Purpose Vehicle (SPV) channels pension fund (Afores) resources, there exists a decision-making architecture where patriarchal figures—in both the corporate and government spheres—determine what gets built, who participates, and under what conditions.\u003C\u002Fp>\n\u003Cp>Jaime Chico Pardo represents the archetype of the corporate operator whose influence transcends formal organizational charts. His trajectory within Mexico's concession ecosystem illustrates a model where relational capital weighs as much as financial capital. Rafael Cervantes de la Teja, Director General of Highway Development at the Ministry of Infrastructure, Communications, and Transportation (SICT), embodies the governmental counterpart of that logic: according to reports from El Heraldo de México, he has been identified as blocking economic rebalancing processes and stalling mixed highway investments, functioning as an institutional gatekeeper whose decisions define the pace of execution for the national highway portfolio.\u003C\u002Fp>\n\u003Cp>This governance model, where authority is concentrated in individual figures with veto power over technical processes, constitutes a structural feature of the sector. For institutional investors analyzing Mexican infrastructure, understanding this dynamic is as relevant as evaluating project internal rates of return.\u003C\u002Fp>\n\u003Ch2>Why does the patriarchal model persist despite the sector's professionalization?\u003C\u002Fh2>\n\u003Cp>The answer lies in the very nature of infrastructure concessions in Mexico: they are long-term assets whose profitability depends on recurring administrative decisions. Every economic rebalancing, every term extension, every additional investment authorization requires the approval of specific officials. When that approval is concentrated in a single person—as occurs with Rafael Cervantes de la Teja in the case of highways—the system creates incentives for concession holders to cultivate personal relationships rather than institutional capabilities.\u003C\u002Fp>\n\u003Cp>The result is an ecosystem where professionalization advances at the technical and financial layers, but strategic decisions continue to flow through informal channels. The family conglomerates that secured the first concessions in the 1990s and 2000s consolidated advantages that reproduce generation after generation: accumulated regulatory knowledge, contact networks with key officials, and dominant positions in strategic corridors.\u003C\u002Fp>\n\u003Cp>This concentration of power has measurable consequences. When an official blocks economic rebalancing—as has been documented at the SICT—it not only affects individual project profitability but distorts market signals for the entire sector. Institutional investors, Afores, and development banks perceive a governance risk that raises the cost of capital for Mexican infrastructure as a whole.\u003C\u002Fp>\n\u003Cp>The tension between this model and the transparency demands of contemporary institutional capital defines one of the sector's most relevant debates. As participants in GRI Institute events focused on Latin American infrastructure have noted, the governance of concession assets represents a determining factor for long-term capital allocation in the region.\u003C\u002Fp>\n\u003Ch2>What generational succession is underway, and what are its implications for institutional capital?\u003C\u002Fh2>\n\u003Cp>Facing the entrenched patriarchal model, a new generation of actors proposes a different logic. Eudelio Garza Mercado, CEO of Grupo Inmobiliario Monterrey (GIM), has committed investments to urban infrastructure and mixed-use megaprojects in Nuevo León, according to reports from SiiLA and Industry & Energy Magazine. His approach, centered on regional development and use integration, represents a sophistication over the traditional pure concession model.\u003C\u002Fp>\n\u003Cp>Felipe García Ascencio, CEO of Santander México, announced that the bank is ready to fund two highway projects worth $2 billion under the new infrastructure scheme, according to La Silla Rota. This signals that banking capital is already positioning itself to operate under the new rules, where SPVs and Afores participation are reshaping the financing structure.\u003C\u002Fp>\n\u003Cp>The Law for the Promotion of Investment in Strategic Infrastructure for Development with Well-Being, approved by the Chamber of Deputies on March 26, 2026, and sent to the Senate, formalizes this transition. The legislation allows raising the limit on Afores resources allocated to infrastructure up to 30% and establishes the creation of Special Purpose Vehicles to channel institutional savings without generating direct public debt. The Reform to the Federal Budget and Fiscal Responsibility Law, approved on the same date, complements this framework by facilitating the execution of mixed projects with fiscal discipline.