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Year Founded: 2012

AUM: $36.00B | Dry Powder: $14.71B
600 Brickell Avenue, Penthouse, Miami, FL 33131, US
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom and transport in the Americas, Europe and Asia

Key Contacts

  • Ronald Schweizer
    Chief Operating Officer
  • Adil Rahmathulla
    Co-Founder & Managing Partner
  • Gautam Bhandari
    Co-Founder & Managing Partner

Investment Preferences

  • Preferred Industries
    Communications and Networking, Energy Services, Exploration, Production and Refining, Transportation, Utilities
  • Geographical Preference
    Americas, Europe, Asia
  • Preferred Deal Types
    Buyout/LBO, PE Growth/Expansion
  • Other Investment Preferences
    Prefers majority stake

Investments By Year

Source: Pitchbook

Funds Closed

ISQ Global Infrastructure Fund III
Vintage: 2021

Size:  $15.0B

Dry Powder: $13.3B

Details: The fund focuses on renewable energy, infrastructure sector, energy transition

ISQ Co-Investment Fund II
Vintage: 2019

Size:  $100.0M

Dry Powder: $100.0M

Details: The fund invests in alternative energy equipment, logistics, electrical utility sectors

ISQ Global Infrastructure Fund II
Vintage: 2017

Size:  $7.00B

Dry Powder: $23.7M

Details: Invests infrastructure assets mainly in North America and Europe, with growth potential in Latin America and Asia

Investments By Industry

Investments By Region

Source: Pitchbook

Key Investments

In November 2022, I Squared Capital’s renewable energy transition platform Cube Green Energy acquired three operating onshore wind projects across two states in Germany, totalling 28MW. The wind farms consist of 17WTGs and an average operating life of 21 years. Cube Green Energy will work on increasing the energy generation at the sites through upgrading and repowering the existing technology, contributing to Germany’s net zero goals

In July 2022, I Squared Capital through its ISQ Global Infrastructure Fund III, signed a definitive agreement to acquire VLS Environmental Solutions from Aurora Capital Partners, for an undisclosed amount. VLS operates two segments, non-hazardous industrial waste handling, treatment, and sustainable disposal, as well as rail and marine specialty cleaning and repair

In October 2021, I Squared Capital, through its ISQ Global Infrastructure Fund III, agreed to acquire a majority interest in SOILCO Pty. Ltd, an organics recycling industry in Australia. I squared capital would further invest $300 million to support the platform’s growth across the country

In August 2021, I Squared Capital invested approximately $200 million in Singapore-based AG&P City Gas, which is developing twelve city gas distribution networks in India. The investment was made through ISQ Global Infrastructure Fund III and ISQ Growth Markets Infrastructure Fund, as a first tranche of a $300 million equity raise in AG&P City Gas

In January 2021, I Squared Capital acquired Atlantic Power Corporation, an independent power producer for $961 million. The company operates in eleven US states and two Canadian provinces. Under the agreement the company’s outstanding common shares and convertible debentures, and the outstanding preferred shares and medium-term notes of certain of its subsidiaries, will be acquired by ISQ

In December 2020, I Squared Capital (ISQ) acquired Perth-based Clean Energy Fuels Australia (CEFA). I Squared Capital helped the team to develop an Energy Transition Platform focused on reducing the carbon footprint of energy intensive industries in Australia. ISQ and CEFA have announced plans to invest up to $500 million on assets providing low-carbon and renewable solutions.

In November 2018, EagleClaw Midstream, funds managed by Blackstone Energy Partners, and I Squared Capital formed a Delaware Basin Midstream Partnership. I Squared Capital committed over $500 million of cash and became a partner in BCP Raptor Holdco, the parent company for EagleClaw. The firm also contributed its Delaware Basin midstream portfolio company, Pinnacle Midstream, to EagleClaw. The proceeds from I Squared Capital’s investment, together with additional investments by Blackstone and EagleClaw’s management team were used to fund EagleClaw’s continued growth, including the expansion of EagleClaw’s system, the acquisition of Caprock Midstream, and the construction of the Permian Highway Pipeline

Other Details

I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom and transport in the Americas, Europe and Asia. The firm has offices in Miami, New York, Houston, London, New Delhi, Hong Kong and Singapore

The firm’s latest fund is ISQ Global Infrastructure Fund III. The fund was closed at the $15 billion legal cap, exceeding an initial target of $12 billion. The fund targets infrastructure sector and focuses on transportation, water & waste management, telecommunications, renewable energy, supply chains and logistics, energy transition, digital infrastructure. I Squared Capital has targeted the deployment of approximately 36% of the fund in ten investments across its targeted sectors

10X Capital, Aster Capital, Blackstone, BMW i Ventures, Conrad Energy, Cube Highways and Infrastructure, Cube Hydro Partners, Domidep, Energia Group, Evergy Ventures, Flybridge Capital Partners, Fortress Investment Group, Grupo T-Solar, International Finance Corporation, Japan Overseas Infrastructure Investment, TIP Trailer Services, Venture for America, Veolia North America are some of the institutional investors in I Square Capital’s funds

Source: Bloomberg,, Reuters, Businesswire, Penhub,