Western Gas Equity Partners, LP (WGEP) is taking stock of a fellow energy concern. The entity formed in September 2012 as an investment vehicle for Western Gas Partners, LP (WGP). WGEP's sole purpose is to buy a stake in WGP, specifically, a limited partner interest of almost 45% and a general partner interest of about 2%. As a shareholder of WGP, the entity will receive cash distributions at the end of every fiscal quarter from WGP, and as a limited partnership, WGEP will distribute its profits back to its own shareholders. It will also be exempt from paying federal income taxes. WGEP filed an IPO seeking up to $362.25 million in November 2012 and plans to use the proceeds raised to begin buying shares in WGP.