I Squared Capital announced Monday the closing of ISQ Global Infrastructure Fund at $3 billion, surpassing its $2 billion fundraising target and meeting its hard cap, said Adil Rahmathulla, partner.
The firm’s first global infrastructure fund focuses on middle-market opportunities in the energy, utilities and transportation sectors. The fund was oversubscribed by approximately $500 million.
More than $700 million has already been invested in energy, power, utility and transportation assets, $600 million of which was invested in North America, Mr. Rahmathulla said in a telephone interview.
The global fund has also invested in toll roads and logistics in India, a joint venture with the International Finance Corp., and wastewater treatment plants in China.
Investors include the $14.1 billion Hawaii Employees' Retirement System, Honolulu; the Rhode Island State Investment Commission, which administers the $8.3 billion Rhode Island Employees’ Retirement System, both in Providence; the $11.4 billion New Mexico Educational Retirement Board, Santa Fe; the $25.3 billion Texas Employees Retirement System, Austin; and the 194.8 billion Danish kroner ($28.12 billion) pension administration firm PKA, Hellerup, Denmark.