EPM

The General Manager, currently John Maya Salazar, oversees operations and capital allocation within board-approved frameworks and the city of Medellín's development plan. Major infrastructure commitments — such as the $5 billion-plus Ituango hydroelectric project — require board approval and alignment with the mayor's administration. Day-to-day investment execution is managed through business-unit heads within EPM's energy, water, and telecommunications divisions.

EPM predominantly invests through direct project development, construction, and operation of its own infrastructure assets. It occasionally takes non-controlling equity positions in regional energy and telecom companies, but it does not function as a limited partner in third-party private capital funds. Its deployment resembles a strategic corporate acquirer and project developer more than a conventional institutional allocator.

Through Grupo EPM subsidiaries, the firm has established operating presence in Panama, Guatemala, El Salvador, and Mexico. These international affiliates primarily run electricity distribution, water, and sanitation concessions, expanding the group's regulated-utility model beyond Colombia. The Central American operations represent the bulk of international assets, with Mexico serving as a more recent expansion market.

Capital comes from retained earnings generated by its core operating businesses: electricity generation and distribution, water supply and sanitation, natural gas distribution, and telecommunications services. Because it is a municipally owned non-profit, after reinvesting in infrastructure, EPM transfers a portion of surplus to the city of Medellín — approximately $1 billion annually in transfers and dividends (per the firm, 2023).