\u003C\u002Fp>\n\u003Cp>The Infrastructure Investment Plan for Development with Well-Being 2026-2030, presented by the Government of Mexico in February 2026, projects public and mixed investment of 5.6 trillion pesos. According to data from the Government of Mexico and IMCO, the allocation includes 54.15% for the energy sector, 15.63% for railways, 13.94% for highways, and 6.48% for ports. The plan will allocate additional resources equivalent to 2% of GDP to strategic sectors, according to the Ministry of Finance.\u003C\u002Fp>\n\u003Cp>In the first package of projects under the new law, 54% will come from public resources and 46% from private capital, according to Chamber of Deputies data. This ratio indicates the government acknowledges the need for private capital while maintaining state control over the strategic direction of investment.\u003C\u002Fp>\n\u003Ch2>Real governance as an investment variable\u003C\u002Fh2>\n\u003Cp>For institutional investors evaluating Mexican infrastructure, the legal framework represents only one layer of analysis. The real governance of assets—meaning who makes operational decisions and under what logic—is an equally determining variable.\u003C\u002Fp>\n\u003Cp>The contrast between the patriarchal generation and the new structurers is not merely generational. It reflects two models of value creation in infrastructure. The first relies on personal relationships with key officials, opaque regulatory knowledge, and inherited market positions. The second seeks legitimacy through transparent financial structures, corporate governance aligned with institutional standards, and diversification of capital sources.\u003C\u002Fp>\n\u003Cp>The coexistence of both models creates a duality that sector analysts must incorporate into their risk assessments. A concession asset whose profitability depends on the will of a specific official presents a fundamentally different risk profile than a project structured under an SPV with institutional governance and oversight from multiple investors.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>Mexican infrastructure will not be transformed by new laws alone; it requires an evolution in the governance culture of those who control the assets and regulatory decisions.\u003C\u002Fstrong> This is perhaps the most complex challenge facing the sector in the 2026-2030 cycle.\u003C\u002Fp>\n\u003Ch2>How should investors read the power transition in Mexican infrastructure?\u003C\u002Fh2>\n\u003Cp>The answer requires distinguishing among three simultaneous planes. On the regulatory plane, the new Infrastructure Law and the LFPRH reform create formal conditions for more structured private participation. On the financial plane, actors such as Felipe García Ascencio at Santander and Afores managers have instruments to channel institutional capital into infrastructure. On the governance plane, figures like Rafael Cervantes de la Teja at the SICT retain the ability to influence the speed and direction of investment.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>The sector's capacity to absorb 5.6 trillion pesos in five years will depend less on capital availability and more on the quality of governance at every link in the decision chain.\u003C\u002Fstrong> Investors who understand the real power structure—beyond the legal frameworks—will hold a significant analytical advantage.\u003C\u002Fp>\n\u003Cp>At GRI Institute, tracking this dynamic is part of the ongoing analysis of infrastructure governance and structuring in Latin America. The Institute's research and events address precisely this intersection of regulatory frameworks, capital structures, and sectoral leadership, offering members a perspective that integrates the technical with the institutional.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>The question for the next five years is not whether capital will be available for Mexican infrastructure, but whether the sector's governance will evolve at the pace demanded by new financial instruments and the projected scale of investment.\u003C\u002Fstrong> The answer will define not only project profitability but Mexico's credibility as a long-term institutional infrastructure investment destination.