UNKNOWN DICHOTOMIES OF THE PUBLIC DOMAIN: THE CASE OF MEXICAN FIBRA-E TRUSTS (2015-2025)

The development of financial markets is central to mobilizing capital for national growth and infrastructure development. In Mexico, one of the most recent financial instruments created for this purpose is FIBRA-E, a financial vehicle that channels institutional and private capital investment into infrastructure and energy assets. Despite their growing significance, little is known about how FIBRA-E balance their fiduciary duty to maximize investor returns with public benefits through infrastructure investment. This research addresses that gap by conducting qualitative interviews with trust managers and financial analysis on FIBRA-E regulatory filings. Findings reveal that FIBRA-E trusts do not inherently balance financial and social returns—rather, investment decisions follow profitability, while social benefits are treated as financial byproducts. This study contributes to debates on financialization and infrastructure in Mexico by illustrating that FIBRA-E should be understood primarily as a financial instrument designed to deliver predictable returns, not as an alternative infrastructure developmental tool.