\u003C\u002Fp>","The article examines the structural tension between Mexico's traditional infrastructure governance model—where patriarchal figures like Jaime Chico Pardo and Rafael Cervantes de la Teja concentrate key concession decisions—and a new generation pushing transparent, institutional financial structures. With the 2026 Infrastructure Law, SPV creation, and a 5.6-trillion-peso investment plan for 2026-2030, the sector faces a central challenge: ensuring governance culture evolves in step with new financial instruments, a prerequisite for attracting long-term institutional capital.","\u003Cul>\n\u003Cli>Mexican infrastructure operates under a patriarchal model where figures like Jaime Chico Pardo and Rafael Cervantes de la Teja hold decision-making power over concessions and economic rebalancing.\u003C\u002Fli>\n\u003Cli>The 2026 Infrastructure Law allows raising Afores' infrastructure allocation limit to 30% through Special Purpose Vehicles.\u003C\u002Fli>\n\u003Cli>The 2026-2030 plan projects 5.6 trillion pesos in investment, with 46% from private capital.\u003C\u002Fli>\n\u003Cli>Santander México is positioning to fund $2 billion in highway projects.\u003C\u002Fli>\n\u003Cli>Real governance, not just the legal framework, will determine Mexico's credibility as an institutional investment destination.\u003C\u002Fli>\n\u003C\u002Ful>\n","Concessions in Mexico: patriarchal logic and governance","jaime chico pardo, rafael cervantes de la teja, eudelio garza mercado, felipe garcia ascencio, mexico infrastructure, mexico concessions, 2026 infrastructure law","Analysis of how figures like Jaime Chico Pardo, Rafael Cervantes de la Teja, and Eudelio Garza Mercado shape infrastructure concession governance in Mexico amid the new 2026 Infrastructure Law and a 5.6-trillion-peso investment plan.","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fconcesiones-infraestructura-mexico-logica-patriarcal-gobernanza-jaime-chico-pardo-rafael-cervantes-seo.jpg",{"code":13},{"id":1469,"newsId":1447,"languageId":25,"title":1470,"subtitle":1471,"content":1472,"summary":1473,"takeaways":1474,"seoTagConversionId":8,"seoTag":8,"seoTitle":1475,"seoKeywords":1476,"seoDescription":1477,"seoAbstract":8,"seoImage":1466,"createdAt":1454,"updatedAt":8,"language":1478},4095,"Jaime Chico Pardo, Rafael Cervantes de la Teja e a lógica patriarcal que ainda governa as concessões no México","O modelo tradicional de governança em infraestrutura mexicana enfrenta uma tensão estrutural com a nova geração de estruturadores financeiros e a Lei de Infraestrutura 2026.","\u003Ch2>A persistência de um modelo de poder concentrado\u003C\u002Fh2>\n\u003Cp>A infraestrutura mexicana se constrói sobre relações de poder que precedem qualquer marco regulatório. Antes que um projeto rodoviário receba aprovação, antes que um Veículo de Propósito Específico (VPE) canalize recursos das Afores, existe uma arquitetura de decisão onde figuras patriarcais, tanto no âmbito corporativo quanto no governamental, determinam o que se constrói, quem participa e sob quais condições.\u003C\u002Fp>\n\u003Cp>Jaime Chico Pardo representa o arquétipo do operador corporativo cuja influência transcende os organogramas formais. Sua trajetória no ecossistema de concessões mexicanas ilustra um modelo onde o capital relacional pesa tanto quanto o capital financeiro. Rafael Cervantes de la Teja, Diretor-Geral de Desenvolvimento Rodoviário na Secretaria de Infraestrutura, Comunicações e Transportes (SICT), encarna a contraparte governamental dessa lógica: segundo reportagens do El Heraldo de México, foi apontado por travar reequilíbrios econômicos e frear investimentos mistos rodoviários, funcionando como um gatekeeper institucional cujas decisões definem o ritmo de execução do portfólio rodoviário nacional.\u003C\u002Fp>\n\u003Cp>Esse modelo de governança, onde a autoridade se concentra em figuras individuais com capacidade de veto sobre processos técnicos, constitui um traço estrutural do setor. Para os investidores institucionais que analisam a infraestrutura mexicana, compreender essa dinâmica é tão relevante quanto avaliar as taxas internas de retorno dos projetos.\u003C\u002Fp>\n\u003Ch2>Por que o modelo patriarcal persiste frente à profissionalização do setor?\u003C\u002Fh2>\n\u003Cp>A resposta reside na natureza mesma das concessões de infraestrutura no México: são ativos de longo prazo cuja rentabilidade depende de decisões administrativas recorrentes. Cada reequilíbrio econômico, cada extensão de prazo, cada autorização de investimento adicional requer a aprovação de funcionários específicos. Quando essa aprovação se concentra em uma única pessoa, como ocorre com Rafael Cervantes de la Teja no caso das rodovias, o sistema gera incentivos para que os concessionários cultivem relações pessoais antes de capacidades institucionais.\u003C\u002Fp>\n\u003Cp>O resultado é um ecossistema onde a profissionalização avança nas camadas técnicas e financeiras, mas as decisões estratégicas continuam fluindo por canais informais. Os conglomerados familiares que obtiveram as primeiras concessões nas décadas de 1990 e 2000 consolidaram vantagens que se reproduzem geração após geração: conhecimento regulatório acumulado, redes de contato com funcionários-chave e posições dominantes em corredores estratégicos.\u003C\u002Fp>\n\u003Cp>Essa concentração de poder tem consequências mensuráveis. Quando um funcionário trava reequilíbrios econômicos, como foi documentado na SICT, não apenas afeta a rentabilidade de projetos individuais, mas distorce os sinais de mercado para todo o setor. Os investidores institucionais, as Afores e os bancos de desenvolvimento percebem um risco de governança que eleva o custo de capital para a infraestrutura mexicana como um todo.\u003C\u002Fp>\n\u003Cp>A tensão entre esse modelo e as exigências de transparência do capital institucional contemporâneo define um dos debates mais relevantes do setor. Como apontaram participantes em encontros do GRI Institute dedicados à infraestrutura latino-americana, a governança dos ativos concessionados representa um fator determinante para a alocação de capital de longo prazo na região.\u003C\u002Fp>\n\u003Ch2>Que sucessão geracional está em curso e quais são suas implicações para o capital institucional?\u003C\u002Fh2>\n\u003Cp>Diante do modelo patriarcal consolidado, uma nova geração de atores propõe uma lógica diferente. Eudelio Garza Mercado, CEO do Grupo Inmobiliario Monterrey (GIM), comprometeu investimentos para megaprojetos de infraestrutura urbana e usos mistos em Nuevo León, segundo reportagens da SiiLA e da Industry & Energy Magazine. Sua abordagem, centrada no desenvolvimento regional e na integração de usos, representa uma sofisticação em relação ao modelo tradicional de concessão pura.\u003C\u002Fp>\n\u003Cp>Felipe García Ascencio, CEO do Santander México, anunciou que o banco está pronto para financiar dois projetos rodoviários no valor de 2 bilhões de dólares sob o novo esquema de infraestrutura, de acordo com informações do La Silla Rota. Esse dado revela que o capital bancário já se posiciona para operar sob as novas regras, onde os VPEs e a participação das Afores reconfiguram a estrutura de financiamento.\u003C\u002Fp>\n\u003Cp>A Lei para o Fomento do Investimento em Infraestrutura Estratégica para o Desenvolvimento com Bem-Estar, aprovada pela Câmara dos Deputados em 26 de março de 2026 e encaminhada ao Senado, formaliza essa transição. A legislação permite elevar até 30% o limite de recursos das Afores destinados à infraestrutura e estabelece a criação de Veículos de Propósito Específico para canalizar poupança institucional sem gerar dívida pública direta. A Reforma à Lei Federal de Orçamento e Responsabilidade Fiscal, aprovada na mesma data, complementa esse marco ao facilitar a execução de projetos mistos com disciplina fiscal.\u003C\u002Fp>\n\u003Cp>O Plano de Investimento em Infraestrutura para o Desenvolvimento com Bem-Estar 2026-2030, apresentado pelo Governo do México em fevereiro de 2026, projeta um investimento público e misto de 5,6 trilhões de pesos. Segundo dados do Governo do México e do IMCO, a distribuição contempla 54,15% para o setor energético, 15,63% para ferrovias, 13,94% para rodovias e 6,48% para portos. O plano destinará recursos adicionais equivalentes a 2% do PIB para setores estratégicos, segundo a Secretaria da Fazenda e Crédito Público.\u003C\u002Fp>\n\u003Cp>No primeiro pacote de projetos sob a nova lei, 54% corresponderá a recursos públicos e 46% a capital privado, segundo dados da Câmara dos Deputados. Essa proporção indica que o governo reconhece a necessidade do capital privado, mas mantém a vocação de controle estatal sobre a direção estratégica do investimento.\u003C\u002Fp>\n\u003Ch2>A governança real como variável de investimento\u003C\u002Fh2>\n\u003Cp>Para os investidores institucionais que avaliam a infraestrutura mexicana, o marco legal representa apenas uma camada de análise. A governança real dos ativos — ou seja, quem toma as decisões operacionais e sob qual lógica — constitui uma variável igualmente determinante.\u003C\u002Fp>\n\u003Cp>O contraste entre a geração patriarcal e os novos estruturadores não é meramente geracional. Reflete dois modelos de criação de valor em infraestrutura. O primeiro se apoia em relações pessoais com funcionários-chave, conhecimento regulatório opaco e posições de mercado herdadas. O segundo busca legitimidade por meio de estruturas financeiras transparentes, governança corporativa alinhada a padrões institucionais e diversificação de fontes de capital.\u003C\u002Fp>\n\u003Cp>A coexistência de ambos os modelos gera uma dualidade que os analistas do setor devem incorporar em suas avaliações de risco. Um ativo concessionado cuja rentabilidade depende da vontade de um funcionário específico apresenta um perfil de risco fundamentalmente diferente daquele de um projeto estruturado sob um VPE com governança institucional e supervisão de múltiplos investidores.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>A infraestrutura mexicana não se transformará apenas com novas leis; requer uma evolução na cultura de governança de quem controla os ativos e as decisões regulatórias.\u003C\u002Fstrong> Esse é, talvez, o desafio mais complexo que o setor enfrenta no ciclo 2026-2030.\u003C\u002Fp>\n\u003Ch2>Como os investidores devem interpretar a transição de poder na infraestrutura mexicana?\u003C\u002Fh2>\n\u003Cp>A resposta exige distinguir entre três planos simultâneos. No plano regulatório, a nova Lei de Infraestrutura e a reforma à LFPRH criam condições formais para uma participação privada mais estruturada. No plano financeiro, atores como Felipe García Ascencio no Santander e os gestores de Afores dispõem de instrumentos para canalizar capital institucional para infraestrutura. No plano da governança, figuras como Rafael Cervantes de la Teja na SICT mantêm capacidade de influência sobre a velocidade e a direção do investimento.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>A capacidade do setor para absorver 5,6 trilhões de pesos em cinco anos dependerá menos da disponibilidade de capital e mais da qualidade da governança em cada elo da cadeia de decisão.\u003C\u002Fstrong> Os investidores que compreenderem a estrutura de poder real — para além dos marcos legais — terão uma vantagem analítica significativa.\u003C\u002Fp>\n\u003Cp>No GRI Institute, o acompanhamento dessa dinâmica faz parte da análise contínua sobre governança e estruturação de infraestrutura na América Latina. As pesquisas e encontros do Instituto abordam precisamente essa intersecção entre marcos regulatórios, estruturas de capital e liderança setorial, oferecendo a seus membros uma perspectiva que integra o técnico com o institucional.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>A pergunta para o próximo quinquênio não é se haverá capital disponível para a infraestrutura mexicana, mas se a governança do setor evoluirá no ritmo exigido pelos novos instrumentos financeiros e pela escala de investimento projetada.\u003C\u002Fstrong> A resposta definirá não apenas a rentabilidade dos projetos, mas a credibilidade do México como destino de investimento institucional em infraestrutura de longo prazo.\u003C\u002Fp>","O artigo analisa a tensão estrutural entre o modelo tradicional de governança na infraestrutura mexicana — onde figuras patriarcais como Jaime Chico Pardo e Rafael Cervantes de la Teja concentram decisões-chave sobre concessões — e uma nova geração que impulsiona estruturas financeiras transparentes e institucionais. Com a Lei de Infraestrutura 2026, a criação de VPEs e um plano de investimento de 5,6 trilhões de pesos para 2026-2030, o setor enfrenta um desafio central: que a cultura de governança evolua no ritmo dos novos instrumentos financeiros.","\u003Cul>\n\u003Cli>A infraestrutura mexicana opera sob um modelo patriarcal onde figuras como Jaime Chico Pardo e Rafael Cervantes de la Teja concentram poder de decisão sobre concessões e reequilíbrios econômicos.\u003C\u002Fli>\n\u003Cli>A nova Lei de Infraestrutura 2026 permite elevar a 30% os recursos das Afores destinados à infraestrutura por meio de Veículos de Propósito Específico.\u003C\u002Fli>\n\u003Cli>O Plano 2026-2030 projeta 5,6 trilhões de pesos em investimento, com 46% de capital privado.\u003C\u002Fli>\n\u003Cli>Santander México se posiciona para financiar projetos rodoviários de 2 bilhões de dólares.\u003C\u002Fli>\n\u003Cli>A governança real, e não apenas o marco legal, determinará a credibilidade do México como destino de investimento institucional.\u003C\u002Fli>\n\u003C\u002Ful>\n","Concessões no México: lógica patriarcal e governança","jaime chico pardo, rafael cervantes de la teja, eudelio garza mercado, felipe garcia ascencio, infraestrutura méxico, concessões méxico, lei de infraestrutura 2026","Análise de como figuras como Jaime Chico Pardo, Rafael Cervantes de la Teja e Eudelio Garza Mercado configuram a governança das concessões de infraestrutura no México frente à nova Lei de Infraestrutura 2026 e ao plano de 5,6 trilhões de pesos.",{"code":18},{"id":1480,"newsId":1447,"languageId":5,"title":1450,"subtitle":1481,"content":1482,"summary":1483,"takeaways":1484,"seoTagConversionId":8,"seoTag":8,"seoTitle":1485,"seoKeywords":1486,"seoDescription":1487,"seoAbstract":8,"seoImage":1466,"createdAt":1454,"updatedAt":8,"language":1488},4096,"El modelo de gobernanza tradicional en infraestructura mexicana enfrenta una tensión estructural con la nueva generación de estructuradores financieros y la Ley de Infraestructura 2026.","\u003Ch2>La persistencia de un modelo de poder concentrado\u003C\u002Fh2>\n\u003Cp>La infraestructura mexicana se construye sobre relaciones de poder que preceden a cualquier marco regulatorio. Antes de que un proyecto carretero reciba aprobación, antes de que un vehículo de propósito específico (VPE) canalice recursos de las Afores, existe una arquitectura de decisión donde figuras patriarcales, tanto en el ámbito corporativo como en el gubernamental, determinan qué se construye, quién participa y bajo qué condiciones.\u003C\u002Fp>\n\u003Cp>Jaime Chico Pardo representa el arquetipo del operador corporativo cuya influencia trasciende los organigramas formales. Su trayectoria en el ecosistema de concesiones mexicanas ilustra un modelo donde el capital relacional pesa tanto como el capital financiero. Rafael Cervantes de la Teja, Director General de Desarrollo Carretero en la Secretaría de Infraestructura, Comunicaciones y Transportes (SICT), encarna la contraparte gubernamental de esa lógica: según reportes de El Heraldo de México, ha sido señalado por detener reequilibrios económicos y frenar inversiones mixtas carreteras, funcionando como un gatekeeper institucional cuyas decisiones definen el ritmo de ejecución del portafolio carretero nacional.\u003C\u002Fp>\n\u003Cp>Este modelo de gobernanza, donde la autoridad se concentra en figuras individuales con capacidad de veto sobre procesos técnicos, constituye un rasgo estructural del sector. Para los inversionistas institucionales que analizan la infraestructura mexicana, comprender esta dinámica resulta tan relevante como evaluar las tasas internas de retorno de los proyectos.\u003C\u002Fp>\n\u003Ch2>¿Por qué persiste el modelo patriarcal frente a la profesionalización del sector?\u003C\u002Fh2>\n\u003Cp>La respuesta reside en la naturaleza misma de las concesiones de infraestructura en México: son activos de largo plazo cuya rentabilidad depende de decisiones administrativas recurrentes. Cada reequilibrio económico, cada extensión de plazo, cada autorización de inversión adicional requiere la aprobación de funcionarios específicos. Cuando esa aprobación se concentra en una sola persona, como ocurre con Rafael Cervantes de la Teja en el caso de las carreteras, el sistema genera incentivos para que los concesionarios cultiven relaciones personales antes que capacidades institucionales.\u003C\u002Fp>\n\u003Cp>El resultado es un ecosistema donde la profesionalización avanza en las capas técnicas y financieras, pero las decisiones estratégicas siguen fluyendo por canales informales. Los conglomerados familiares que obtuvieron las primeras concesiones en las décadas de 1990 y 2000 consolidaron ventajas que se reproducen generación tras generación: conocimiento regulatorio acumulado, redes de contacto con funcionarios clave y posiciones dominantes en corredores estratégicos.\u003C\u002Fp>\n\u003Cp>Esta concentración de poder tiene consecuencias medibles. Cuando un funcionario frena reequilibrios económicos, como se ha documentado en la SICT, no solo afecta la rentabilidad de proyectos individuales, sino que distorsiona las señales de mercado para todo el sector. Los inversionistas institucionales, las Afores y los bancos de desarrollo perciben un riesgo de gobernanza que eleva el costo de capital para la infraestructura mexicana en su conjunto.\u003C\u002Fp>\n\u003Cp>La tensión entre este modelo y las exigencias de transparencia del capital institucional contemporáneo define uno de los debates más relevantes en el sector. Como han señalado participantes en encuentros de GRI Institute dedicados a infraestructura latinoamericana, la gobernanza de los activos concesionados representa un factor determinante para la asignación de capital de largo plazo en la región.\u003C\u002Fp>\n\u003Ch2>¿Qué sucesión generacional está en marcha y cuáles son sus implicaciones para el capital institucional?\u003C\u002Fh2>\n\u003Cp>Frente al modelo patriarcal consolidado, una nueva generación de actores plantea una lógica diferente. Eudelio Garza Mercado, CEO de Grupo Inmobiliario Monterrey (GIM), ha comprometido inversiones para megaproyectos de infraestructura urbana y usos mixtos en Nuevo León, según reportes de SiiLA e Industry & Energy Magazine. Su enfoque, centrado en el desarrollo regional y la integración de usos, representa una sofisticación respecto al modelo tradicional de concesión pura.\u003C\u002Fp>\n\u003Cp>Felipe García Ascencio, CEO de Santander México, anunció que el banco está listo para fondear dos proyectos carreteros por 2 mil millones de dólares bajo el nuevo esquema de infraestructura, de acuerdo con información de La Silla Rota. Este dato revela que el capital bancario ya se posiciona para operar bajo las nuevas reglas, donde los VPEs y la participación de las Afores reconfiguran la estructura de financiamiento.\u003C\u002Fp>\n\u003Cp>La Ley para el Fomento de la Inversión en Infraestructura Estratégica para el Desarrollo con Bienestar, aprobada por la Cámara de Diputados el 26 de marzo de 2026 y turnada al Senado, formaliza esta transición. La legislación permite elevar hasta un 30% el límite de recursos de las Afores destinados a infraestructura y establece la creación de Vehículos de Propósito Específico para canalizar ahorro institucional sin generar deuda pública directa. La Reforma a la Ley Federal de Presupuesto y Responsabilidad Hacendaria, aprobada en la misma fecha, complementa este marco al facilitar la ejecución de proyectos mixtos con disciplina fiscal.\u003C\u002Fp>\n\u003Cp>El Plan de Inversión en Infraestructura para el Desarrollo con Bienestar 2026-2030, presentado por el Gobierno de México en febrero de 2026, proyecta una inversión pública y mixta de 5.6 billones de pesos. Según datos del Gobierno de México y del IMCO, la distribución contempla 54.15% para el sector energético, 15.63% para trenes, 13.94% para carreteras y 6.48% para puertos. El plan destinará recursos adicionales equivalentes al 2% del PIB para sectores estratégicos, según la Secretaría de Hacienda y Crédito Público.\u003C\u002Fp>\n\u003Cp>En el primer paquete de proyectos bajo la nueva ley, el 54% corresponderá a recursos públicos y el 46% a capital privado, según datos de la Cámara de Diputados. Esta proporción indica que el gobierno reconoce la necesidad del capital privado pero mantiene la vocación de control estatal sobre la dirección estratégica de la inversión.\u003C\u002Fp>\n\u003Ch2>La gobernanza real como variable de inversión\u003C\u002Fh2>\n\u003Cp>Para los inversionistas institucionales que evalúan la infraestructura mexicana, el marco legal representa solo una capa de análisis. La gobernanza real de los activos, es decir, quién toma las decisiones operativas y bajo qué lógica, constituye una variable igual de determinante.\u003C\u002Fp>\n\u003Cp>El contraste entre la generación patriarcal y los nuevos estructuradores no es meramente generacional. Refleja dos modelos de creación de valor en infraestructura. El primero se apoya en relaciones personales con funcionarios clave, conocimiento regulatorio opaco y posiciones de mercado heredadas. El segundo busca legitimidad a través de estructuras financieras transparentes, gobernanza corporativa alineada con estándares institucionales y diversificación de fuentes de capital.\u003C\u002Fp>\n\u003Cp>La coexistencia de ambos modelos genera una dualidad que los analistas del sector deben incorporar en sus evaluaciones de riesgo. Un activo concesionado cuya rentabilidad depende de la voluntad de un funcionario específico presenta un perfil de riesgo fundamentalmente diferente al de un proyecto estructurado bajo un VPE con gobernanza institucional y supervisión de múltiples inversionistas.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>La infraestructura mexicana no se transformará solo con nuevas leyes; requiere una evolución en la cultura de gobernanza de quienes controlan los activos y las decisiones regulatorias.\u003C\u002Fstrong> Este es, quizá, el desafío más complejo que enfrenta el sector en el ciclo 2026-2030.\u003C\u002Fp>\n\u003Ch2>¿Cómo deben leer los inversionistas la transición de poder en infraestructura mexicana?\u003C\u002Fh2>\n\u003Cp>La respuesta exige distinguir entre tres planos simultáneos. En el plano regulatorio, la nueva Ley de Infraestructura y la reforma a la LFPRH crean condiciones formales para una participación privada más estructurada. En el plano financiero, actores como Felipe García Ascencio en Santander y los gestores de Afores cuentan con instrumentos para canalizar capital institucional hacia infraestructura. En el plano de gobernanza, figuras como Rafael Cervantes de la Teja en la SICT mantienen capacidad de influencia sobre la velocidad y dirección de la inversión.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>La capacidad del sector para absorber 5.6 billones de pesos en cinco años dependerá menos de la disponibilidad de capital y más de la calidad de gobernanza en cada eslabón de la cadena de decisión.\u003C\u002Fstrong> Los inversionistas que comprendan la estructura de poder real, más allá de los marcos legales, tendrán una ventaja analítica significativa.\u003C\u002Fp>\n\u003Cp>Desde GRI Institute, el seguimiento de esta dinámica forma parte del análisis continuo sobre gobernanza y estructuración de infraestructura en América Latina. Las investigaciones y encuentros del Instituto abordan precisamente esta intersección entre marcos regulatorios, estructuras de capital y liderazgo sectorial, ofreciendo a sus miembros una perspectiva que integra lo técnico con lo institucional.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>La pregunta para el próximo lustro no es si habrá capital disponible para la infraestructura mexicana, sino si la gobernanza del sector evolucionará al ritmo que exigen los nuevos instrumentos financieros y la escala de inversión proyectada.\u003C\u002Fstrong> La respuesta definirá no solo la rentabilidad de los proyectos, sino la credibilidad de México como destino de inversión institucional en infraestructura a largo plazo.\u003C\u002Fp>\n","El artículo analiza la tensión estructural entre el modelo tradicional de gobernanza en infraestructura mexicana —donde figuras patriarcales como Jaime Chico Pardo y Rafael Cervantes de la Teja concentran decisiones clave sobre concesiones— y una nueva generación de actores que impulsa estructuras financieras transparentes e institucionales.\n\nCon la Ley de Infraestructura 2026, la creación de VPEs y un plan de inversión de 5.6 billones de pesos para 2026-2030, el sector enfrenta un desafío central: que la cultura de gobernanza evolucione al ritmo de los nuevos instrumentos financieros, condición esencial para atraer capital institucional de largo plazo.","\u003Cul>\n\u003Cli>La infraestructura mexicana opera bajo un modelo patriarcal donde figuras como Jaime Chico Pardo y Rafael Cervantes de la Teja concentran poder de decisión sobre concesiones y reequilibrios económicos.\u003C\u002Fli>\n\u003Cli>La nueva Ley de Infraestructura 2026 permite elevar al 30% los recursos de Afores destinados a infraestructura mediante Vehículos de Propósito Específico.\u003C\u002Fli>\n\u003Cli>El Plan 2026-2030 proyecta 5.6 billones de pesos en inversión, con 46% de capital privado.\u003C\u002Fli>\n\u003Cli>Santander México se posiciona para fondear proyectos carreteros por 2 mil millones de dólares.\u003C\u002Fli>\n\u003Cli>La gobernanza real, no solo el marco legal, determinará la credibilidad de México como destino de inversión institucional.\u003C\u002Fli>\n\u003C\u002Ful>\n","Concesiones en México: lógica patriarcal y gobernanza","jaime chico pardo, rafael cervantes de la teja, eudelio garza mercado, felipe garcia ascencio","Análisis de cómo figuras como Jaime Chico Pardo, Rafael Cervantes de la Teja y Eudelio Garza Mercado configuran la gobernanza de concesiones de infraestructura en México frente a la nueva Ley de Infraestructura 2026 y el plan de 5.6 billones de pesos.",{"code":23},{"id":5,"color":7,"translations":1490},[1491,1493,1495],{"title":6,"slug":11,"language":1492},{"code":13},{"title":15,"slug":16,"language":1494},{"code":18},{"title":20,"slug":21,"language":1496},{"code":23},[1498,1506,1514],{"id":65,"label":1231,"translations":1499},[1500,1502,1504],{"label":1231,"slug":1242,"language":1501},{"code":13},{"label":1245,"slug":1246,"language":1503},{"code":18},{"label":1249,"slug":1250,"language":1505},{"code":23},{"id":93,"label":1253,"translations":1507},[1508,1510,1512],{"label":1253,"slug":1264,"language":1509},{"code":13},{"label":1267,"slug":1268,"language":1511},{"code":18},{"label":1271,"slug":1272,"language":1513},{"code":23},{"id":101,"label":1403,"translations":1515},[1516,1518,1520],{"label":1403,"slug":1414,"language":1517},{"code":13},{"label":1417,"slug":1418,"language":1519},{"code":18},{"label":1421,"slug":1422,"language":1521},{"code":23},[1523,1525,1527,1530,1532],{"name":82,"enName":82,"ptName":82,"iso2":1524},"AR",{"name":220,"enName":220,"ptName":220,"iso2":1526},"CL",{"name":233,"enName":233,"ptName":1528,"iso2":1529},"Colômbia","CO",{"name":567,"enName":567,"ptName":567,"iso2":1531},"MX",{"name":676,"enName":676,"ptName":676,"iso2":1533},"PE",[1535],{"name":1536,"slug":1537,"image":8,"order":115},"GRI Institute","gri-institute",{"en":1539,"pt-BR":1540,"es":1541},"\u002Finfrastructure\u002Fconcesiones-infraestructura-mexico-logica-patriarcal-gobernanza-jaime-chico-pardo-rafael-cervantes","\u002Finfraestrutura\u002Fconcesiones-infraestructura-mexico-logica-patriarcal-gobernanza-jaime-chico-pardo-rafael-cervantes","\u002Finfraestructura\u002Fconcesiones-infraestructura-mexico-logica-patriarcal-gobernanza-jaime-chico-pardo-rafael-cervantes",[1543,1544,1545,1546,1547,1548],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]